IL SB1492

Establishes a $150 minimum assessed value floor for platted and subdivided but undeveloped property, effective with the 2025 taxable year

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

Applies to counties with fewer than 3,000,000 inhabitants (excludes Cook County)

Current law allows subdivided property that remains undeveloped to be assessed at its pre-platting value (typically farmland or vacant land rates) indefinitely until development or sale occurs

Amends Section 10-30 of the Property Tax Code governing property tax treatment of subdivisions