Illinois General Assembly - Full Text of Public Act 095-0135
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Public Act 095-0135




Public Act 095-0135
HB1637 Enrolled LRB095 10017 BDD 30231 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 10-30 as follows:
    (35 ILCS 200/10-30)
    Sec. 10-30. Subdivisions; counties of less than 3,000,000.
    (a) In counties with less than 3,000,000 inhabitants, the
platting and subdivision of property into separate lots and the
development of the subdivided property with streets,
sidewalks, curbs, gutters, sewer, water and utility lines shall
not increase the assessed valuation of all or any part of the
property, if:
        (1) The property is platted and subdivided in
    accordance with the Plat Act;
        (2) The platting occurs after January 1, 1978;
        (3) At the time of platting the property is in excess
    of 5 10 acres; and
        (4) At the time of platting the property is vacant or
    used as a farm as defined in Section 1-60.
    (b) Except as provided in subsection (c) of this Section,
the assessed valuation of property so platted and subdivided
shall be determined each year based on the estimated price the
property would bring at a fair voluntary sale for use by the
buyer for the same purposes for which the property was used
when last assessed prior to its platting.
    (c) Upon completion of a habitable structure on any lot of
subdivided property, or upon the use of any lot, either alone
or in conjunction with any contiguous property, for any
business, commercial or residential purpose, or upon the
initial sale of any platted lot, including a platted lot which
is vacant: (i) the provisions of subsection (b) of this Section
shall no longer apply in determining the assessed valuation of
the lot, (ii) each lot shall be assessed without regard to any
provision of this Section, and (iii) the assessed valuation of
the remaining property, when next determined, shall be reduced
proportionately to reflect the exclusion of the property that
no longer qualifies for valuation under this Section. Holding
or offering a platted lot for initial sale shall not constitute
a use of the lot for business, commercial or residential
purposes unless a habitable structure is situated on the lot or
unless the lot is otherwise used for a business, commercial or
residential purpose.
(Source: P.A. 83-837; 88-455.)

Effective Date: 1/1/2008