96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB1186

 

Introduced 2/11/2009, by Rep. Franco Coladipietro

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 200/10-30

    Amends the Property Tax Code. In a Section concerning the platting and subdividing of property into lots with streets and other improvements in counties of less than 3,000,000 inhabitants, provides that the Section applies to subsequent owners and developers of unplatted, unsubdivided property. Provides that, until (i) the completion of a habitable structure on the property, (ii) the use of the property for business, commercial, or residential purposes, or (iii) the sale of any platted lot, the assessed value for the calendar year in which the property was platted, subdivided, and recorded shall be determined each year based on the same assessment methodology used in the calendar year immediately preceding the calendar year in which the land was platted, subdivided, and recorded (instead of the estimated price the property would bring at a fair voluntary sale for use by the buyer for the same purposes for which the property was used when last assessed prior to its platting). Effective immediately.


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FISCAL NOTE ACT MAY APPLY
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

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1     AN ACT concerning revenue.
 
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 changing
5 Section 10-30 as follows:
 
6     (35 ILCS 200/10-30)
7     Sec. 10-30. Subdivisions; counties of less than 3,000,000.
8     (a) In counties with less than 3,000,000 inhabitants, the
9 platting and subdivision of property into separate lots and the
10 development of the subdivided property with streets,
11 sidewalks, curbs, gutters, sewer, water and utility lines shall
12 not increase the assessed valuation of all or any part of the
13 property, if:
14         (1) The property is platted and subdivided in
15     accordance with the Plat Act;
16         (2) The platting occurs after January 1, 1978;
17         (3) At the time of platting the property is in excess
18     of 5 acres; and
19         (4) At the time of platting the property is vacant or
20     used as a farm as defined in Section 1-60.
21     This subsection (a) also applies to subsequent owners and
22 developers of unplatted, unsubdivided property.
23     (b) Except as provided in subsection (c) of this Section,

 

 

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1 the assessed value for the calendar year in which the property
2 was platted, subdivided, and recorded valuation of property so
3 platted and subdivided shall be determined each year based on
4 the same assessment methodology used in the calendar year
5 immediately preceding the calendar year in which the land was
6 platted, subdivided, and recorded based on the estimated price
7 the property would bring at a fair voluntary sale for use by
8 the buyer for the same purposes for which the property was used
9 when last assessed prior to its platting.
10     (c) Upon completion of a habitable structure on any lot of
11 subdivided property, or upon the use of any lot, either alone
12 or in conjunction with any contiguous property, for any
13 business, commercial or residential purpose, or upon the
14 initial sale of any platted lot, including a platted lot which
15 is vacant: (i) the provisions of subsection (b) of this Section
16 shall no longer apply in determining the assessed valuation of
17 the lot, (ii) each lot shall be assessed without regard to any
18 provision of this Section, and (iii) the assessed valuation of
19 the remaining property, when next determined, shall be reduced
20 proportionately to reflect the exclusion of the property that
21 no longer qualifies for valuation under this Section. Holding
22 or offering a platted lot for initial sale shall not constitute
23 a use of the lot for business, commercial or residential
24 purposes unless a habitable structure is situated on the lot or
25 unless the lot is otherwise used for a business, commercial or
26 residential purpose.

 

 

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1 (Source: P.A. 95-135, eff. 1-1-08.)
 
2     Section 99. Effective date. This Act takes effect upon
3 becoming law.