IL SB3453

Creates the Site Value Tax Law as a new Article 31.1 in the Illinois Property Tax Code, allowing taxing districts to levy an additional tax on land value.

Permits each taxing district to adopt an ordinance to levy a site value tax on the assessed value of land, defined as 33 1/3% of fair cash value excluding buildings, structures, improvements, and fixtures (but including mineral rights).

Requires site value taxes to be levied uniformly by valuation within each taxing district.

Establishes that site value tax collection follows the same procedures, due dates, and enforcement mechanisms as standard property taxes under Articles 20-23 of the Property Tax Code.

Takes effect immediately upon becoming law.