SB0543 Engrossed

LRB096 06532 RCE 16616 b






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    AN ACT concerning revenue.

 
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    Be it enacted by the People of the State of Illinois, 
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represented in the General Assembly: 



 
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    Section 5. The Property Tax Code is amended by changing 
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Section 10-30  and adding Section 10-31 as follows:
 



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    (35 ILCS 200/10-30)


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    Sec. 10-30. Subdivisions; counties of less than 3,000,000. 

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    (a) In counties with less than 3,000,000 inhabitants, the 
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platting and
subdivision of property into separate lots and the 
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development of the
subdivided property with streets, 
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sidewalks, curbs, gutters, sewer, water and
utility lines shall 
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not increase the assessed valuation of all or any part of
the 
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property, if:


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        (1) The property is platted and subdivided in 
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    accordance with the Plat
Act;


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        (2) The platting occurs after January 1, 1978;



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        (3) At the time of platting the property is in excess 
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    of 5 acres; and


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        (4) At the time of platting the property is vacant or 
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    used as a farm as
defined in Section 1-60.

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    (b) Except as provided in subsection (c) of this Section, 
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the assessed
valuation of property so platted and subdivided 
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shall be determined each year
based on the estimated price the 
 


 






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property would bring at a fair voluntary sale
for use by the 
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buyer for the same purposes for which the property was used 
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when
last assessed prior to its platting.

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    (c) Upon completion of a habitable structure on any lot of 
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subdivided
property, or upon the use of any lot, either alone 
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or in conjunction
with any contiguous property, for any 
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business, commercial or residential
purpose, or upon the 
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initial sale of any platted lot, including a platted
lot which 
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is vacant: (i) the provisions of subsection (b) of this Section

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shall no longer apply in determining the assessed valuation of 
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the lot, (ii)
each lot shall be assessed without regard to any 
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provision of this Section, and
(iii) the assessed valuation of 
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the remaining property, when next determined,
shall be reduced 
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proportionately to reflect the exclusion of the property that

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no longer qualifies for valuation under this Section. Holding 
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or offering a
platted lot for initial sale shall not constitute 
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a use of the lot for
business, commercial or residential 
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purposes unless a habitable structure is
situated on the lot or 
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unless the lot is otherwise used for a business,
commercial or 
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residential purpose.

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    (d) This Section applies before the effective date of this 
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amendatory Act of the 96th General Assembly and then applies 
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again beginning January 1, 2012. 
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(Source: P.A. 95-135, eff. 1-1-08.)

 
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    (35 ILCS 200/10-31 new)

 


 






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    Sec. 10-31. Subdivisions; counties of less than 3,000,000.
2
    (a) In counties with less than 3,000,000 inhabitants, the 
3
platting and
subdivision of property into separate lots and the 
4
development of the
subdivided property with streets, 
5
sidewalks, curbs, gutters, sewer, water and
utility lines shall 
6
not increase the assessed valuation of all or any part of
the 
7
property, if:
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        (1) The property is platted and subdivided in 
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    accordance with the Plat
Act;
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        (2) The platting occurs after January 1, 1978;
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        (3) At the time of platting the property is in excess 
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    of 5 acres; and
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        (4) At the time of platting or replatting the property 
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    is vacant or used as a farm as
defined in Section 1-60.
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    (b) Except as provided in subsection (c) of this Section, 
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the assessed
valuation of property so platted and subdivided 
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shall be determined
based on the assessed value assigned to the 
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property when last assessed prior to its last transfer or 
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conveyance. An initial sale of any platted lot, including a lot 
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that is vacant, or a transfer to a holder of a mortgage, as 
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defined in Section 15-1207 of the Code of Civil Procedure, 
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pursuant to a mortgage foreclosure proceeding or pursuant to a 
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transfer in lieu of foreclosure, does not disqualify that lot 
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from the provisions of this subsection (b).
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    (c) Upon completion of a habitable structure on any lot of 
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subdivided
property, or upon the use of any lot, either alone 
 


 






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or in conjunction
with any contiguous property, for any 
2
business, commercial or residential
purpose: (i) the 
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provisions of subsection (b) of this Section
shall no longer 
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apply in determining the assessed valuation of the lot, (ii)

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each lot shall be assessed without regard to any provision of 
6
this Section, and
(iii) the assessed valuation of the remaining 
7
property, when next determined,
shall be reduced 
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proportionately to reflect the exclusion of the property that

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no longer qualifies for valuation under this Section. Holding 
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or offering a
platted lot for initial sale shall not constitute 
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a use of the lot for
business, commercial or residential 
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purposes unless a habitable structure is
situated on the lot or 
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unless the lot is otherwise used for a business,
commercial or 
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residential purpose. The replatting of a subdivision or portion 
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of a subdivision does not disqualify the replatted lots from 
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the provisions of subsection (b).
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    (d) This Section applies on and after the effective date of 
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this amendatory Act of the 96th General Assembly and through 
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December 31, 2011. 

 
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    Section 99. Effective date. This Act takes effect upon 
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becoming law.