Synopsis As Introduced 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; 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.
Deletes everything after the enacting clause. Amends the Property Tax Code. Provides that if, during the 2005 taxable year, certain wooded land was valued based upon its productivity index equalized assessed value as cropland, then the Department of Revenue must accept any similar valuation of that wooded land for the 2006 and 2007 taxable years. Effective immediately.
Housing Affordability Impact Note (H-AM 1)(Housing Development Authority)
The future use of or possible residential improvements to any qualifying property is unknown at this time.
Fiscal Note (H-AM 1)(Department of Revenue)
HB 4175 (H-AM 1) will not have a direct impact on State revenues, nor will it have a significant fiscal impact on the Illinois Department of Revenue.