IL HB5026

Property registered in perpetuity under Section 16 of the Illinois Natural Areas Preservation Act is considered encumbered by a public easement and valued at $5 per acre for assessment purposes, with any structures on that land valued at 33 1/3% of fair cash value.

Land encumbered by conservation rights is valued at 3% of fair market value (reduced from 8-1/3%) if the conservation right meets public benefit requirements, with structures valued at 33 1/3% of fair market value.

Conservation rights providing a demonstrated public benefit now include land preserving habitat for any plant and animal species native to Illinois (expanded from only endangered, threatened, or federal candidate species) and land adjacent to publicly protected areas that furthers their conservation purposes.

Conservation right encumbrances must prohibit new structures except replacements no larger than previous structures and must confine existing and future structures to defined building envelopes that do not interfere with protected land features.

Department of Natural Resources must certify within 30 days whether land with a conservation right provides demonstrated public benefit, and taxpayers must apply by January 31 to the county assessment officer to receive the special valuation.