HB4289 94TH GENERAL ASSEMBLY

LRB094 15454 BDD 50649 b

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.

FISCAL NOTE ACT MAY APPLY

HOUSING AFFORDABILITY IMPACT 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 adding Section 10-148 as follows:

(35 ILCS 200/10-148 new)

Sec. 10-148. Assessment of certain timberland.

(a) 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.

(b) For the purposes of this Section, "qualified timberland" means any parcel of unimproved real property that is timberland and that:

(1) does not qualify as cropland, permanent pasture, other farmland, or wasteland under Section 10-125; and

(2) is not managed under a forestry management plan and considered other farmland under Section 10-150.

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