IL SB2356

Amends the Property Tax Code to clarify that the valuation method for qualifying water treatment facilities applies only to the facility itself and not to the underlying land.

Creates Division 5 of Article 11 to establish a new property tax valuation framework for regional wastewater facilities operated by not-for-profit corporations.

Authorizes qualifying wastewater facilities to be assessed at 33 1/3% of fair cash value, calculated by considering the probable net value if the facility were removed and sold, accounting for removal, site restoration, and transportation costs.

Restricts the tax benefit to not-for-profit wastewater facilities whose members consist exclusively of cities, villages, towns, municipal joint sewage treatment agencies, municipal sewer commissions, sanitary districts, or rural wastewater companies; excludes for-profit wastewater operations.

Requires qualifying wastewater facilities to provide proof of a valid facility number from the Illinois Environmental Protection Agency and to file applications with the Department of Revenue for assessment, with effective dates on January 1 preceding approval or construction commencement, whichever is later.