SB0543 Engrossed LRB096 06532 RCE 16616 b

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 and adding Section 10-31 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     (b) Except as provided in subsection (c) of this Section,
22 the assessed valuation of property so platted and subdivided
23 shall be determined each year based on the estimated price the

 

 

SB0543 Engrossed - 2 - LRB096 06532 RCE 16616 b

1 property would bring at a fair voluntary sale for use by the
2 buyer for the same purposes for which the property was used
3 when last assessed prior to its platting.
4     (c) Upon completion of a habitable structure on any lot of
5 subdivided property, or upon the use of any lot, either alone
6 or in conjunction with any contiguous property, for any
7 business, commercial or residential purpose, or upon the
8 initial sale of any platted lot, including a platted lot which
9 is vacant: (i) the provisions of subsection (b) of this Section
10 shall no longer apply in determining the assessed valuation of
11 the lot, (ii) each lot shall be assessed without regard to any
12 provision of this Section, and (iii) the assessed valuation of
13 the remaining property, when next determined, shall be reduced
14 proportionately to reflect the exclusion of the property that
15 no longer qualifies for valuation under this Section. Holding
16 or offering a platted lot for initial sale shall not constitute
17 a use of the lot for business, commercial or residential
18 purposes unless a habitable structure is situated on the lot or
19 unless the lot is otherwise used for a business, commercial or
20 residential purpose.
21     (d) This Section applies before the effective date of this
22 amendatory Act of the 96th General Assembly and then applies
23 again beginning January 1, 2012.
24 (Source: P.A. 95-135, eff. 1-1-08.)
 
25     (35 ILCS 200/10-31 new)

 

 

SB0543 Engrossed - 3 - LRB096 06532 RCE 16616 b

1     Sec. 10-31. Subdivisions; counties of less than 3,000,000.
2     (a) In counties with less than 3,000,000 inhabitants, the
3 platting and subdivision of property into separate lots and the
4 development of the subdivided property with streets,
5 sidewalks, curbs, gutters, sewer, water and utility lines shall
6 not increase the assessed valuation of all or any part of the
7 property, if:
8         (1) The property is platted and subdivided in
9     accordance with the Plat Act;
10         (2) The platting occurs after January 1, 1978;
11         (3) At the time of platting the property is in excess
12     of 5 acres; and
13         (4) At the time of platting or replatting the property
14     is vacant or used as a farm as defined in Section 1-60.
15     (b) Except as provided in subsection (c) of this Section,
16 the assessed valuation of property so platted and subdivided
17 shall be determined based on the assessed value assigned to the
18 property when last assessed prior to its last transfer or
19 conveyance. An initial sale of any platted lot, including a lot
20 that is vacant, or a transfer to a holder of a mortgage, as
21 defined in Section 15-1207 of the Code of Civil Procedure,
22 pursuant to a mortgage foreclosure proceeding or pursuant to a
23 transfer in lieu of foreclosure, does not disqualify that lot
24 from the provisions of this subsection (b).
25     (c) Upon completion of a habitable structure on any lot of
26 subdivided property, or upon the use of any lot, either alone

 

 

SB0543 Engrossed - 4 - LRB096 06532 RCE 16616 b

1 or in conjunction with any contiguous property, for any
2 business, commercial or residential purpose: (i) the
3 provisions of subsection (b) of this Section shall no longer
4 apply in determining the assessed valuation of the lot, (ii)
5 each lot shall be assessed without regard to any provision of
6 this Section, and (iii) the assessed valuation of the remaining
7 property, when next determined, shall be reduced
8 proportionately to reflect the exclusion of the property that
9 no longer qualifies for valuation under this Section. Holding
10 or offering a platted lot for initial sale shall not constitute
11 a use of the lot for business, commercial or residential
12 purposes unless a habitable structure is situated on the lot or
13 unless the lot is otherwise used for a business, commercial or
14 residential purpose. The replatting of a subdivision or portion
15 of a subdivision does not disqualify the replatted lots from
16 the provisions of subsection (b).
17     (d) This Section applies on and after the effective date of
18 this amendatory Act of the 96th General Assembly and through
19 December 31, 2011.
 
20     Section 99. Effective date. This Act takes effect upon
21 becoming law.