Full Text of SB0017 95th General Assembly
SB0017ham001 95TH GENERAL ASSEMBLY
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Rep. Dan Reitz
Filed: 5/31/2007
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LRB095 07253 BDD 37458 a |
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| AMENDMENT TO SENATE BILL 17
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| AMENDMENT NO. ______. Amend Senate Bill 17 as follows:
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| on page 1, line 5, by changing "Division 16" to "Divisions 16 | 4 |
| and 17"; and | 5 |
| on page 2, line 22, after " 5 ", by inserting " contiguous "; and | 6 |
| on page 5, by replacing line 1 with the following: | 7 |
| " 10-155, (iv) land certified under Section 10-160, or (v) any | 8 |
| property dedicated as a nature preserve or a nature preserve | 9 |
| buffer under the Illinois Natural Areas Preservation Act and | 10 |
| assessed in accordance with subsection (e) of Section 9-145. "; | 11 |
| and | 12 |
| on page 8, by deleting lines 1 through 16; and | 13 |
| on page 8, line 18, by changing " may " to " shall "; and |
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| on page 8, immediately below line 19, by inserting the | 2 |
| following: | 3 |
| "(35 ILCS 200/Art. 10 Div. 17 heading new)
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| DIVISION 17. WOODED ACREAGE ASSESSMENT TRANSITION LAW | 5 |
| (35 ILCS 200/10-500 new)
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| Sec. 10-500. Short title. This Division may be cited as the | 7 |
| Wooded Acreage Assessment Transition Law. | 8 |
| (35 ILCS 200/10-505 new)
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| Sec. 10-505. Wooded acreage defined. For the purposes of | 10 |
| this Division 17, "wooded acreage" means any parcel of | 11 |
| unimproved real property that: | 12 |
| (1) can be defined as "wooded acreage" by the United | 13 |
| States Department of Labor Bureau of Land Management; | 14 |
| (2) is at least 5 contiguous acres; | 15 |
| (3) does not qualify as cropland, permanent pasture, | 16 |
| other farmland, or wasteland under Section 10-125 of the | 17 |
| this Code; | 18 |
| (4) is not managed under a forestry management plan and | 19 |
| considered to be other farmland under Section 10-150 of | 20 |
| this Code; | 21 |
| (5) does not qualify for another preferential | 22 |
| assessment under this Code; and |
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| (6) is owned by the taxpayer on October 1, 2007. | 2 |
| (35 ILCS 200/10-510 new)
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| Sec. 10-510. Assessment of wooded acreage.
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| (a) If wooded acreage was classified as farmland during the | 5 |
| 2006 assessment year, then the property shall be assessed by | 6 |
| multiplying the current fair cash value of the property by the | 7 |
| transition percentage. The chief county assessment officer | 8 |
| shall determine the transition percentage for the property by | 9 |
| dividing (i) the property's 2006 equalized assessed value as | 10 |
| farmland by (ii) the 2006 fair cash value of the property. | 11 |
| (b) The wooded acreage shall continue to be assessed under | 12 |
| the provisions of this Section through any assessment year in | 13 |
| which the property is transferred or no longer qualifies as | 14 |
| wooded acreage under Section 10-505, and the property must be | 15 |
| assessed as otherwise permitted by law beginning the following | 16 |
| assessment year. | 17 |
| (35 ILCS 200/10-515 new)
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| Sec. 10-515. Notice requirement. If the owner of property | 19 |
| subject to this Division is a corporation, partnership, limited | 20 |
| liability company, trust, or other similar entity, then it | 21 |
| shall report to the chief county assessment officer any change | 22 |
| in ownership interest or beneficial interest. If, after October | 23 |
| 1, 2007, the ownership interests or beneficial interests in | 24 |
| such an entity change by more than 50% from those interests as |
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| they existed on October 1, 2007, then the property no longer | 2 |
| qualifies to receive the preferential assessment treatment of | 3 |
| the wooded acreage under this Division, and the property must | 4 |
| be assessed as otherwise permitted by law beginning the | 5 |
| following assessment year. ".
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