Illinois 2025-2026 Regular Session

Illinois Senate Bill SB2320 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 SB2320 Introduced 2/7/2025, by Sen. Steve McClure SYNOPSIS AS INTRODUCED: 35 ILCS 200/10-510 Amends the Property Tax Code. Provides that wooded acreage assessment shall continue through December 31, 2029. LRB104 11265 HLH 21349 b A BILL FOR 104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 SB2320 Introduced 2/7/2025, by Sen. Steve McClure SYNOPSIS AS INTRODUCED: 35 ILCS 200/10-510 35 ILCS 200/10-510 Amends the Property Tax Code. Provides that wooded acreage assessment shall continue through December 31, 2029. LRB104 11265 HLH 21349 b LRB104 11265 HLH 21349 b A BILL FOR
2	2	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 SB2320 Introduced 2/7/2025, by Sen. Steve McClure 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. Provides that wooded acreage assessment shall continue through December 31, 2029.
6	6	LRB104 11265 HLH 21349 b LRB104 11265 HLH 21349 b
7	7	LRB104 11265 HLH 21349 b
8	8	A BILL FOR
9	9	SB2320LRB104 11265 HLH 21349 b SB2320 LRB104 11265 HLH 21349 b
10	10	SB2320 LRB104 11265 HLH 21349 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 (b) The wooded acreage shall continue to be assessed under
26	26	16 the provisions of this Section through December 31, 2029.
27	27	17 Beginning January 1, 2030, and for any assessment year
28	28	18 thereafter in which the property is transferred or no longer
29	29	19 qualifies as wooded acreage under Section 10-505, and the
30	30	20 property must be assessed as otherwise permitted by law
31	31	21 beginning the following assessment year. For purposes of this
32	32	22 Section, a transfer between spouses does not disqualify the
33	33	23 property from the preferential assessment treatment under this
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37	37	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 SB2320 Introduced 2/7/2025, by Sen. Steve McClure 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. Provides that wooded acreage assessment shall continue through December 31, 2029.
41	41	LRB104 11265 HLH 21349 b LRB104 11265 HLH 21349 b
42	42	LRB104 11265 HLH 21349 b
43	43	A BILL FOR
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49	49	35 ILCS 200/10-510
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