102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
SB2540

 

Introduced 2/26/2021, by Sen. Melinda Bush

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 200/10-150

    Amends the Property Tax Code. Provides that, in counties with less than 3,000,000 inhabitants, property under a forestry management plan shall be valued at 1/18 (currently, 1/6) of its productivity index equalized assessed value as cropland. Effective January 1, 2022.


LRB102 17333 HLH 22823 b

FISCAL NOTE ACT MAY APPLY
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

SB2540LRB102 17333 HLH 22823 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 10-150 as follows:
 
6    (35 ILCS 200/10-150)
7    Sec. 10-150. Property under forestry management plan. In
8counties with less than 3,000,000 inhabitants, any land being
9managed under a forestry management plan accepted by the
10Department of Natural Resources under the Illinois Forestry
11Development Act shall be considered as "other farmland" and
12shall be valued at 1/18 1/6 of its productivity index
13equalized assessed value as cropland. In counties with more
14than 3,000,000 inhabitants, any land totalling 15 acres or
15less for which an approved forestry management plan was in
16effect on or before December 31, 1985, shall be considered
17"other farmland". The Department of Natural Resources shall
18inform the Department and each chief county assessment officer
19of each parcel of land covered by an approved forestry
20management plan. The changes made by this amendatory Act of
21the 102nd General Assembly apply for the 2022 assessment year
22and thereafter.
23(Source: P.A. 88-455; 89-445, eff. 2-7-96.)
 

 

 

SB2540- 2 -LRB102 17333 HLH 22823 b

1    Section 99. Effective date. This Act takes effect January
21, 2022.