IL HB2382

Establishes a $150 minimum assessed value floor for platted and subdivided but undeveloped property in counties with less than 3,000,000 inhabitants, effective with the 2025 taxable year

Limits the reduced assessment benefit for subdivided property to a maximum 10-year period, effective beginning with the 2035 taxable year

Applies to property that was platted after January 1, 1978, exceeded 5 acres at platting, and was vacant or used as farmland at the time of platting

Amends Section 10-30 of the Property Tax Code, which currently allows subdivided but undeveloped property to be assessed at its pre-platting agricultural or vacant land value rather than its developed subdivision value