94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB4289


 
Introduced 12/20/05, by Rep. Ron Stephens
 
SYNOPSIS AS INTRODUCED:
 		













35 ILCS 200/10-148 new










    Amends the Property Tax Code. Provides that, beginning with the 2005 assessment year, qualified timberland shall be assessed at 33 1/3% of the lesser of: (i) its value for forestry-production purposes; or (ii) $500 per acre. Defines "qualified timberland" as any parcel of unimproved real property that is timberland and that: (1) does not qualify as cropland, permanent pasture, other farmland, or wasteland; and (2) is not managed under a forestry management plan so as to be considered as "other farmland". Effective immediately.
















LRB094 15454 BDD 50649 b

















FISCAL NOTE ACT MAY APPLY


HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY
















 


 


A BILL FOR









 











HB4289

LRB094 15454 BDD 50649 b






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    AN ACT concerning revenue.

 
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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 adding 
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Section 10-148 as follows:
 
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    (35 ILCS 200/10-148  new)
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    Sec. 10-148. Assessment of certain timberland.

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    (a) Beginning with the 2005 assessment year, qualified

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timberland shall be assessed at 33 1/3% of the lesser of: (i)

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its value for forestry-production purposes; or (ii) $500 per 
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acre.
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    (b) For the purposes of this Section, "qualified

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timberland" means any parcel of unimproved real property that

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is timberland and that:
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        (1) does not qualify as cropland, permanent pasture,

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    other farmland, or wasteland under Section 10-125; and
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        (2) is not managed under a forestry management plan and

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    considered other farmland under Section 10-150.
 

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