Illinois General Assembly - Illinois Compiled Statutes

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35 ILCS 200/9-185

(35 ILCS 200/9-185)

Sec. 9-185.

Change in use or ownership.

The purchaser of
property on January 1 shall be considered as the
owner on that day. However, when a fee
simple title or
lesser interest in property is purchased, granted, taken or otherwise
transferred for a use exempt from taxation under this Code, that property
shall be exempt from taxes from the date of the right of possession,
except that property acquired by condemnation is exempt as of the date the
condemnation petition is filed.
Whenever a fee simple title or
lesser interest in property is purchased, granted, taken or otherwise
transferred from a use exempt from taxation under this Code to a
use not so exempt, that property shall be subject to taxation from the date
of purchase or conveyance.  It shall be the obligation of the titleholder of
record in such cases where there is a change in use or a change in a
leasehold estate or, in cases where there has been a purchase, grant,
taking or transfer, it is the obligation of the transferee to notify the
chief county assessment officer within 30 days of that
action.  Failure to give the notification, resulting in the assessing
official continuing to list the property as exempt in subsequent years,
shall cause the property to be considered omitted property for the purpose
of this Code.  In those cases the county collector is authorized to issue a
tax bill to the person holding title to the property in that part of the
year during which it was not exempt from taxation for that part of
the year and to accept payment of the bill as full and final settlement of
tax liability for the year involved.

(Source: P.A. 86-949; 87-818; 88-455.)