Full Text of HB4740 93rd General Assembly
HB4740 93RD GENERAL ASSEMBLY
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93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004 HB4740
Introduced 02/04/04, by Julie Hamos SYNOPSIS AS INTRODUCED: |
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Amends the Property Tax Code. Makes a technical change concerning valuation of land encumbered by conservation rights.
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A BILL FOR
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HB4740 |
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LRB093 20194 SJM 45939 b |
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| AN ACT with respect to conservation rights valuation.
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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 10-166 as follows:
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| (35 ILCS 200/10-166)
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| Sec. 10-166. Registered land or land encumbered by | 8 |
| conservation rights;
valuation. Except in counties with more | 9 |
| than 200,000 inhabitants that classify
property for the purpose | 10 |
| of taxation, to the extent any portion of any lot,
parcel, or | 11 |
| tract of land is (i) registered in perpetuity under Section 16 | 12 |
| of
the Illinois Natural Areas Preservation Act, or (ii) | 13 |
| encumbered in perpetuity
by a conservation right, as defined in | 14 |
| the Real Property Conservation Rights
Act, if the conservation | 15 |
| right has been conveyed and accepted in accordance
with Section | 16 |
| 2 of the Real Property Conservation Rights Act, recorded under
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| Section 5 of that Act, and yields a public benefit as defined | 18 |
| in Section 10-167
of this Act, upon application under Section | 19 |
| 10-168, the portion of the lot,
parcel, or tract of land | 20 |
| registered or encumbered shall be valued at 8-1/3% of
its fair | 21 |
| market value estimated as if it were not registered or | 22 |
| encumbered; and
any improvement, dwelling, or other | 23 |
| appurtenant structure present on any
registered or encumbered | 24 |
| portion of land shall be valued at 33-1/3% of its fair
market | 25 |
| value. Beginning with the 1995 tax year in counties with more | 26 |
| than
200,000 inhabitants that classify property for the purpose | 27 |
| of taxation, to the
extent any portion of a lot, parcel, or | 28 |
| tract of land is (i) registered in
perpetuity under Section 16 | 29 |
| of the Illinois Natural Areas Preservation Act or
(ii) | 30 |
| encumbered in perpetuity by a conservation right, as defined in | 31 |
| the Real
Property Conservation Rights Act, if the conservation | 32 |
| right has been conveyed
and accepted in accordance with Section |
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HB4740 |
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LRB093 20194 SJM 45939 b |
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| 2 of the Real Property Conservation
Rights Act, recorded under | 2 |
| Section 5 of that Act, and yields a public benefit
as defined | 3 |
| in Section 10-167 of this Code, upon application under Section
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| 10-168, the portion of the lot, parcel, or tract of land | 5 |
| registered or
encumbered shall be valued at 25% of that | 6 |
| percentage of its fair market value
established under this | 7 |
| Code, by an ordinance adopted under Section 4 of Article
IX of | 8 |
| the Illinois Constitution, or both, as the case may be; and any
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| improvement, dwelling, or other appurtenant structure present | 10 |
| on any registered
or encumbered portion of the land shall be | 11 |
| valued at that percentage of fair
market value established | 12 |
| under this Code, by an ordinance adopted under Section
4 of | 13 |
| Article IX of the Illinois Constitution, or both, as the case | 14 |
| may be.
To qualify for valuation under this Section, the
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| registration agreement or conservation right establishing an | 16 |
| encumbrance shall
prohibit the construction of any other | 17 |
| structure on the registered or
encumbered land except | 18 |
| replacement structures, no larger than the previous
structures | 19 |
| that
which are replaced, that do not interfere with or destroy | 20 |
| the
registration or conservation right.
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| The valuation provided for in this Section shall not apply | 22 |
| to any land that
has been valued as open space land under | 23 |
| Section 10-155.
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| (Source: P.A. 88-657, eff. 1-1-95.)
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