95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
SB2096


 
Introduced 2/14/2008, by Sen. A. J. Wilhelmi
 
SYNOPSIS AS INTRODUCED:
 		














35 ILCS 200/10-115









    Amends the Property Tax Code. Makes a technical change in a Section concerning valuations for farmland.
















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A BILL FOR









 











SB2096

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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 10-115 as follows:
 



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    (35 ILCS 200/10-115)



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    Sec. 10-115. Department guidelines and valuations for 
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farmland. The
Department shall issue guidelines and 
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recommendations for the the valuation of
farmland to achieve 
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equitable assessment within and between counties.

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    The Director of Revenue shall appoint a five-person 
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Farmland Assessment
Technical Advisory Board, consisting of 
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technical experts from the colleges
or schools of agriculture 
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of the State universities and State and federal
agricultural 
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agencies, to advise in and provide data and technical 
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information
needed for implementation of this Section.

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    By May 1 of each year, the Department shall certify to each 
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chief county
assessment officer the following, calculated from 
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data provided by the Farmland
Technical Advisory Board, on a 
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per acre basis by soil productivity index for
harvested 
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cropland, using moving averages for the most recent 5-year 
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period for
which data are available:


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        (a) gross income, estimated by using yields per acre as 
 


 






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    assigned to soil
productivity indices, the crop mix for 
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    each soil productivity index as
determined by the College 
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    of Agriculture of the University of Illinois and
average 
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    prices received by farmers for principal crops as published 
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    by the
Illinois Crop Reporting Service;


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        (b) production costs, other than land costs, provided 
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    by the College
of Agriculture of the University of 
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    Illinois;


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        (c) net return to land, which shall be the difference 
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    between (a) and
(b) above;


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        (d) a proposed agricultural economic value determined 
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    by dividing the net
return to land by the moving average of 
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    the Federal Land Bank farmland mortgage
interest rate as 
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    calculated by the Department;


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        (e) the equalized assessed value per acre of farmland 
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    for each soil
productivity index, which shall be 33-1/3% of 
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    the agricultural economic value,
or the percentage as 
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    provided under Section 17-5; but any increase or decrease

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    in the equalized assessed value per acre by soil 
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    productivity index shall not
exceed 10% from the immediate 
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    preceding year's soil productivity index
certified 
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    assessed value;


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        (f) a proposed average equalized assessed value per 
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    acre of cropland for
each individual county, weighted by 
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    the distribution of soils by productivity
index in the 
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    county; and


 


 






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        (g) a proposed average equalized assessed value per 
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    acre for all farmland
in each county, weighted (i) to 
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    consider the proportions of all farmland
acres in the 
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    county which are cropland, permanent pasture, and other 
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    farmland,
and (ii) to reflect the valuations for those 
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    types of land and debasements for
slope and erosion as 
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    required by Section 10-125.

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(Source: P.A. 91-357, eff. 7-29-99.)