SB0083 102ND GENERAL ASSEMBLY

LRB102 04166 HLH 14183 b

102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
SB0083

Introduced 2/3/2021, by Sen. Win Stoller

SYNOPSIS AS INTRODUCED:

35 ILCS 200/Art. 31.1 heading new
35 ILCS 200/31.1-1 new
35 ILCS 200/31.1-5 new
35 ILCS 200/31.1-10 new

Amends the Property Tax Code. Creates the Site Value Tax Law within the Property Tax Code. Provides that each taxing district may, by ordinance, levy a site value tax upon the assessed value of land within the taxing district. Provides that "assessed value" means 33 1/3% of the fair cash value of the land, without regard to buildings, structures, improvements, or other permanent fixtures on the land, except for the value of oil, gas, coal, and other minerals in the land and the right to remove such oil, gas, coal, and other minerals from the land. Contains provisions concerning enforcement and collection. Effective immediately.

FISCAL NOTE ACT MAY APPLY

HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

A BILL FOR

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 adding Article 31.1 as follows:

(35 ILCS 200/Art. 31.1 heading new)

Article 31.1. Site Value Tax Law

(35 ILCS 200/31.1-1 new)

Sec. 31.1-1. Short title. This Article may be cited as the Site Value Tax Law.

(35 ILCS 200/31.1-5 new)

Sec. 31.1-5. Site value tax authorized. In addition to any other tax authorized under this Code, each taxing district may, by ordinance, levy a site value tax upon the assessed value of land within the taxing district. Taxes under this Article shall be levied uniformly by valuation within the taxing district.

As used in this Section, "assessed value" means 33 1/3% of the fair cash value of the land, without regard to buildings, structures, improvements, or other permanent fixtures on the land, except for the value of oil, gas, coal, and other minerals in the land and the right to remove such oil, gas, coal, and other minerals from the land.

(35 ILCS 200/31.1-10 new)

Sec. 31.1-10. Collection of site value tax; enforcement. The tax under this Article shall be collected in accordance with the procedures established for the collection of property taxes under Article 20 of this Code. For the purpose of collecting the tax under this Article, taxpayers shall be subject to the due dates and enforcement actions, and shall have the rights, remedies, and privileges, set forth in Articles 21, 22, and 23 of this Code with respect to the taxes under this Article.

Section 99. Effective date. This Act takes effect upon becoming law.