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| | 104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026
SB2320 Introduced 2/7/2025, by Sen. Steve McClure SYNOPSIS AS INTRODUCED:
| | | Amends the Property Tax Code. Provides that wooded acreage assessment shall continue through December 31, 2029. |
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| | A BILL FOR |
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| | SB2320 | | LRB104 11265 HLH 21349 b |
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| 1 | | AN ACT concerning revenue.
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| 2 | | Be it enacted by the People of the State of Illinois, |
| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Property Tax Code is amended by changing |
| 5 | | Section 10-510 as follows:
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| 6 | | (35 ILCS 200/10-510) |
| 7 | | Sec. 10-510. Assessment of wooded acreage. |
| 8 | | (a) If wooded acreage was classified as farmland during |
| 9 | | the 2006 assessment year, then the property shall be assessed |
| 10 | | by multiplying the current fair cash value of the property by |
| 11 | | the transition percentage. The chief county assessment officer |
| 12 | | shall determine the transition percentage for the property by |
| 13 | | dividing (i) the property's 2006 equalized assessed value as |
| 14 | | farmland by (ii) the 2006 fair cash value of the property. |
| 15 | | (b) The wooded acreage shall continue to be assessed under |
| 16 | | the provisions of this Section through December 31, 2029. |
| 17 | | Beginning January 1, 2030, and for any assessment year |
| 18 | | thereafter in which the property is transferred or no longer |
| 19 | | qualifies as wooded acreage under Section 10-505, and the |
| 20 | | property must be assessed as otherwise permitted by law |
| 21 | | beginning the following assessment year. For purposes of this |
| 22 | | Section, a transfer between spouses does not disqualify the |
| 23 | | property from the preferential assessment treatment under this |