LINK. 35 ILCS 200/15-107 new 30 ILCS 805/8.26 new Amends the Property Tax Code. Provides that unimproved property that is not being used for any productive purpose and the most recent productive use of which was as farmland is exempt from property tax if (i) the owner of the property enters into a written agreement with the chief county assessment officer that the property will not be developed or its use otherwise changed; (ii) the written agreement covers a period of 10 assessment years; and (iii) the property is not developed and its use is not otherwise changed during the agreement period. Provides that, if the property is developed or its use is otherwise changed during the agreement period, the property is not exempt from property taxes and any taxes that would otherwise have been imposed during the exemption period shall be imposed on the property. Provides that to extend the exemption the owner of the property must enter into another 10-year written agreement with the chief county assessment officer. Provides that these provisions apply only to counties having a population between 600,000 and 700,000. Amends the State Mandates Act to require implementation without reimbursement. Effective January 1, 2003. FEB-07-2002 S FIRST READING FEB-07-2002 S REFERRED TO SENATE RULES COMMITTEE RULES JAN-07-2003 S SESSION SINE DIE END OF INQUIRY Full Text Bill Summary