HB3608 96TH GENERAL ASSEMBLY

LRB096 11619 HLH 22148 b

96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB3608

Introduced 2/24/2009, by Rep. Robert W. Pritchard

SYNOPSIS AS INTRODUCED:

35 ILCS 200/10-30

Amends the Property Tax Code. In a Section concerning the platting and subdividing of property into lots in counties with less than 3,000,000 inhabitants, provides that, prior to the payment for sale of a habitable structure or commercial building, the assessed valuation of platted and subdivided property that is not used for business, commercial, or residential purposes shall remain the same as if used for farm or vacant purposes (now, the assessed value is determined each year based on the estimated price the property would bring at a fair voluntary sale for use by the buyer for the same purposes for which the property was used when last assessed prior to its platting). Makes other changes. Effective immediately.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning revenue.

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

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

(35 ILCS 200/10-30)

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

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

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

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

(3) At the time of initial platting the entire property is in excess of 5 acres; and

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

(b) Except as provided in subsection (c) of this Section, the assessed valuation of property so platted and subdivided shall remain the same as if used for farm or vacant purposes. be determined each year based on the estimated price the property would bring at a fair voluntary sale for use by the buyer for the same purposes for which the property was used when last assessed prior to its platting.

(c) Upon payment for sale completion of a habitable structure or commercial building on any lot of subdivided property, or upon the use of any lot, either alone or in conjunction with any contiguous property, for any business, commercial or residential purpose, or upon the initial sale of any platted lot, including a platted lot which is vacant: (i) the provisions of subsection (b) of this Section shall no longer apply in determining the assessed valuation of the lot, (ii) each lot shall be assessed without regard to any provision of this Section, and (iii) the assessed valuation of the remaining property, when next determined, shall be reduced proportionately to reflect the exclusion of the property that no longer qualifies for valuation under this Section. Holding or offering a platted lot for initial sale shall not constitute a use of the lot for business, commercial or residential purposes unless a habitable structure is situated on the lot or unless the lot is otherwise used for a business, commercial or residential purpose. The replatting of a subdivision or portion of a subdivision shall not disqualify the replatted lots from the provisions of subsection (b).

(Source: P.A. 95-135, eff. 1-1-08.)

Section 99. Effective date. This Act takes effect upon becoming law.