95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB1637


 
Introduced 2/22/2007, by Rep. Donald L. Moffitt
 
SYNOPSIS AS INTRODUCED:
 		














35 ILCS 200/10-30









    Amends the Property Tax Code. In provisions concerning the platting and subdividing of property into lots with streets and other improvements in counties of less than 3,000,000 inhabitants, deletes the requirement that the property must be in excess of 10 acres at the time of platting for there not to be an increase in the assessed valuation.
















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FISCAL NOTE ACT MAY APPLY


HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY
















 


 


A BILL FOR









 











HB1637

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    AN ACT concerning revenue.

 
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    Be it enacted by the People of the State of Illinois,
 
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represented in the General Assembly:


 
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    Section 5. The Property Tax Code is amended  by changing 
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Section 10-30 as follows:
 



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    (35 ILCS 200/10-30)



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    Sec. 10-30. Subdivisions; counties of less than 3,000,000. 

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    (a) In counties with less than 3,000,000 inhabitants, the 
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platting and
subdivision of property into separate lots and the 
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development of the
subdivided property with streets, 
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sidewalks, curbs, gutters, sewer, water and
utility lines shall 
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not increase the assessed valuation of all or any part of
the 
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property, if:


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        (1) The property is platted and subdivided in 
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    accordance with the Plat
Act;


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        (2) The platting occurs after January 1, 1978; and



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        (3) At the time of platting the property is in excess 
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    of 10 acres; and


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        (3)
(4) At the time of platting the property is vacant 
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    or used as a farm as
defined in Section 1-60.

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    (b) Except as provided in subsection (c) of this Section, 
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the assessed
valuation of property so platted and subdivided 
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shall be determined each year
based on the estimated price the 
 


 






HB1637
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property would bring at a fair voluntary sale
for use by the 
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buyer for the same purposes for which the property was used 
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when
last assessed prior to its platting.

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    (c) Upon completion of a habitable structure on any lot of 
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subdivided
property, or upon the use of any lot, either alone 
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or in conjunction
with any contiguous property, for any 
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business, commercial or residential
purpose, or upon the 
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initial sale of any platted lot, including a platted
lot which 
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is vacant: (i) the provisions of subsection (b) of this Section

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shall no longer apply in determining the assessed valuation of 
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the lot, (ii)
each lot shall be assessed without regard to any 
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provision of this Section, and
(iii) the assessed valuation of 
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the remaining property, when next determined,
shall be reduced 
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proportionately to reflect the exclusion of the property that

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no longer qualifies for valuation under this Section. Holding 
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or offering a
platted lot for initial sale shall not constitute 
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a use of the lot for
business, commercial or residential 
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purposes unless a habitable structure is
situated on the lot or 
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unless the lot is otherwise used for a business,
commercial or 
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residential purpose.

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(Source: P.A. 83-837; 88-455.)