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IL SB2274
Bill
AI Summary
- Amends Section 10-510 of the Property Tax Code regarding assessment of wooded acreage
- Wooded acreage classified as farmland during 2006 assessment year is assessed by multiplying current fair cash value by a transition percentage calculated from 2006 equalized assessed value and fair cash value
- Wooded acreage assessment continues until property is transferred or no longer qualifies as wooded acreage, then standard assessment applies in the following year
- Transfers between spouses do not disqualify property from preferential assessment treatment for wooded acreage
Legislative Description
PROP TX-WOODS-SPOUSAL TRANSFER
Last Action
Public Act . . . . . . . . . 100-0834
8/13/2018
Committee Referrals
Revenue & Finance4/26/2018
Rules4/11/2018
Revenue1/24/2018
Assignments1/10/2018
Full Bill Text
No bill text available