093_HB2282

 
                                     LRB093 06243 SJM 06355 b

 1        AN ACT concerning taxation.

 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 adding
 5    Section 10-132 as follows:

 6        (35 ILCS 200/10-132 new)
 7        Sec.  10-132.  School  district;  decrease  in   farmland
 8    assessment  limited  to  increase in non-farmland assessment.
 9    Notwithstanding  the  provisions  of  Section   10-115,   the
10    assessed  value  of  farmland  in  a  school  district may be
11    reduced in an assessment year only to the extent that and  in
12    the same amount as there is an increase in the assessed value
13    of  property  other  than  farmland in the school district in
14    that assessment year.