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| 1 | AN ACT concerning revenue.
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| 2 | Be it enacted by the People of the State of Illinois,
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| 3 | represented in the General Assembly:
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| 4 | Section 5. The Property Tax Code is amended by changing | ||||||
| 5 | Section 10-30 as follows:
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| 6 | (35 ILCS 200/10-30)
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| 7 | Sec. 10-30. Subdivisions; counties of less than 3,000,000.
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| 8 | (a) In counties with less than 3,000,000 inhabitants, the | ||||||
| 9 | platting and
subdivision of property into separate lots and the | ||||||
| 10 | development of the
subdivided property with streets, | ||||||
| 11 | sidewalks, curbs, gutters, sewer, water and
utility lines shall | ||||||
| 12 | not increase the assessed valuation of all or any part of
the | ||||||
| 13 | property, if:
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| 14 | (1) The property is platted and subdivided in | ||||||
| 15 | accordance with the Plat
Act;
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| 16 | (2) The platting occurs after January 1, 1978;
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| 17 | (3) At the time of platting the property is in excess | ||||||
| 18 | of 5
10 acres; and
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| 19 | (4) At the time of platting the property is vacant or | ||||||
| 20 | used as a farm as
defined in Section 1-60.
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| 21 | (b) Except as provided in subsection (c) of this Section, | ||||||
| 22 | the assessed
valuation of property so platted and subdivided | ||||||
| 23 | shall be determined each year
based on the estimated price the | ||||||
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| 1 | property would bring at a fair voluntary sale
for use by the | ||||||
| 2 | buyer for the same purposes for which the property was used | ||||||
| 3 | when
last assessed prior to its platting.
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| 4 | (c) Upon completion of a habitable structure on any lot of | ||||||
| 5 | subdivided
property, or upon the use of any lot, either alone | ||||||
| 6 | or in conjunction
with any contiguous property, for any | ||||||
| 7 | business, commercial or residential
purpose, or upon the | ||||||
| 8 | initial sale of any platted lot, including a platted
lot which | ||||||
| 9 | is vacant: (i) the provisions of subsection (b) of this Section
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| 10 | shall no longer apply in determining the assessed valuation of | ||||||
| 11 | the lot, (ii)
each lot shall be assessed without regard to any | ||||||
| 12 | provision of this Section, and
(iii) the assessed valuation of | ||||||
| 13 | the remaining property, when next determined,
shall be reduced | ||||||
| 14 | proportionately to reflect the exclusion of the property that
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| 15 | no longer qualifies for valuation under this Section. Holding | ||||||
| 16 | or offering a
platted lot for initial sale shall not constitute | ||||||
| 17 | a use of the lot for
business, commercial or residential | ||||||
| 18 | purposes unless a habitable structure is
situated on the lot or | ||||||
| 19 | unless the lot is otherwise used for a business,
commercial or | ||||||
| 20 | residential purpose.
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| 21 | (Source: P.A. 83-837; 88-455.)
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