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Illinois Compiled Statutes
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REVENUE (35 ILCS 200/) Property Tax Code. 35 ILCS 200/10-168
(35 ILCS 200/10-168)
Sec. 10-168.
Valuation of registered land or land encumbered by
conservation rights; application process.
(a) The person liable for taxes on land eligible for assessment under
Section 10-166 must file a verified application requesting the
registered land or conservation rights valuation with the chief county
assessment officer by January 31 of the first year that the valuation is
desired. If the application is not filed by January 31, the taxpayer waives
the right to claim that valuation for that year. The application
shall be in the form prescribed by the Department and shall contain information
as may reasonably be required to determine whether the applicant meets the
requirements of Section 10-166. If the application shows the applicant is
entitled to the valuation, the chief county assessment officer shall approve
it and maintain that valuation until notified as provided in Section 10-169.
Otherwise, the application shall be rejected. The application shall be
accompanied by the certification provided for in Section 10-167, if required.
(b) When the application has been filed with and approved by the chief
county assessment officer, he or she shall determine the valuation of the land
as otherwise permitted by law and as required under Section 10-166, and shall
keep a record of that valuation.
(Source: P.A. 88-657, eff. 1-1-95.)
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35 ILCS 200/10-169
(35 ILCS 200/10-169)
Sec. 10-169.
Land no longer registered or encumbered by conservation
rights.
(a) In the event the registration agreement or conservation right by which a
portion of land has been valued under Section 10-166 is released or amended and
for purposes of a conservation right has the effect of substantially
diminishing the public benefit, the person liable for taxes on the land shall
notify the chief county assessment officer in writing by certified mail within
30 days after the release or amendment. The person liable for taxes on the land
that is no longer registered or encumbered by the conservation right shall pay
the county collector, by the following September 1, the difference between the
taxes paid in the 10 preceding years or, in the event the reduced valuation has
been in effect for less than 10 preceding years, the difference between the
taxes for the years the reduced valuation has been in effect
as based on a valuation under Section 10-166 and what
the taxes for those years would have been when based on the valuation as
otherwise permitted by this Code, by ordinance adopted under Section 4 of
Article IX of the Illinois Constitution, or both, as the case may be, together
with 10% interest. If the difference is not paid by the following September 1,
the amount of that difference shall be considered as delinquent taxes. In the
event the person liable for taxes on the land fails to notify the chief county
assessment officer in writing by certified mail within 30 days after the
release or amendment of the conservation rights, the property shall be treated
as omitted property under the provisions of this Code.
(b) Subsection (a) shall not apply if:
(1) the registration agreement or conservation right | | is released, terminated, or extinguished pursuant to an acquisition by eminent domain of the land registered or encumbered by the conservation right, provided that for purposes of a conservation right the compensation for the conservation right is paid to the grantee of the conservation right; or
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(2) the registration agreement or conservation right
| | is released, terminated, or extinguished in an involuntary judicial proceeding, provided that for purposes of a conservation right all of the proceeds from a sale, exchange, or involuntary conversion of the conservation right are paid to the grantee of the conservation right; or
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(3) the conservation right is released, terminated,
| | or extinguished by the grantee of the conservation right without the consent of the owner of the property encumbered by the conservation right, provided that the owner of the encumbered property subsequently conveys or, in good faith and in cooperation with the Department of Natural Resources, attempts to convey a new conservation right that encumbers the same property and qualifies for valuation under Section 10-166 within 12 months of the release, termination, or extinguishment of the prior conservation right.
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(Source: P.A. 88-657, eff. 1-1-95; 89-445, eff. 2-7-96.)
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35 ILCS 200/Art. 10 Div. 7
(35 ILCS 200/Art. 10 Div. 7 heading)
Division 7.
Coal
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35 ILCS 200/10-170
(35 ILCS 200/10-170)
Sec. 10-170.
Valuation of coal.
The equalized assessed value of each tract
of real property constituting coal shall be determined under Sections 10-175
through 10-200.
(Source: P.A. 85-1359; 88-455.)
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35 ILCS 200/10-175
(35 ILCS 200/10-175)
Sec. 10-175.
Undeveloped coal.
All undeveloped coal in property on which
there has been no mining during the year immediately preceding the assessment
date shall for the purposes of this Code have an undeveloped coal reserve
economic value of no more than $75 per acre. There shall be no per acre
undeveloped coal reserve economic value for persons not in the business of
mining who have not severed the coal from the land by deed or lease.
(Source: P.A. 85-1359; 88-455.)
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35 ILCS 200/10-180
(35 ILCS 200/10-180)
Sec. 10-180.
Developed coal.
Developed coal shall be assessed at 33 1/3% of
the developed coal reserve economic value determined as follows:
Developed Coal Reserve Economic Value equals the present value of the
anticipated net income from the property during the life used to determine
the developed coal.
(a) The interest rate to be used for determining present value shall be
the arithmetic average prime interest rate quoted by the 4 largest United
States banks as measured by total assets located within the Chicago
metropolitan statistical area as defined by the United States Department of
Commerce as of the current assessment date and the 2 preceding assessment
dates, plus 3%.
(b) Net income means 4% of the average spot market price for
Illinois coal as published in a recognized publication prescribed by the
Department, as of the current assessment date and the 2 preceding assessment
dates, multiplied by the number of recoverable tons per acre.
(c) Recoverable coal tons per acre equals 1,742 tons per foot acre
multiplied by seam thickness, and then multiplied by the recovery ratio.
(d) Coal seam thickness means the average thickness of the coal seam or
seams where coal is initially extracted.
(e) Recovery ratio means the lesser of 80% for coal extracted
by surface mining methods and 50% for coal extracted by
underground mining methods or the actual historical recovery ratio for the
mining operation.
(f) The total assessed value of developed coal shall be attributed
equally to the coal acreage that is anticipated to be mined.
(g) Change in the per acre assessed value of coal shall not
exceed 10% in any one year except when a change of acreage classification
occurs.
(Source: P.A. 85-1359; 88-455.)
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35 ILCS 200/10-185
(35 ILCS 200/10-185)
Sec. 10-185.
Prorated assessment.
When initial mining commences after the
assessment date, or when all mining ceases prior to the end of a calendar year,
the coal as assessed pursuant to Section 10-180 shall be assessed on a
proportionate basis in accordance with Section 9-180. For purposes of this
Section any permitted acreage that is to be mined during the current year which
is not included in the anticipated 5 year mine acreage due to a change in the
mining plan shall not be subject to assessment on a proportionate basis in
accordance with Section 9-180.
(Source: P.A. 85-1359; 88-455.)
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35 ILCS 200/10-190
(35 ILCS 200/10-190)
Sec. 10-190.
Cessation of mining.
When mining has taken place during the
year immediately preceding the assessment date, but has completely ceased as of
the assessment date, all remaining unmined coal shall be valued pursuant to
Section 10-175.
(Source: P.A. 85-1359; 88-455.)
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