IL SB1775

County clerk shall abate 10% of property taxes on qualified forest property that is part of a proposed new housing development.

Property owner must obtain approval from the Department of Natural Resources by submitting a conservation plan prepared by an arborist and a new housing development plan.

"Qualified forest property" means at least one acre of land that is at least 10% stocked with forest trees, includes forest strips at least 120 feet wide, is managed under a DNR-approved conservation plan, and is undeveloped for non-forest use as of January 1 of the first abatement year.

Tax abatement continues as long as the property meets the qualified forest property criteria.

Act takes effect immediately upon becoming law.