SB2765 94TH GENERAL ASSEMBLY

LRB094 18723 BDD 54092 b

94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
SB2765

Introduced 1/20/2006, by Sen. Gary Forby

SYNOPSIS AS INTRODUCED:

35 ILCS 200/10-147

Amends the Property Tax Code. Makes a technical change in a Section concerning the assessment of former farms and open spaces.

A BILL FOR

AN ACT concerning revenue.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Property Tax Code is amended by changing Section 10-147 as follows:

(35 ILCS 200/10-147)

Sec. 10-147. Former farm; open space. Beginning with the the 1992 assessment year, the equalized assessed value of any tract of real property that has not been used as a farm for 20 or more consecutive years shall not be determined under Sections 10-110 through 10-140. If no other use is established, the tract shall be considered to be used for open space purposes and its valuation shall be determined under Sections 10-155 through 10-165.

(Source: P.A. 87-1270; 88-455.)

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