summary
Introduced
02/07/2025
02/07/2025
In Committee
02/07/2025
02/07/2025
Crossed Over
Passed
Dead
Introduced Session
104th General Assembly
Bill Summary
Amends the Property Tax Code. Provides that, for the purposes of assessment, property registered in perpetuity with the register of areas under the Illinois Natural Areas Preservation Act is considered to be encumbered by a public easement and shall be depreciated to a level at which its value is $5 per acre, and any improvement, dwelling, or other appurtenant structure present on that land shall be valued at 33 1/3% of its fair cash value. Provides that a conservation right on land preserving a habitat for plant and animal species that are native to Illinois (currently, State or federal endangered or threatened species or federal candidate species) is considered to provide a demonstrated public benefit. Provides that a conservation right on land located adjacent to a park, conservation area, nature preserve, or other land or water area that is publicly owned or otherwise permanently protected for conservation purposes is considered to provide a demonstrated public benefit if the conservation right on that land furthers the conservation purposes of the adjacent protected area. Effective immediately.
AI Summary
This bill amends the Illinois Property Tax Code to provide significant tax benefits for land with conservation value. Specifically, the bill expands the definition of properties that can receive reduced property tax assessments by broadening the criteria for what constitutes a "public benefit" for conservation purposes. Properties registered in perpetuity under the Illinois Natural Areas Preservation Act will now be valued at just $5 per acre, with any improvements on that land valued at only 33 1/3% of their fair cash value. The bill also expands the types of land that can be considered as providing a public benefit, now including land with native plant and animal species (not just endangered species), and land adjacent to existing conservation areas. Additionally, the bill modifies the assessment of conservation rights, reducing the valuation from 8-1/3% to 3% of fair market value for land encumbered by perpetual conservation rights. These changes are designed to incentivize land conservation by offering significant property tax reductions for lands that protect natural habitats, provide ecological benefits, or contribute to broader conservation efforts in Illinois.
Sponsors (2)
Last Action
Added as Co-Sponsor Sen. Robert F. Martwick (on 03/06/2025)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2200&GAID=18&DocTypeID=SB&SessionID=114&GA=104 |
| BillText | https://www.ilga.gov/legislation/104/SB/10400SB2200.htm |
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