Public Act 095-0070
 
HB0586 Enrolled LRB095 08951 BDD 29140 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 10-155 as follows:
 
    (35 ILCS 200/10-155)
    Sec. 10-155. Open space land; valuation. In all counties,
in addition to valuation as otherwise permitted by law, land
which is used for open space purposes and has been so used for
the 3 years immediately preceding the year in which the
assessment is made, upon application under Section 10-160,
shall be valued on the basis of its fair cash value, estimated
at the price it would bring at a fair, voluntary sale for use
by the buyer for open space purposes.
    Land is considered used for open space purposes if it is
more than 10 acres in area and:
        (a) is actually and exclusively used for maintaining or
    enhancing natural or scenic resources,
        (b) protects air or streams or water supplies,
        (c) promotes conservation of soil, wetlands, beaches,
    or marshes, including ground cover or planted perennial
    grasses, trees and shrubs and other natural perennial
    growth, and including any body of water, whether man-made
    or natural,
        (d) conserves landscaped areas, such as public or
    private golf courses,
        (e) enhances the value to the public of abutting or
    neighboring parks, forests, wildlife preserves, nature
    reservations, sanctuaries, or other open spaces, or
        (f) preserves historic sites.
    Land is not considered used for open space purposes if it
is used primarily for residential purposes.
    If the land is improved with a water-retention dam that is
operated primarily for commercial purposes, the
water-retention dam is not considered to be used for open space
purposes despite the fact that any resulting man-made lake may
be considered to be used for open space purposes under this
Section.
(Source: P.A. 88-455; 89-137, eff. 1-1-96.)

Effective Date: 1/1/2008