Bill Text: IL HB2483 | 2017-2018 | 100th General Assembly | Introduced

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Bill Title: Amends the Property Tax Code. Provides that a transfer between spouses does not disqualify wooded acreage from the provisions for the assessment of untransferred wooded acreage.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2019-01-08 - Session Sine Die [HB2483 Detail]

Download: Illinois-2017-HB2483-Introduced.html

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100TH GENERAL ASSEMBLY State of Illinois 2017 and 2018 HB2483 Introduced , by Rep. Norine K. Hammond SYNOPSIS AS INTRODUCED:
35 ILCS 200/10-510
Amends the Property Tax Code. Provides that a transfer between spouses does not disqualify wooded acreage from the provisions for the assessment of untransferred wooded acreage.
LRB100 09045 HLH 19194 b
A BILL FOR
HB2483 LRB100 09045 HLH 19194 b
AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Property Tax Code is amended by changing
Section 10-510 as follows:
(35 ILCS 200/10-510)
Sec. 10-510. Assessment of wooded acreage.
(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.

HB2483 - 2 - LRB100 09045 HLH 19194 b
(Source: P.A. 95-633, eff. 10-1-07.)