SB2274 EnrolledLRB100 15776 HLH 30884 b

1    AN ACT concerning revenue.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Property Tax Code is amended by changing
5Section 10-510 as follows:
 
6    (35 ILCS 200/10-510)
7    Sec. 10-510. Assessment of wooded acreage.
8    (a) If wooded acreage was classified as farmland during the
92006 assessment year, then the property shall be assessed by
10multiplying the current fair cash value of the property by the
11transition percentage. The chief county assessment officer
12shall determine the transition percentage for the property by
13dividing (i) the property's 2006 equalized assessed value as
14farmland by (ii) the 2006 fair cash value of the property.
15    (b) The wooded acreage shall continue to be assessed under
16the provisions of this Section through any assessment year in
17which the property is transferred or no longer qualifies as
18wooded acreage under Section 10-505, and the property must be
19assessed as otherwise permitted by law beginning the following
20assessment year. For purposes of this Section, a transfer
21between spouses does not disqualify the property from the
22preferential assessment treatment under this Division for
23wooded acreage.

 

 

SB2274 Enrolled- 2 -LRB100 15776 HLH 30884 b

1(Source: P.A. 95-633, eff. 10-1-07.)