93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
HB4740


 
Introduced 02/04/04, by Julie Hamos
 
SYNOPSIS AS INTRODUCED:
 		














35 ILCS 200/10-166









    Amends the Property Tax Code.  Makes a technical change concerning valuation of land encumbered by conservation rights.



















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A BILL FOR









 














HB4740

LRB093 20194 SJM 45939 b









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    AN ACT with respect to conservation rights valuation.

 
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    Be it enacted by the People of the State of Illinois,
 
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represented in the General Assembly:


 
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    Section 5. The Property Tax Code is amended  by changing 
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Section 10-166 as follows:
 



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    (35 ILCS 200/10-166)



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    Sec. 10-166. Registered land or land encumbered by 
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conservation rights;
valuation. Except in counties with more 
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than 200,000 inhabitants that classify
property for the purpose 
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of taxation, to the extent any portion of any lot,
parcel, or 
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tract of land is (i) registered in perpetuity under Section 16 
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of
the Illinois Natural Areas Preservation Act, or (ii) 
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encumbered in perpetuity
by a conservation right, as defined in 
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the Real Property Conservation Rights
Act, if the conservation 
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right has been conveyed and accepted in accordance
with Section 
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2 of the Real Property Conservation Rights Act, recorded under

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Section 5 of that Act, and yields a public benefit as defined 
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in Section 10-167
of this Act, upon application under Section 
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10-168, the portion of the lot,
parcel, or tract of land 
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registered or encumbered shall be valued at 8-1/3% of
its fair 
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market value estimated as if it were not registered or 
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encumbered; and
any improvement, dwelling, or other 
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appurtenant structure present on any
registered or encumbered 
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portion of land shall be valued at 33-1/3% of its fair
market 
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value. Beginning with the 1995 tax year in counties with more 
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than
200,000 inhabitants that classify property for the purpose 
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of taxation, to the
extent any portion of a lot, parcel, or 
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tract of land is (i) registered in
perpetuity under Section 16 
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of the Illinois Natural Areas Preservation Act or
(ii) 
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encumbered in perpetuity by a conservation right, as defined in 
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the Real
Property Conservation Rights Act, if the conservation 
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right has been conveyed
and accepted in accordance with Section 
 


 









HB4740
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2 of the Real Property Conservation
Rights Act, recorded under 
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Section 5 of that Act, and yields a public benefit
as defined 
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in Section 10-167 of this Code, upon application under Section

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10-168, the portion of the lot, parcel, or tract of land 
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registered or
encumbered shall be valued at 25% of that 
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percentage of its fair market value
established under this 
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Code, by an ordinance adopted under Section 4 of Article
IX of 
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the Illinois Constitution, or both, as the case may be; and any

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improvement, dwelling, or other appurtenant structure present 
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on any registered
or encumbered portion of the land shall be 
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valued at that percentage of fair
market value established 
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under this Code, by an ordinance adopted under Section
4 of 
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Article IX of the Illinois Constitution, or both, as the case 
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may be.
To qualify for valuation under this Section, the

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registration agreement or conservation right establishing an 
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encumbrance shall
prohibit the construction of any other 
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structure on the registered or
encumbered land except 
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replacement structures, no larger than the previous
structures 
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that
which are replaced, that do not interfere with or destroy 
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the
registration or conservation right.

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    The valuation provided for in this Section shall not apply 
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to any land that
has been valued as open space land under 
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Section 10-155.

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(Source: P.A. 88-657, eff. 1-1-95.)