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Public Act 100-0834
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| SB2274 Enrolled | LRB100 15776 HLH 30884 b |
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AN ACT concerning revenue.
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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 |
Section 10-510 as follows:
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(35 ILCS 200/10-510)
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Sec. 10-510. Assessment of wooded acreage.
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(a) If wooded acreage was classified as farmland during the |
2006 assessment year, then the property shall be assessed by |
multiplying the current fair cash value of the property by the |
transition percentage. The chief county assessment officer |
shall determine the transition percentage for the property by |
dividing (i) the property's 2006 equalized assessed value as |
farmland by (ii) the 2006 fair cash value of the property. |
(b) The wooded acreage shall continue to be assessed under |
the provisions of this Section through any assessment year in |
which the property is transferred or no longer qualifies as |
wooded acreage under Section 10-505, and the property must be |
assessed as otherwise permitted by law beginning the following |
assessment year. For purposes of this Section, a transfer |
between spouses does not disqualify the property from the |
preferential assessment treatment under this Division for |
wooded acreage.
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