|
|
||||
| Public Act 095-0135 |
||||
| ||||
| ||||
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.)
| ||