Public Act 100-0834
 
SB2274 EnrolledLRB100 15776 HLH 30884 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 10-510 as follows:
 
    (35 ILCS 200/10-510)
    Sec. 10-510. Assessment of wooded acreage.
    (a) If wooded acreage was classified as farmland during the
2006 assessment year, then the property shall be assessed by
multiplying the current fair cash value of the property by the
transition percentage. The chief county assessment officer
shall determine the transition percentage for the property by
dividing (i) the property's 2006 equalized assessed value as
farmland by (ii) the 2006 fair cash value of the property.
    (b) The wooded acreage shall continue to be assessed under
the provisions of this Section through any assessment year in
which the property is transferred or no longer qualifies as
wooded acreage under Section 10-505, and the property must be
assessed as otherwise permitted by law beginning the following
assessment year. For purposes of this Section, a transfer
between spouses does not disqualify the property from the
preferential assessment treatment under this Division for
wooded acreage.
(Source: P.A. 95-633, eff. 10-1-07.)