PROPERTY TAX-SITE VALUE Senate SponsorsSen. Chris Balkema and Neil Anderson 2/6/2026SenateReferred to Assignments 35 ILCS 200/Art. 31.1 heading new35 ILCS 200/31.1-1 new35 ILCS 200/31.1-5 new35 ILCS 200/31.1-10 newAmends the Property Tax Code. Creates the Site Value Tax Law within the Property Tax Code. Provides that each taxing district may, by ordinance, levy a site value tax upon the assessed value of land within the taxing district. Provides that "assessed value" means 33 1/3% of the fair cash value of the land, without regard to buildings, structures, improvements, or other permanent fixtures on the land, except for the value of oil, gas, coal, and other minerals in the land and the right to remove such oil, gas, coal, and other minerals from the land. Contains provisions concerning enforcement and collection. Effective immediately. 2/6/2026SenateFiled with Secretary by Sen. Chris Balkema 2/6/2026SenateFirst Reading 2/6/2026SenateReferred to Assignments 3/24/2026SenateAdded as Co-Sponsor Sen. Neil Anderson