SB3746 102ND GENERAL ASSEMBLY

LRB102 24234 HLH 33463 b

102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
SB3746

Introduced 1/21/2022, by Sen. Win Stoller

SYNOPSIS AS INTRODUCED:

35 ILCS 200/Art. 31.1 heading new
35 ILCS 200/31.1-1 new
35 ILCS 200/31.1-5 new
35 ILCS 200/31.1-10 new

Amends the Property Tax Code. Creates the Site Value Tax Law within the Property Tax Code. Provides that a municipality and any taxing district located in whole or in part within that municipality may levy a site value tax upon the assessed value of land within the municipality. Provides that "assessed value" means 33 1/3% of the fair cash value of the land, without regard to buildings, structures, improvements, or other permanent fixtures on the land, except for the value of oil, gas, coal, and other minerals in the land and the right to remove such oil, gas, coal, and other minerals from the land. Contains provisions concerning enforcement and collection. Effective immediately.

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 adding Article 31.1 as follows:

(35 ILCS 200/Art. 31.1 heading new)

Article 31.1. Site Value Tax Law

(35 ILCS 200/31.1-1 new)

Sec. 31.1-1. Short title. This Article may be cited as the Site Value Tax Law.

(35 ILCS 200/31.1-5 new)

Sec. 31.1-5. Site value tax authorized. In addition to any other tax authorized under this Code, each municipality may, by ordinance, levy a site value tax upon the assessed value of land within the municipality. Any taxing district having territory located in whole or in part within a municipality that imposes a site value tax under this Section may also impose a site value tax, but only on property located wholly within the boundaries of the municipality that imposes such a tax. Any indebtedness that is collateralized by property taxes under this Code shall continue to be collateralized by property taxes as well as applicable site value taxes. Taxes under this Article shall be levied uniformly by valuation within the portion of the taxing district that is subject to the tax.

As used in this Section, "assessed value" means 33 1/3% of the fair cash value of the land, without regard to buildings, structures, improvements, or other permanent fixtures on the land, except for the value of oil, gas, coal, and other minerals in the land and the right to remove such oil, gas, coal, and other minerals from the land.

(35 ILCS 200/31.1-10 new)

Sec. 31.1-10. Collection of site value tax; enforcement. The tax under this Article shall be collected in accordance with the procedures established for the collection of property taxes under Article 20 of this Code. For the purpose of collecting the tax under this Article, taxpayers shall be subject to the due dates and enforcement actions, and shall have the rights, remedies, and privileges, set forth in Articles 21, 22, and 23 of this Code with respect to the taxes under this Article.

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