Full Text of SB2225 097th General Assembly
SB2225eng 97TH GENERAL ASSEMBLY |
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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 August 14, 2009 ( the | 22 | | effective date of Public Act 96-480) this amendatory Act of the | 23 | | 96th General Assembly and then applies again beginning January | 24 | | 1, 2012 . | 25 | | (Source: P.A. 95-135, eff. 1-1-08; 96-480, eff. 8-14-09.)
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| 1 | | (35 ILCS 200/10-31)
| 2 | | Sec. 10-31. Subdivisions; counties of less than 3,000,000. | 3 | | (a) In counties with less than 3,000,000 inhabitants, the | 4 | | platting and
subdivision of property into separate lots and the | 5 | | development of the
subdivided property with streets, | 6 | | sidewalks, curbs, gutters, sewer, water and
utility lines shall | 7 | | not increase the assessed valuation of all or any part of
the | 8 | | property, if: | 9 | | (1) The property is platted and subdivided in | 10 | | accordance with the Plat
Act; | 11 | | (2) The platting occurs after January 1, 1978; | 12 | | (3) At the time of platting the property is in excess | 13 | | of 5 acres; and | 14 | | (4) At the time of platting or replatting the property | 15 | | is vacant or used as a farm as
defined in Section 1-60. | 16 | | (b) Except as provided in subsection (c) of this Section, | 17 | | the assessed
valuation of property so platted and subdivided | 18 | | shall be determined
using the same assessment method used in | 19 | | the taxable year prior to the taxable year in which property | 20 | | was subdivided. The following sales or transfers of any platted | 21 | | lot shall not disqualify that lot from the provisions of this | 22 | | subsection (b): | 23 | | (1) a sale to any person or entity for purposes of | 24 | | future development; | 25 | | (2) a sale or transfer to a related entity, including a | 26 | | parent corporation, subsidiary, or affiliate; |
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| 1 | | (3) a transfer to a holder of a mortgage, as defined in | 2 | | Section 15-1207 of the Code of Civil Procedure, pursuant to | 3 | | a mortgage foreclosure proceeding or pursuant to a transfer | 4 | | in lieu of a foreclosure; or | 5 | | (4) a sale or transfer by the holder of a mortgage, as | 6 | | described in item (3). | 7 | | Unless the property qualifies under subsection (c) of this | 8 | | Section, any sale that occurred prior to the effective date of | 9 | | this amendatory Act of the 97th General Assembly that falls | 10 | | into one of those 4 exceptions shall qualify the property to | 11 | | regain the preferential assessment under this subsection (b) | 12 | | beginning in taxable year 2011 if the subject property had | 13 | | previously lost the preferential assessment. based on the | 14 | | assessed value assigned to the property when last assessed | 15 | | prior to its last transfer or conveyance. An initial sale of | 16 | | any platted lot, including a lot that is vacant, or a transfer | 17 | | to a holder of a mortgage, as defined in Section 15-1207 of the | 18 | | Code of Civil Procedure, pursuant to a mortgage foreclosure | 19 | | proceeding or pursuant to a transfer in lieu of foreclosure, | 20 | | does not disqualify that lot from the provisions of this | 21 | | subsection (b). | 22 | | (c) Upon completion of a habitable structure on any lot of | 23 | | subdivided
property, or upon the use of any lot, either alone | 24 | | or in conjunction
with any contiguous property, for any | 25 | | business, commercial or residential
purpose: (i) the | 26 | | provisions of subsection (b) of this Section
shall no longer |
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| 1 | | apply in determining the assessed valuation of the lot, (ii)
| 2 | | each lot shall be assessed without regard to any provision of | 3 | | this Section, and
(iii) the assessed valuation of the remaining | 4 | | property, when next determined,
shall be reduced | 5 | | proportionately to reflect the exclusion of the property that
| 6 | | no longer qualifies for valuation under this Section. Holding | 7 | | or offering a
platted lot for initial sale shall not constitute | 8 | | a use of the lot for
business, commercial or residential | 9 | | purposes unless a habitable structure is
situated on the lot or | 10 | | unless the lot is otherwise used for a business,
commercial or | 11 | | residential purpose. The replatting of a subdivision or portion | 12 | | of a subdivision does not disqualify the replatted lots from | 13 | | the provisions of subsection (b). | 14 | | (d) This Section applies on and after August 14, 2009 ( the | 15 | | effective date of Public Act 96-480) this amendatory Act of the | 16 | | 96th General Assembly and through December 31, 2011 .
| 17 | | (Source: P.A. 96-480, eff. 8-14-09.)
| 18 | | Section 99. Effective date. This Act takes effect upon | 19 | | becoming law.
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