Bill Text: IL HB3600 | 2019-2020 | 101st General Assembly | Introduced

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Bill Title: Amends the Property Tax Code. Provides that, prior to the initial sale of any platted lot, the assessed valuation of platted and subdivided property shall be the assessed value assigned to the property when last assessed prior to its last transfer or conveyance (currently, the estimated price the property would bring at a fair voluntary sale for use by the buyer for the same purposes for which the property was used when last assessed prior to its platting). Provides that the changes made by the amendatory Act apply from January 1, 2019 through December 31, 2023. Makes other changes. Effective immediately.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2019-03-29 - Rule 19(a) / Re-referred to Rules Committee [HB3600 Detail]

Download: Illinois-2019-HB3600-Introduced.html

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101ST GENERAL ASSEMBLY State of Illinois 2019 and 2020 HB3600 Introduced , by Rep. Sam Yingling SYNOPSIS AS INTRODUCED:
35 ILCS 200/10-30
35 ILCS 200/10-31
Amends the Property Tax Code. Provides that, prior to the initial sale of any platted lot, the assessed valuation of platted and subdivided property shall be the assessed value assigned to the property when last assessed prior to its last transfer or conveyance (currently, the estimated price the property would bring at a fair voluntary sale for use by the buyer for the same purposes for which the property was used when last assessed prior to its platting). Provides that the changes made by the amendatory Act apply from January 1, 2019 through December 31, 2023. Makes other changes. Effective immediately.
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FISCAL NOTE ACT MAY APPLY HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY
A BILL FOR
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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
Sections 10-30 and 10-31 as follows:
(35 ILCS 200/10-30)
Sec. 10-30. Subdivisions; counties of less than 3,000,000.
(a) In counties with less than 3,000,000 inhabitants, the
platting and subdivision of property into separate lots and the
development of the subdivided property with streets,
sidewalks, curbs, gutters, sewer, water and utility lines shall
not increase the assessed valuation of all or any part of the
property, if:
(1) The property is platted and subdivided in
accordance with the Plat Act;
(2) The platting occurs after January 1, 1978;
(3) At the time of platting the property is in excess
of 5 acres; and
(4) At the time of platting the property is vacant or
used as a farm as defined in Section 1-60.
(b) Except as provided in subsection (c) of this Section,
the assessed valuation of property so platted and subdivided
shall be determined each year based on the estimated price the

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property would bring at a fair voluntary sale for use by the
buyer for the same purposes for which the property was used
when last assessed prior to its platting.
(c) Upon completion of a habitable structure on any lot of
subdivided property, or upon the use of any lot, either alone
or in conjunction with any contiguous property, for any
business, commercial or residential purpose, or upon the
initial sale of any platted lot, including a platted lot which
is vacant: (i) the provisions of subsection (b) of this Section
shall no longer apply in determining the assessed valuation of
the lot, (ii) each lot shall be assessed without regard to any
provision of this Section, and (iii) the assessed valuation of
the remaining property, when next determined, shall be reduced
proportionately to reflect the exclusion of the property that
no longer qualifies for valuation under this Section. Holding
or offering a platted lot for initial sale shall not constitute
a use of the lot for business, commercial or residential
purposes unless a habitable structure is situated on the lot or
unless the lot is otherwise used for a business, commercial or
residential purpose.
(d) This Section applies before August 14, 2009 (the
effective date of Public Act 96-480) this amendatory Act of the
96th General Assembly and then applies again from beginning
January 1, 2012 through December 31, 2018 and again on and
after January 1, 2024.
(Source: P.A. 95-135, eff. 1-1-08; 96-480, eff. 8-14-09.)

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(35 ILCS 200/10-31)
Sec. 10-31. Subdivisions; counties of less than 3,000,000.
(a) In counties with less than 3,000,000 inhabitants, the
platting and subdivision of property into separate lots and the
development of the subdivided property with streets,
sidewalks, curbs, gutters, sewer, water and utility lines shall
not increase the assessed valuation of all or any part of the
property, if:
(1) The property is platted and subdivided in
accordance with the Plat Act;
(2) The platting occurs after January 1, 1978;
(3) At the time of platting the property is in excess
of 5 acres; and
(4) At the time of platting or replatting the property
is vacant or used as a farm as defined in Section 1-60.
(b) Except as provided in subsection (c) of this Section,
the assessed valuation of property so platted and subdivided
shall be determined based on the assessed value assigned to the
property when last assessed prior to its last transfer or
conveyance. An initial sale of any platted lot, including a lot
that is vacant, or a transfer to a holder of a mortgage, as
defined in Section 15-1207 of the Code of Civil Procedure,
pursuant to a mortgage foreclosure proceeding or pursuant to a
transfer in lieu of foreclosure, does not disqualify that lot
from the provisions of this subsection (b).

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(c) Upon completion of a habitable structure on any lot of
subdivided property, or upon the use of any lot, either alone
or in conjunction with any contiguous property, for any
business, commercial or residential purpose: (i) the
provisions of subsection (b) of this Section shall no longer
apply in determining the assessed valuation of the lot, (ii)
each lot shall be assessed without regard to any provision of
this Section, and (iii) the assessed valuation of the remaining
property, when next determined, shall be reduced
proportionately to reflect the exclusion of the property that
no longer qualifies for valuation under this Section. Holding
or offering a platted lot for initial sale shall not constitute
a use of the lot for business, commercial or residential
purposes unless a habitable structure is situated on the lot or
unless the lot is otherwise used for a business, commercial or
residential purpose. The replatting of a subdivision or portion
of a subdivision does not disqualify the replatted lots from
the provisions of subsection (b).
(d) This Section applies on and after August 14, 2009 (the
effective date of Public Act 96-480) this amendatory Act of the
96th General Assembly and through December 31, 2011 and then
applies again from January 1, 2019 through December 31, 2023.
(Source: P.A. 96-480, eff. 8-14-09.)
Section 99. Effective date. This Act takes effect upon
becoming law.