IL SB2859

Amends Section 11-145 of the Property Tax Code to clarify that valuation of qualifying water treatment facilities at 33 1/3% of fair cash value 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 method for regional wastewater facilities owned and operated by not-for-profit corporations on a mutual, cooperative basis.

Authorizes the Department of Revenue to assess qualifying wastewater facilities at 33 1/3% of fair cash value, based on the probable net value if the facility were removed and sold, accounting for removal, site restoration, and transportation expenses.

Defines "qualifying wastewater facility" as a facility collecting, treating, or disposing of sewage and waste owned by a not-for-profit corporation whose members are exclusively cities, villages, towns, municipal joint sewage treatment agencies, municipal sewer commissions, sanitary districts, or rural wastewater companies.

Excludes for-profit wastewater facilities from the favorable valuation treatment and requires applicants to provide proof of a valid facility number from the Illinois Environmental Protection Agency and file applications with the Department of Revenue.