IL SB2543

Amends the Property Tax Code Section 10-31 to change assessment methodology for platted and subdivided lots in counties with fewer than 3,000,000 inhabitants, effective with the 2024 assessment year.

Prior to 2024, subdivided lots are assessed based on the assessed value assigned when last assessed before the most recent transfer or conveyance.

Beginning in 2024, subdivided lots shall be assessed based on the estimated price the property would bring at a fair voluntary sale instead of prior assessment values.

Provisions cease to apply once a habitable structure is completed on a lot or the lot is used for business, commercial, or residential purposes, after which standard assessment rules apply.

Replatting of a subdivision does not disqualify lots from receiving the special assessment treatment under this section.