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HB3608 |
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LRB096 11619 HLH 22148 b |
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| shall remain the same as if used for farm or vacant purposes. |
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| be determined each year
based on the estimated price the |
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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 payment for sale completion of a habitable |
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| structure or commercial building on any lot of subdivided
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| property, or upon the use of any lot, either alone or in |
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| conjunction
with any contiguous property, for any business, |
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| commercial or residential
purpose , or upon the initial sale of |
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| any platted lot, including a platted
lot which is vacant : (i) |
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| the provisions of subsection (b) of this Section
shall no |
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| longer apply in determining the assessed valuation of the lot, |
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| (ii)
each lot shall be assessed without regard to any provision |
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| of this Section, and
(iii) the assessed valuation of the |
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| 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. The replatting of a subdivision or portion |
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| of a subdivision shall not disqualify the replatted lots from |
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| the provisions of subsection (b).
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| (Source: P.A. 95-135, eff. 1-1-08.)
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