Public Act 095-0070
 		





HB0586 Enrolled
LRB095 08951 BDD 29140 b






    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 10-155 as follows:
 



    (35 ILCS 200/10-155)



    Sec. 10-155. Open space land; valuation. In all counties, 
in
addition to valuation as otherwise permitted by law, land 
which is used for
open space purposes and has been so used for 
the 3 years immediately preceding
the year in which the 
assessment is made, upon application under Section
10-160, 
shall be valued on the basis of its fair cash value, estimated 
at the
price it would bring at a fair, voluntary sale for use 
by the buyer for open
space purposes.

    Land is considered used for open space purposes if it is 
more than 10 acres
in area and:


        (a) is actually and exclusively used for maintaining or 
    enhancing natural
or scenic resources,


        (b) protects air or streams or water supplies,


        (c) promotes conservation of soil, wetlands, beaches, 
    or marshes,
including ground cover or planted perennial 
    grasses, trees and shrubs and other
natural perennial 
    growth, and including any body of water, whether man-made 
    or
natural,


        (d) conserves landscaped areas, such as public or 
    private golf courses,


        (e) enhances the value to the public of abutting or 
    neighboring parks,
forests, wildlife preserves, nature 
    reservations, sanctuaries, or other open
spaces, or


        (f) preserves historic sites.

    Land is not considered used for open space purposes if it 
is used primarily
for residential purposes.
    If the land is improved with a water-retention dam that is 
operated primarily for commercial purposes, the 
water-retention dam is not considered to be used for open space 
purposes despite the fact that any resulting man-made lake may 
be considered to be used for open space purposes under this 
Section.

(Source: P.A. 88-455; 89-137, eff. 1-1-96.)






Effective Date:  1/1/2008