IL HB2483

Amends the Property Tax Code Section 10-510 to allow wooded acreage to maintain preferential assessment treatment when transferred between spouses.

Wooded acreage classified as farmland in 2006 continues to be assessed using a transition percentage based on the 2006 equalized assessed value divided by the 2006 fair cash value.

Transfers between spouses no longer trigger the loss of preferential assessment treatment for wooded acreage that otherwise applies when property is transferred or no longer qualifies as wooded acreage.

Property that is transferred outside of spousal transfers or no longer qualifies as wooded acreage must be assessed as otherwise permitted by law beginning the following assessment year.