Full Text of SB0543 96th General Assembly
SB0543eng 96TH GENERAL ASSEMBLY
|
|
|
SB0543 Engrossed |
|
LRB096 06532 RCE 16616 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 changing | 5 |
| Section 10-30 and adding Section 10-31 as follows:
| 6 |
| (35 ILCS 200/10-30)
| 7 |
| Sec. 10-30. Subdivisions; counties of less than 3,000,000.
| 8 |
| (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:
| 14 |
| (1) The property is platted and subdivided in | 15 |
| accordance with the Plat
Act;
| 16 |
| (2) The platting occurs after January 1, 1978;
| 17 |
| (3) At the time of platting the property is in excess | 18 |
| of 5 acres; and
| 19 |
| (4) At the time of platting the property is vacant or | 20 |
| used as a farm as
defined in Section 1-60.
| 21 |
| (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 |
|
|
|
SB0543 Engrossed |
- 2 - |
LRB096 06532 RCE 16616 b |
|
| 1 |
| 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.
| 4 |
| (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
| 10 |
| 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
| 15 |
| 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.
| 21 |
| (d) This Section applies before the effective date of this | 22 |
| amendatory Act of the 96th General Assembly and then applies | 23 |
| again beginning January 1, 2012. | 24 |
| (Source: P.A. 95-135, eff. 1-1-08.)
| 25 |
| (35 ILCS 200/10-31 new)
|
|
|
|
SB0543 Engrossed |
- 3 - |
LRB096 06532 RCE 16616 b |
|
| 1 |
| Sec. 10-31. Subdivisions; counties of less than 3,000,000. | 2 |
| (a) In counties with less than 3,000,000 inhabitants, the | 3 |
| platting and
subdivision of property into separate lots and the | 4 |
| development of the
subdivided property with streets, | 5 |
| sidewalks, curbs, gutters, sewer, water and
utility lines shall | 6 |
| not increase the assessed valuation of all or any part of
the | 7 |
| property, if: | 8 |
| (1) The property is platted and subdivided in | 9 |
| accordance with the Plat
Act; | 10 |
| (2) The platting occurs after January 1, 1978; | 11 |
| (3) At the time of platting the property is in excess | 12 |
| of 5 acres; and | 13 |
| (4) At the time of platting or replatting the property | 14 |
| is vacant or used as a farm as
defined in Section 1-60. | 15 |
| (b) Except as provided in subsection (c) of this Section, | 16 |
| the assessed
valuation of property so platted and subdivided | 17 |
| shall be determined
based on the assessed value assigned to the | 18 |
| property when last assessed prior to its last transfer or | 19 |
| conveyance. An initial sale of any platted lot, including a lot | 20 |
| that is vacant, or a transfer to a holder of a mortgage, as | 21 |
| defined in Section 15-1207 of the Code of Civil Procedure, | 22 |
| pursuant to a mortgage foreclosure proceeding or pursuant to a | 23 |
| transfer in lieu of foreclosure, does not disqualify that lot | 24 |
| from the provisions of this subsection (b). | 25 |
| (c) Upon completion of a habitable structure on any lot of | 26 |
| subdivided
property, or upon the use of any lot, either alone |
|
|
|
SB0543 Engrossed |
- 4 - |
LRB096 06532 RCE 16616 b |
|
| 1 |
| or in conjunction
with any contiguous property, for any | 2 |
| business, commercial or residential
purpose: (i) the | 3 |
| provisions of subsection (b) of this Section
shall no longer | 4 |
| apply in determining the assessed valuation of the lot, (ii)
| 5 |
| each lot shall be assessed without regard to any provision of | 6 |
| this Section, and
(iii) the assessed valuation of the remaining | 7 |
| property, when next determined,
shall be reduced | 8 |
| proportionately to reflect the exclusion of the property that
| 9 |
| no longer qualifies for valuation under this Section. Holding | 10 |
| or offering a
platted lot for initial sale shall not constitute | 11 |
| a use of the lot for
business, commercial or residential | 12 |
| purposes unless a habitable structure is
situated on the lot or | 13 |
| unless the lot is otherwise used for a business,
commercial or | 14 |
| residential purpose. The replatting of a subdivision or portion | 15 |
| of a subdivision does not disqualify the replatted lots from | 16 |
| the provisions of subsection (b). | 17 |
| (d) This Section applies on and after the effective date of | 18 |
| this amendatory Act of the 96th General Assembly and through | 19 |
| December 31, 2011.
| 20 |
| Section 99. Effective date. This Act takes effect upon | 21 |
| becoming law. |
|