|
| | SB2274 Engrossed | | LRB100 15776 HLH 30884 b |
|
|
| 1 | | AN ACT concerning revenue.
|
| 2 | | Be it enacted by the People of the State of Illinois,
|
| 3 | | represented in the General Assembly:
|
| 4 | | Section 5. The Property Tax Code is amended by changing |
| 5 | | Section 10-510 as follows:
|
| 6 | | (35 ILCS 200/10-510)
|
| 7 | | Sec. 10-510. Assessment of wooded acreage.
|
| 8 | | (a) If wooded acreage was classified as farmland during the |
| 9 | | 2006 assessment year, then the property shall be assessed by |
| 10 | | multiplying the current fair cash value of the property by the |
| 11 | | transition percentage. The chief county assessment officer |
| 12 | | shall determine the transition percentage for the property by |
| 13 | | dividing (i) the property's 2006 equalized assessed value as |
| 14 | | farmland by (ii) the 2006 fair cash value of the property. |
| 15 | | (b) The wooded acreage shall continue to be assessed under |
| 16 | | the provisions of this Section through any assessment year in |
| 17 | | which the property is transferred or no longer qualifies as |
| 18 | | wooded acreage under Section 10-505, and the property must be |
| 19 | | assessed as otherwise permitted by law beginning the following |
| 20 | | assessment year. For purposes of this Section, a transfer |
| 21 | | between spouses does not disqualify the property from the |
| 22 | | preferential assessment treatment under this Division for |
| 23 | | wooded acreage.
|