Bill > HB3217

This bill amends the Property Tax Code to implement a special assessment limitation for non-income producing wooded acreage properties. Specifically, the bill establishes that for assessment years 2025 through 2039, the assessed value of qualifying wooded land that does not generate annual net income cannot increase by more than 4% from the previous year's assessed value. The term "non-income producing wooded acreage" is defined as wooded land that does not generate an annual net income, as defined in another section of the Property Tax Code. This provision appears designed to provide tax relief and stability for landowners with undeveloped or conservation-type wooded properties, helping to prevent significant year-to-year increases in property tax assessments that could potentially make it financially difficult for owners to maintain such land. The bill takes effect immediately and provides a long-term mechanism (15 years) for controlling the assessed value growth of these specific types of properties.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3217&GAID=18&DocTypeID=HB&SessionID=114&GA=104