Bill > HB3747

This bill amends the Property Tax Code specifically addressing how wooded acreage is assessed for property tax purposes. Beginning with the 2025 assessment year and continuing through either the 2039 assessment year or the first year the property no longer qualifies for this special assessment, the bill limits annual increases in the assessed value of wooded acreage. Specifically, the assessed value cannot exceed 104% of the property's assessed value from the immediately preceding assessment year. This provision applies to wooded acreage that was originally classified as farmland during the 2006 assessment year, using a transition percentage based on the property's 2006 equalized assessed value and fair cash value. The bill ensures that property transferred between spouses will continue to receive this preferential assessment treatment, maintaining the property's lower valuation increase cap. The goal appears to be providing property owners with some predictability and protection against rapid increases in assessed property values for wooded acreage.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3747&GAID=18&DocTypeID=HB&SessionID=114&GA=104