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
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
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
LRB104 11265 HLH 21349 b
A BILL FOR
SB2320LRB104 11265 HLH 21349 b SB2320 LRB104 11265 HLH 21349 b
SB2320 LRB104 11265 HLH 21349 b
1 AN ACT concerning revenue.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The Property Tax Code is amended by changing
5 Section 10-510 as follows:
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
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
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
LRB104 11265 HLH 21349 b
A BILL FOR
35 ILCS 200/10-510
LRB104 11265 HLH 21349 b
SB2320 LRB104 11265 HLH 21349 b
SB2320- 2 -LRB104 11265 HLH 21349 b SB2320 - 2 - LRB104 11265 HLH 21349 b
SB2320 - 2 - LRB104 11265 HLH 21349 b
SB2320 - 2 - LRB104 11265 HLH 21349 b