IL HB3747

Caps annual assessed value increases for wooded acreage at 4% over the prior year's assessed value, beginning with the 2025 assessment year

The 4% cap applies to wooded acreage that was classified as farmland during the 2006 assessment year and receives preferential assessment treatment under existing law

The assessment cap remains in effect through the 2039 assessment year or until the property no longer qualifies for wooded acreage assessment, whichever comes first

Wooded acreage loses eligibility for this special assessment if the property is transferred (except between spouses) or no longer qualifies as wooded acreage

Takes effect immediately upon becoming law