Sen. A. J. Wilhelmi

Filed: 3/25/2011

 

 


 

 


 
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1
AMENDMENT TO SENATE BILL 2225

2    AMENDMENT NO. ______. Amend Senate Bill 2225 by replacing
3everything after the enacting clause with the following:
 
4    "Section 5. The Property Tax Code is amended by changing
5Sections 10-30 and 10-31 as follows:
 
6    (35 ILCS 200/10-30)
7    Sec. 10-30. Subdivisions; counties of less than 3,000,000.
8    (a) In counties with less than 3,000,000 inhabitants, the
9platting and subdivision of property into separate lots and the
10development of the subdivided property with streets,
11sidewalks, curbs, gutters, sewer, water and utility lines shall
12not increase the assessed valuation of all or any part of the
13property, if:
14        (1) The property is platted and subdivided in
15    accordance with the Plat Act;
16        (2) The platting occurs after January 1, 1978;

 

 

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1        (3) At the time of platting the property is in excess
2    of 5 acres; and
3        (4) At the time of platting the property is vacant or
4    used as a farm as defined in Section 1-60.
5    (b) Except as provided in subsection (c) of this Section,
6the assessed valuation of property so platted and subdivided
7shall be determined each year based on the estimated price the
8property would bring at a fair voluntary sale for use by the
9buyer for the same purposes for which the property was used
10when last assessed prior to its platting.
11    (c) Upon completion of a habitable structure on any lot of
12subdivided property, or upon the use of any lot, either alone
13or in conjunction with any contiguous property, for any
14business, commercial or residential purpose, or upon the
15initial sale of any platted lot, including a platted lot which
16is vacant: (i) the provisions of subsection (b) of this Section
17shall no longer apply in determining the assessed valuation of
18the lot, (ii) each lot shall be assessed without regard to any
19provision of this Section, and (iii) the assessed valuation of
20the remaining property, when next determined, shall be reduced
21proportionately to reflect the exclusion of the property that
22no longer qualifies for valuation under this Section. Holding
23or offering a platted lot for initial sale shall not constitute
24a use of the lot for business, commercial or residential
25purposes unless a habitable structure is situated on the lot or
26unless the lot is otherwise used for a business, commercial or

 

 

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1residential purpose.
2    (d) This Section applies before August 14, 2009 (the
3effective date of Public Act 96-480) this amendatory Act of the
496th General Assembly and then applies again beginning January
51, 2012.
6(Source: P.A. 95-135, eff. 1-1-08; 96-480, eff. 8-14-09.)
 
7    (35 ILCS 200/10-31)
8    Sec. 10-31. Subdivisions; counties of less than 3,000,000.
9    (a) In counties with less than 3,000,000 inhabitants, the
10platting and subdivision of property into separate lots and the
11development of the subdivided property with streets,
12sidewalks, curbs, gutters, sewer, water and utility lines shall
13not increase the assessed valuation of all or any part of the
14property, if:
15        (1) The property is platted and subdivided in
16    accordance with the Plat Act;
17        (2) The platting occurs after January 1, 1978;
18        (3) At the time of platting the property is in excess
19    of 5 acres; and
20        (4) At the time of platting or replatting the property
21    is vacant or used as a farm as defined in Section 1-60.
22    (b) Except as provided in subsection (c) of this Section,
23the assessed valuation of property so platted and subdivided
24shall be determined using the same assessment method used in
25the taxable year prior to the taxable year in which property

 

 

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1was subdivided. The following sales or transfers of any platted
2lot shall not disqualify that lot from the provisions of this
3subsection (b):
4        (1) a sale to any person or entity for purposes of
5    future development;
6        (2) a sale or transfer to a related entity, including a
7    parent corporation, subsidiary, or affiliate;
8        (3) a transfer to a holder of a mortgage, as defined in
9    Section 15-1207 of the Code of Civil Procedure, pursuant to
10    a mortgage foreclosure proceeding or pursuant to a transfer
11    in lieu of a foreclosure; or
12        (4) a sale or transfer by the holder of a mortgage, as
13    described in item (3).
14    Unless the property qualifies under subsection (c) of this
15Section, any sale that occurred prior to the effective date of
16this amendatory Act of the 97th General Assembly that falls
17into one of those 4 exceptions shall qualify the property to
18regain the preferential assessment under this subsection (b)
19beginning in taxable year 2011 if the subject property had
20previously lost the preferential assessment. based on the
21assessed value assigned to the property when last assessed
22prior to its last transfer or conveyance. An initial sale of
23any platted lot, including a lot that is vacant, or a transfer
24to a holder of a mortgage, as defined in Section 15-1207 of the
25Code of Civil Procedure, pursuant to a mortgage foreclosure
26proceeding or pursuant to a transfer in lieu of foreclosure,

 

 

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1does not disqualify that lot from the provisions of this
2subsection (b).
3    (c) Upon completion of a habitable structure on any lot of
4subdivided property, or upon the use of any lot, either alone
5or in conjunction with any contiguous property, for any
6business, commercial or residential purpose: (i) the
7provisions of subsection (b) of this Section shall no longer
8apply in determining the assessed valuation of the lot, (ii)
9each lot shall be assessed without regard to any provision of
10this Section, and (iii) the assessed valuation of the remaining
11property, when next determined, shall be reduced
12proportionately to reflect the exclusion of the property that
13no longer qualifies for valuation under this Section. Holding
14or offering a platted lot for initial sale shall not constitute
15a use of the lot for business, commercial or residential
16purposes unless a habitable structure is situated on the lot or
17unless the lot is otherwise used for a business, commercial or
18residential purpose. The replatting of a subdivision or portion
19of a subdivision does not disqualify the replatted lots from
20the provisions of subsection (b).
21    (d) This Section applies on and after August 14, 2009 (the
22effective date of Public Act 96-480) this amendatory Act of the
2396th General Assembly and through December 31, 2011.
24(Source: P.A. 96-480, eff. 8-14-09.)
 
25    Section 99. Effective date. This Act takes effect upon

 

 

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1becoming law.".