IL HB5776

Amends the Property Tax Code to extend special valuation provisions for platted and subdivided property in counties with fewer than 3,000,000 inhabitants through December 31, 2014 (previously scheduled to end December 31, 2011).

Property assessed at its last valuation prior to transfer or conveyance, excluding transfers to mortgage foreclosure holders, their agents or affiliates, and initial sales of platted lots.

Beginning January 1, 2015, assessed valuation reverts to fair market value based on estimated voluntary sale price for the same use as when last assessed before platting.

Applies to property platted after January 1, 1978 that exceeded 5 acres and was vacant or used as a farm at time of platting.

Takes effect immediately upon enactment.