Full Text of HB2968 98th General Assembly
HB2968 98TH GENERAL ASSEMBLY |
| | 98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014 HB2968 Introduced , by Rep. Robert W. Pritchard SYNOPSIS AS INTRODUCED: |
| 35 ILCS 200/10-30 | | 35 ILCS 200/10-31 | |
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Amends the Property Tax Code. Provides that, through December 31, 2015, the assessed
valuation of certain platted and subdivided property shall be determined
based on the last assessed value assigned to the property prior to its last transfer or conveyance, not including the following transfers and conveyances: (i) the transfer to a holder of a mortgage pursuant to a mortgage foreclosure proceeding or pursuant to a transfer in lieu of foreclosure; (ii) the transfer to an agent or affiliate of a mortgage holder for the purposes of property management following a mortgage foreclosure proceeding or a transfer in lieu of foreclosure; or (iii) an initial sale of any platted lot. Provides that, beginning on January 1, 2016 (instead of January 1, 2012), the assessed
valuation of that property shall be determined each year
based on the estimated price the property would bring at a fair voluntary sale
for use by the buyer for the same purposes for which the property was used when
last assessed prior to its platting. Effective immediately.
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| | FISCAL NOTE ACT MAY APPLY | | HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY |
| | A BILL FOR |
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| 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 | | Sections 10-30 and 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 |
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| 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, 2016 January 1, 2012 . | 24 | | (Source: P.A. 95-135, eff. 1-1-08; 96-480, eff. 8-14-09.)
| 25 | | (35 ILCS 200/10-31)
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| 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. The following transfers and conveyances, used | 20 | | individually or in any combination, do not disqualify a lot | 21 | | from the provision of this subsection (b): | 22 | | (1) the transfer to a holder of a mortgage, as defined | 23 | | in Section 15-1207 of the Code of Civil Procedure, pursuant | 24 | | to a mortgage foreclosure proceeding or pursuant to a | 25 | | transfer in lieu of foreclosure; | 26 | | (2) the transfer to an agent or affiliate of a mortgage |
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| 1 | | holder for the purposes of property management following a | 2 | | mortgage foreclosure proceeding or a transfer in lieu of | 3 | | foreclosure; or | 4 | | (3) an initial sale of any platted lot, including a lot | 5 | | that is vacant. | 6 | | When a lot is transferred to a mortgage holder or its agent | 7 | | or affiliate, as referenced in this subsection (b), the initial | 8 | | sale shall mean the first transfer or conveyance of the | 9 | | property to an entity that is not the holder of the mortgage or | 10 | | its agent or affiliate. An initial sale of any platted lot, | 11 | | including a lot that is vacant, or a transfer to a holder of a | 12 | | mortgage, as defined in Section 15-1207 of the Code of Civil | 13 | | Procedure, pursuant to a mortgage foreclosure proceeding or | 14 | | pursuant to a transfer in lieu of foreclosure, does not | 15 | | disqualify that lot from the provisions of this subsection (b). | 16 | | (c) Upon completion of a habitable structure on any lot of | 17 | | subdivided
property, or upon the use of any lot, either alone | 18 | | or in conjunction
with any contiguous property, for any | 19 | | business, commercial or residential
purpose: (i) the | 20 | | provisions of subsection (b) of this Section
shall no longer | 21 | | apply in determining the assessed valuation of the lot, (ii)
| 22 | | each lot shall be assessed without regard to any provision of | 23 | | this Section, and
(iii) the assessed valuation of the remaining | 24 | | property, when next determined,
shall be reduced | 25 | | proportionately to reflect the exclusion of the property that
| 26 | | no longer qualifies for valuation under this Section. Holding |
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| 1 | | or offering a
platted lot for initial sale shall not constitute | 2 | | a use of the lot for
business, commercial or residential | 3 | | purposes unless a habitable structure is
situated on the lot or | 4 | | unless the lot is otherwise used for a business,
commercial or | 5 | | residential purpose. The replatting of a subdivision or portion | 6 | | of a subdivision does not disqualify the replatted lots from | 7 | | the provisions of subsection (b). | 8 | | (d) This Section applies on and after the effective date of | 9 | | this amendatory Act of the 96th General Assembly and through | 10 | | December 31, 2015 December 31, 2011 .
| 11 | | (Source: P.A. 96-480, eff. 8-14-09.)
| 12 | | Section 99. Effective date. This Act takes effect upon | 13 | | becoming law.
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