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Revenue Committee
Filed: 3/29/2007
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09500HB1637ham001 |
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LRB095 10017 BDD 32070 a |
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| AMENDMENT TO HOUSE BILL 1637
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| AMENDMENT NO. ______. Amend House Bill 1637 by replacing |
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| everything after the enacting clause with the following:
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| "Section 5. The Property Tax Code is amended by changing |
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| Section 10-30 as follows:
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| (35 ILCS 200/10-30)
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| Sec. 10-30. Subdivisions; counties of less than 3,000,000.
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| (a) In counties with less than 3,000,000 inhabitants, the |
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| platting and
subdivision of property into separate lots and the |
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| development of the
subdivided property with streets, |
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| sidewalks, curbs, gutters, sewer, water and
utility lines shall |
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| not increase the assessed valuation of all or any part of
the |
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| property, if:
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| (1) The property is platted and subdivided in |
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| accordance with the Plat
Act;
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| (2) The platting occurs after January 1, 1978;
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09500HB1637ham001 |
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LRB095 10017 BDD 32070 a |
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| (3) At the time of platting the property is in excess |
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| of 5
10 acres; and
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| (4) At the time of platting the property is vacant or |
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| used as a farm as
defined in Section 1-60.
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| (b) Except as provided in subsection (c) of this Section, |
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| the assessed
valuation of property so platted and subdivided |
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| shall be determined each year
based on the estimated price the |
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| property would bring at a fair voluntary sale
for use by the |
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| buyer for the same purposes for which the property was used |
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| when
last assessed prior to its platting.
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| (c) Upon completion of a habitable structure on any lot of |
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| subdivided
property, or upon the use of any lot, either alone |
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| or in conjunction
with any contiguous property, for any |
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| business, commercial or residential
purpose, or upon the |
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| initial sale of any platted lot, including a platted
lot which |
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| is vacant: (i) the provisions of subsection (b) of this Section
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| shall no longer apply in determining the assessed valuation of |
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| the lot, (ii)
each lot shall be assessed without regard to any |
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| provision of this Section, and
(iii) the assessed valuation of |
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| the remaining property, when next determined,
shall be reduced |
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| proportionately to reflect the exclusion of the property that
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| no longer qualifies for valuation under this Section. Holding |
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| or offering a
platted lot for initial sale shall not constitute |
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| a use of the lot for
business, commercial or residential |
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| purposes unless a habitable structure is
situated on the lot or |
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| unless the lot is otherwise used for a business,
commercial or |