Illinois 2025-2026 Regular Session

Illinois House Bill HB3747 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB3747 Introduced , by Rep. Ryan Spain SYNOPSIS AS INTRODUCED: 35 ILCS 200/10-510 Amends the Property Tax Code. In provisions concerning wooded acreage assessment, provides that the assessed value of property that is subject to assessment under those provisions may not exceed the product of the assessed value of the property for the immediately preceding assessment year multiplied by 104%. Effective immediately. LRB104 06278 HLH 16313 b A BILL FOR 104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB3747 Introduced , by Rep. Ryan Spain SYNOPSIS AS INTRODUCED: 35 ILCS 200/10-510 35 ILCS 200/10-510 Amends the Property Tax Code. In provisions concerning wooded acreage assessment, provides that the assessed value of property that is subject to assessment under those provisions may not exceed the product of the assessed value of the property for the immediately preceding assessment year multiplied by 104%. Effective immediately. LRB104 06278 HLH 16313 b LRB104 06278 HLH 16313 b A BILL FOR
2	2	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB3747 Introduced , by Rep. Ryan Spain SYNOPSIS AS INTRODUCED:
3	3	35 ILCS 200/10-510 35 ILCS 200/10-510
4	4	35 ILCS 200/10-510
5	5	Amends the Property Tax Code. In provisions concerning wooded acreage assessment, provides that the assessed value of property that is subject to assessment under those provisions may not exceed the product of the assessed value of the property for the immediately preceding assessment year multiplied by 104%. Effective immediately.
6	6	LRB104 06278 HLH 16313 b LRB104 06278 HLH 16313 b
7	7	LRB104 06278 HLH 16313 b
8	8	A BILL FOR
9	9	HB3747LRB104 06278 HLH 16313 b HB3747 LRB104 06278 HLH 16313 b
10	10	HB3747 LRB104 06278 HLH 16313 b
11	11	1 AN ACT concerning revenue.
12	12	2 Be it enacted by the People of the State of Illinois,
13	13	3 represented in the General Assembly:
14	14	4 Section 5. The Property Tax Code is amended by changing
15	15	5 Section 10-510 as follows:
16	16	6 (35 ILCS 200/10-510)
17	17	7 Sec. 10-510. Assessment of wooded acreage.
18	18	8 (a) If wooded acreage was classified as farmland during
19	19	9 the 2006 assessment year, then the property shall be assessed
20	20	10 by multiplying the current fair cash value of the property by
21	21	11 the transition percentage. The chief county assessment officer
22	22	12 shall determine the transition percentage for the property by
23	23	13 dividing (i) the property's 2006 equalized assessed value as
24	24	14 farmland by (ii) the 2006 fair cash value of the property.
25	25	15 Notwithstanding any other provision of this subsection (a),
26	26	16 beginning with the 2025 assessment year and continuing through
27	27	17 the earlier of the 2039 assessment year or the first year in
28	28	18 which the property no longer qualifies for assessment under
29	29	19 this Section, the assessed value of property that is subject
30	30	20 to assessment under this Section may not exceed the product of
31	31	21 the assessed value of the property for the immediately
32	32	22 preceding assessment year multiplied by 104%.
33	33	23 (b) The wooded acreage shall continue to be assessed under
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37	37	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB3747 Introduced , by Rep. Ryan Spain SYNOPSIS AS INTRODUCED:
38	38	35 ILCS 200/10-510 35 ILCS 200/10-510
39	39	35 ILCS 200/10-510
40	40	Amends the Property Tax Code. In provisions concerning wooded acreage assessment, provides that the assessed value of property that is subject to assessment under those provisions may not exceed the product of the assessed value of the property for the immediately preceding assessment year multiplied by 104%. Effective immediately.
41	41	LRB104 06278 HLH 16313 b LRB104 06278 HLH 16313 b
42	42	LRB104 06278 HLH 16313 b
43	43	A BILL FOR
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49	49	35 ILCS 200/10-510
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53	53	LRB104 06278 HLH 16313 b
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63	63	HB3747 LRB104 06278 HLH 16313 b
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66	66	HB3747- 2 -LRB104 06278 HLH 16313 b HB3747 - 2 - LRB104 06278 HLH 16313 b
67	67	HB3747 - 2 - LRB104 06278 HLH 16313 b
68	68	1 the provisions of this Section through any assessment year in
69	69	2 which the property is transferred or no longer qualifies as
70	70	3 wooded acreage under Section 10-505, and the property must be
71	71	4 assessed as otherwise permitted by law beginning the following
72	72	5 assessment year. For purposes of this Section, a transfer
73	73	6 between spouses does not disqualify the property from the
74	74	7 preferential assessment treatment under this Division for
75	75	8 wooded acreage.
76	76	9 (Source: P.A. 100-834, eff. 1-1-19.)
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82	82	HB3747 - 2 - LRB104 06278 HLH 16313 b