IL SB3746

Adds Article 31.1 (Site Value Tax Law) to the Illinois Property Tax Code to allow municipalities to levy a site value tax on land assessed value within their boundaries.

Permits taxing districts with territory in a municipality imposing a site value tax to also impose the tax, but only on property wholly within that municipality's boundaries.

Defines "assessed value" as 33 1/3% of the fair cash value of land excluding buildings, structures, improvements, and permanent fixtures, but including the value of oil, gas, coal, and other minerals.

Requires site value taxes to be collected using the same procedures as standard property taxes under Article 20, with taxpayers subject to the same due dates, enforcement actions, and remedies as property taxes.

Takes effect immediately upon becoming law.