94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB4289

 

Introduced 12/20/05, by Rep. Ron Stephens

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 200/10-148 new

    Amends the Property Tax Code. Provides that, beginning with the 2005 assessment year, qualified timberland shall be assessed at 33 1/3% of the lesser of: (i) its value for forestry-production purposes; or (ii) $500 per acre. Defines "qualified timberland" as any parcel of unimproved real property that is timberland and that: (1) does not qualify as cropland, permanent pasture, other farmland, or wasteland; and (2) is not managed under a forestry management plan so as to be considered as "other farmland". Effective immediately.


LRB094 15454 BDD 50649 b

FISCAL NOTE ACT MAY APPLY
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB4289 LRB094 15454 BDD 50649 b

1     AN ACT concerning revenue.
 
2     Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
 
4     Section 5. The Property Tax Code is amended by adding
5 Section 10-148 as follows:
 
6     (35 ILCS 200/10-148 new)
7     Sec. 10-148. Assessment of certain timberland.
8     (a) Beginning with the 2005 assessment year, qualified
9 timberland shall be assessed at 33 1/3% of the lesser of: (i)
10 its value for forestry-production purposes; or (ii) $500 per
11 acre.
12     (b) For the purposes of this Section, "qualified
13 timberland" means any parcel of unimproved real property that
14 is timberland and that:
15         (1) does not qualify as cropland, permanent pasture,
16     other farmland, or wasteland under Section 10-125; and
17         (2) is not managed under a forestry management plan and
18     considered other farmland under Section 10-150.
 
19     Section 99. Effective date. This Act takes effect upon
20 becoming law.