IL HB3600

Amends the Property Tax Code to change how platted and subdivided property in counties with less than 3,000,000 inhabitants is assessed prior to initial sale of any lot.

Changes assessed valuation method from estimated fair market sale price to the assessed value assigned when the property was last assessed prior to its last transfer or conveyance.

Applies the new valuation method from January 1, 2019 through December 31, 2023.

Clarifies that initial sales of platted lots (including vacant lots) and mortgage foreclosure transfers do not disqualify property from the new valuation method.

Takes effect immediately upon becoming law.