Full Text of SB2543 102nd General Assembly
SB2543 102ND GENERAL ASSEMBLY |
| | 102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022 SB2543 Introduced 2/26/2021, by Sen. Melinda Bush SYNOPSIS AS INTRODUCED: |
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Amends the Property Tax Code. Provides that, in counties of less than 3,000,000 inhabitants, beginning in assessment year 2024, lots that have been platted and subdivided shall be assessed based on the estimated price the property would bring at a fair voluntary sale (currently, based on the assessed value assigned to the property when last assessed prior to its last transfer or conveyance).
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| | FISCAL NOTE ACT MAY APPLY | | HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY |
| | A BILL FOR |
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| 1 | | AN ACT concerning revenue.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Property Tax Code is amended by changing | 5 | | Section 10-31 as follows: | 6 | | (35 ILCS 200/10-31)
| 7 | | Sec. 10-31. Subdivisions; counties of less than 3,000,000. | 8 | | (a) In counties with less than 3,000,000 inhabitants, the | 9 | | platting and
subdivision of property into separate lots and | 10 | | the development of the
subdivided property with streets, | 11 | | sidewalks, curbs, gutters, sewer, water and
utility lines | 12 | | shall not increase the assessed valuation of all or any part of
| 13 | | the property, 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; | 17 | | (3) At the time of platting the property is in excess | 18 | | of 5 acres; and | 19 | | (4) At the time of platting or replatting the property | 20 | | is vacant or used as a farm as
defined in Section 1-60. | 21 | | (b) Except as provided in subsection (c) of this Section, | 22 | | prior to the 2024 assessment year, the assessed
valuation of | 23 | | property so platted and subdivided shall be determined
based |
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| 1 | | on the assessed value assigned to the property when last | 2 | | assessed prior to its last transfer or conveyance. Prior to | 3 | | the 2024 assessment year, an An initial sale of any platted | 4 | | lot, including a lot that is vacant, or a transfer to a holder | 5 | | of a mortgage, as defined in Section 15-1207 of the Code of | 6 | | Civil Procedure, pursuant to a mortgage foreclosure proceeding | 7 | | or pursuant to a transfer in lieu of foreclosure, does not | 8 | | disqualify that lot from the provisions of this subsection | 9 | | (b). Beginning with the 2024 assessment year, except as | 10 | | provided in subsection (c) of this Section, all lots so | 11 | | platted and subdivided shall be assessed based on the | 12 | | estimated price the property would bring at a fair voluntary | 13 | | sale. | 14 | | (c) Upon completion of a habitable structure on any lot of | 15 | | subdivided
property, or upon the use of any lot, either alone | 16 | | or in conjunction
with any contiguous property, for any | 17 | | business, commercial or residential
purpose: (i) the | 18 | | provisions of subsection (b) of this Section
shall no longer | 19 | | apply in determining the assessed valuation of the lot, (ii)
| 20 | | each lot shall be assessed without regard to any provision of | 21 | | this Section, and
(iii) the assessed valuation of the | 22 | | remaining property, when next determined,
shall be reduced | 23 | | proportionately to reflect the exclusion of the property that
| 24 | | no longer qualifies for valuation under this Section. Holding | 25 | | or offering a
platted lot for initial sale shall not | 26 | | constitute a use of the lot for
business, commercial or |
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| 1 | | residential purposes unless a habitable structure is
situated | 2 | | on the lot or unless the lot is otherwise used for a business,
| 3 | | commercial or residential purpose. The replatting of a | 4 | | subdivision or portion of a subdivision does not disqualify | 5 | | the replatted lots from the provisions of subsection (b). | 6 | | (d) This Section applies on and after the effective date | 7 | | of this amendatory Act of the 96th General Assembly and | 8 | | through December 31, 2011.
| 9 | | (Source: P.A. 96-480, eff. 8-14-09.)
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