IL HB0567

Amends the Property Tax Code to change how assessed valuations are determined for platted and subdivided property in counties with less than 3,000,000 inhabitants.

Provides that prior to the initial sale of any platted lot, assessed valuation shall be based on the assessed value assigned when last assessed prior to the property's last transfer or conveyance, rather than estimated fair market value.

Applies these changes from January 1, 2019 through December 31, 2023, with Section 10-30 applying again on and after January 1, 2024.

Clarifies that initial sales of platted lots, including vacant lots and transfers via mortgage foreclosure, do not disqualify properties from the special assessment provisions.

Takes effect immediately upon becoming law.