92nd General Assembly
Status of SB2163
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   35 ILCS 200/15-107 new                                                      
   30 ILCS 805/8.26 new                                                        

        Amends the Property Tax Code. Provides that  unimproved  property      
   that  is not being used for any productive purpose and the most recent      
   productive use of which was as farmland is exempt from property tax if      
   (i) the owner of the property enters into a written agreement with the      
   chief  county  assessment  officer  that  the  property  will  not  be      
   developed or its use otherwise changed;  (ii)  the  written  agreement      
   covers  a period of 10 assessment years; and (iii) the property is not      
   developed and its use is not otherwise changed  during  the  agreement      
   period.  Provides  that,  if  the  property is developed or its use is      
   otherwise changed during the agreement period,  the  property  is  not      
   exempt  from  property  taxes  and any taxes that would otherwise have      
   been imposed during the exemption  period  shall  be  imposed  on  the      
   property.  Provides  that  to  extend  the  exemption the owner of the      
   property must enter into another 10-year written  agreement  with  the      
   chief  county assessment officer. Provides that these provisions apply      
   only to counties having a  population  between  600,000  and  700,000.      
   Amends  the  State  Mandates  Act  to  require  implementation without      
   reimbursement.  Effective January 1, 2003.                                  
   FEB-07-2002  S  FIRST READING                                                  
   FEB-07-2002  S  REFERRED TO SENATE RULES COMMITTEE       RULES                 
   JAN-07-2003  S  SESSION SINE DIE                                               

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 Full Text  Bill Summary