IL SB1924

Amends Property Tax Code Sections 10-30 and 10-31 regarding property subdivision assessment in counties with less than 3,000,000 inhabitants.

Section 10-30 applies before August 14, 2009 and resumes January 1, 2016; Section 10-31 applies August 14, 2009 through December 31, 2015.

Platted and subdivided property of more than 5 acres does not increase assessed valuation if property is vacant or used as a farm at time of platting, provided platting occurs after January 1, 1978 and complies with the Plat Act.

Assessment changes when a habitable structure is completed on a lot, a lot is used for business/commercial/residential purposes, or a platted lot is initially sold; remaining property valuation is reduced proportionately.

Section 10-31 allows initial sales and mortgage foreclosure transfers without disqualifying lots from valuation provisions, and permits replatting of subdivisions without disqualifying replatted lots.