Bill Text: IL SB2540 | 2021-2022 | 102nd General Assembly | Introduced

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Bill Title: Amends the Property Tax Code. Provides that, in counties with less than 3,000,000 inhabitants, property under a forestry management plan shall be valued at 1/18 (currently, 1/6) of its productivity index equalized assessed value as cropland. Effective January 1, 2022.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2022-12-31 - Chief Sponsor Changed to Sen. Don Harmon [SB2540 Detail]

Download: Illinois-2021-SB2540-Introduced.html

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102ND GENERAL ASSEMBLY State of Illinois 2021 and 2022 SB2540 Introduced 2/26/2021, by Sen. Melinda Bush SYNOPSIS AS INTRODUCED:
35 ILCS 200/10-150
Amends the Property Tax Code. Provides that, in counties with less than 3,000,000 inhabitants, property under a forestry management plan shall be valued at 1/18 (currently, 1/6) of its productivity index equalized assessed value as cropland. Effective January 1, 2022.
LRB102 17333 HLH 22823 b
FISCAL NOTE ACT MAY APPLY HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY
A BILL FOR
SB2540 LRB102 17333 HLH 22823 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 10-150 as follows:
(35 ILCS 200/10-150)
Sec. 10-150. Property under forestry management plan. In
counties with less than 3,000,000 inhabitants, any land being
managed under a forestry management plan accepted by the
Department of Natural Resources under the Illinois Forestry
Development Act shall be considered as "other farmland" and
shall be valued at 1/18 1/6 of its productivity index
equalized assessed value as cropland. In counties with more
than 3,000,000 inhabitants, any land totalling 15 acres or
less for which an approved forestry management plan was in
effect on or before December 31, 1985, shall be considered
"other farmland". The Department of Natural Resources shall
inform the Department and each chief county assessment officer
of each parcel of land covered by an approved forestry
management plan. The changes made by this amendatory Act of
the 102nd General Assembly apply for the 2022 assessment year
and thereafter.
(Source: P.A. 88-455; 89-445, eff. 2-7-96.)

SB2540 - 2 - LRB102 17333 HLH 22823 b
Section 99. Effective date. This Act takes effect January
1, 2022.