Comments: IL SB2225 | 2011-2012 | 97th General Assembly

Bill Title: Amends the Property Tax Code. With respect to the assessed value of subdivided lots, provides that the value is not increased upon sale or transfer if (i) the sale is for future development, (ii) the sale or transfer is to a related entity, (iii) the transfer is to a mortgage holder pursuant to mortgage foreclosure or in lieu of foreclosure, or (iv) the sale or transfer is by a mortgagee holder. Removes language that the provisions apply only through December 31, 2011. Makes other changes. Effective immediately.

Spectrum: Slight Partisan Bill (Republican 2-1)

Status: (Failed) 2013-01-08 - Session Sine Die [SB2225 Detail]

Text: Latest bill text (Amended) [HTML]

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