Bill Text: IL HB3747 | 2025-2026 | 104th General Assembly | Introduced

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Bill Title: 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.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced) 2025-02-07 - Filed with the Clerk by Rep. Ryan Spain [HB3747 Detail]

Download: Illinois-2025-HB3747-Introduced.html

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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.
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A BILL FOR
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AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Property Tax Code is amended by changing
Section 10-510 as follows:
(35 ILCS 200/10-510)
Sec. 10-510. Assessment of wooded acreage.
(a) If wooded acreage was classified as farmland during
the 2006 assessment year, then the property shall be assessed
by multiplying the current fair cash value of the property by
the transition percentage. The chief county assessment officer
shall determine the transition percentage for the property by
dividing (i) the property's 2006 equalized assessed value as
farmland by (ii) the 2006 fair cash value of the property.
Notwithstanding any other provision of this subsection (a),
beginning with the 2025 assessment year and continuing through
the earlier of the 2039 assessment year or the first year in
which the property no longer qualifies for assessment under
this Section, the assessed value of property that is subject
to assessment under this Section may not exceed the product of
the assessed value of the property for the immediately
preceding assessment year multiplied by 104%.
(b) The wooded acreage shall continue to be assessed under

HB3747 - 2 - LRB104 06278 HLH 16313 b
the provisions of this Section through any assessment year in
which the property is transferred or no longer qualifies as
wooded acreage under Section 10-505, and the property must be
assessed as otherwise permitted by law beginning the following
assessment year. For purposes of this Section, a transfer
between spouses does not disqualify the property from the
preferential assessment treatment under this Division for
wooded acreage.
(Source: P.A. 100-834, eff. 1-1-19.)
Section 99. Effective date. This Act takes effect upon
becoming law.