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HB0586 Enrolled |
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LRB095 08951 BDD 29140 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 changing |
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| Section 10-155 as follows:
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| (35 ILCS 200/10-155)
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| Sec. 10-155. Open space land; valuation. In all counties, |
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| in
addition to valuation as otherwise permitted by law, land |
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| which is used for
open space purposes and has been so used for |
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| the 3 years immediately preceding
the year in which the |
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| assessment is made, upon application under Section
10-160, |
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| shall be valued on the basis of its fair cash value, estimated |
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| at the
price it would bring at a fair, voluntary sale for use |
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| by the buyer for open
space purposes.
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| Land is considered used for open space purposes if it is |
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| more than 10 acres
in area and:
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| (a) is actually and exclusively used for maintaining or |
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| enhancing natural
or scenic resources,
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| (b) protects air or streams or water supplies,
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| (c) promotes conservation of soil, wetlands, beaches, |
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| or marshes,
including ground cover or planted perennial |
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| grasses, trees and shrubs and other
natural perennial |
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| growth, and including any body of water, whether man-made |