Full Text of HB1637 95th General Assembly
HB1637enr 95TH GENERAL ASSEMBLY
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| AN ACT concerning revenue.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Property Tax Code is amended by changing | 5 |
| Section 10-30 as follows:
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| (35 ILCS 200/10-30)
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| Sec. 10-30. Subdivisions; counties of less than 3,000,000.
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| (a) In counties with less than 3,000,000 inhabitants, the | 9 |
| platting and
subdivision of property into separate lots and the | 10 |
| development of the
subdivided property with streets, | 11 |
| sidewalks, curbs, gutters, sewer, water and
utility lines shall | 12 |
| not increase the assessed valuation of all or any part of
the | 13 |
| property, if:
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| (1) The property is platted and subdivided in | 15 |
| accordance with the Plat
Act;
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| (2) The platting occurs after January 1, 1978;
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| (3) At the time of platting the property is in excess | 18 |
| of 5
10 acres; and
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| (4) At the time of platting the property is vacant or | 20 |
| used as a farm as
defined in Section 1-60.
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| (b) Except as provided in subsection (c) of this Section, | 22 |
| the assessed
valuation of property so platted and subdivided | 23 |
| shall be determined each year
based on the estimated price the |
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HB1637 Enrolled |
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LRB095 10017 BDD 30231 b |
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| property would bring at a fair voluntary sale
for use by the | 2 |
| buyer for the same purposes for which the property was used | 3 |
| when
last assessed prior to its platting.
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| (c) Upon completion of a habitable structure on any lot of | 5 |
| subdivided
property, or upon the use of any lot, either alone | 6 |
| or in conjunction
with any contiguous property, for any | 7 |
| business, commercial or residential
purpose, or upon the | 8 |
| initial sale of any platted lot, including a platted
lot which | 9 |
| is vacant: (i) the provisions of subsection (b) of this Section
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| shall no longer apply in determining the assessed valuation of | 11 |
| the lot, (ii)
each lot shall be assessed without regard to any | 12 |
| provision of this Section, and
(iii) the assessed valuation of | 13 |
| the remaining property, when next determined,
shall be reduced | 14 |
| proportionately to reflect the exclusion of the property that
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| no longer qualifies for valuation under this Section. Holding | 16 |
| or offering a
platted lot for initial sale shall not constitute | 17 |
| a use of the lot for
business, commercial or residential | 18 |
| purposes unless a habitable structure is
situated on the lot or | 19 |
| unless the lot is otherwise used for a business,
commercial or | 20 |
| residential purpose.
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| (Source: P.A. 83-837; 88-455.)
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