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IL SB2540

Bill

Official Source

Status

Introduced

2/26/2021

Primary Sponsor

Don Harmon

Click for details

Origin

Senate

102nd General Assembly

AI Summary

  • Changes valuation of forestry management plan property in counties with less than 3,000,000 inhabitants from 1/6 to 1/18 of its productivity index equalized assessed value as cropland
  • Applies only to counties with populations under 3,000,000; does not change existing rules for larger counties
  • Takes effect January 1, 2022 and applies for the 2022 assessment year and thereafter
  • Introduced February 26, 2021 by Senator Melinda Bush
  • Amends the Property Tax Code Section 10-150

Legislative Description

PROPERTY TAX-FOREST LAND-VALUE

Last Action

Chief Sponsor Changed to Sen. Don Harmon

12/31/2022

Committee Referrals

Assignments4/16/2021
Revenue3/23/2021
Assignments2/26/2021

Full Bill Text

No bill text available