Bill > SB2320

This bill amends the Property Tax Code to extend the special assessment method for wooded acreage through December 31, 2029. Currently, wooded acreage that was classified as farmland during the 2006 assessment year receives a preferential tax assessment calculation method where the property's value is multiplied by a specific "transition percentage" derived from its 2006 equalized assessed value divided by its 2006 fair cash value. The bill maintains this assessment approach until the end of 2029, after which the property will be assessed according to standard property tax laws if it is transferred or no longer qualifies as wooded acreage. Importantly, transfers between spouses will not disrupt this preferential assessment treatment, ensuring continued tax benefits for certain landowners with wooded property that was previously classified as farmland.

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2320&GAID=18&DocTypeID=SB&SessionID=114&GA=104