Bill > SB1492

This bill amends the Property Tax Code to modify how property taxes are calculated for platted and subdivided but undeveloped land in counties with fewer than 3 million inhabitants. Specifically, the bill introduces two key changes: first, starting in the 2025 tax year, no property's assessed value can be reduced to less than $150 under these subdivision provisions, and second, beginning in the 2035 tax year, no property will be eligible for this special valuation method for more than 10 years. The existing law allows for properties over 5 acres that are vacant or used as farmland, and platted after January 1, 1978, to maintain their pre-subdivision assessed value. Currently, when a lot is developed, sold, or used for business or residential purposes, it becomes subject to standard property tax assessment. The bill aims to limit the duration and scope of the reduced valuation method while ensuring a minimum assessed value for undeveloped subdivided properties.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1492&GAID=18&DocTypeID=SB&SessionID=114&GA=104