Rep. Dan Reitz
Filed: 5/31/2007
 
 

 




 

 		












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AMENDMENT TO SENATE BILL 17




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    AMENDMENT NO. ______. Amend Senate Bill 17 as follows:

 
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on page 1, line 5, by changing "Division 16" to "Divisions 16 
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and 17"; and
 
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on page 2, line 22, after "5", by inserting "contiguous"; and
 
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on              page 5, by replacing line 1 with the following:
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"10-155, (iv) land certified under Section 10-160, or (v) any 
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property dedicated as a nature preserve or a nature preserve 
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buffer under the Illinois Natural Areas Preservation Act and 
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assessed in accordance with subsection (e) of Section 9-145."; 
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and
 
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on page 8, by deleting lines 1 through 16; and
 
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on page 8, line 18, by changing "may" to "shall"; and
 
 


 






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on page 8, immediately below line 19, by inserting the 
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following:
 
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    "(35 ILCS 200/Art. 10 Div. 17 heading new)

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DIVISION 17.  WOODED ACREAGE ASSESSMENT TRANSITION LAW

 
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    (35 ILCS 200/10-500 new)

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    Sec. 10-500. Short title. This Division may be cited as the 
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Wooded Acreage Assessment Transition Law.
 
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    (35 ILCS 200/10-505 new)

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    Sec. 10-505. Wooded acreage defined.  For the purposes of 
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this Division 17, "wooded acreage" means any parcel of 
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unimproved real property that:
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        (1) can be defined as "wooded acreage" by the United 
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    States Department of Labor Bureau of Land Management;
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        (2) is at least 5 contiguous acres;
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        (3) does not qualify as cropland, permanent pasture, 
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    other farmland, or wasteland under Section 10-125 of the 
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    this Code;
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        (4) is not managed under a forestry management plan and 
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    considered to be other farmland under Section 10-150 of 
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    this Code;
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        (5) does not qualify for another preferential 
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    assessment under this Code; and
 


 






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        (6) is owned by the taxpayer on October 1, 2007.
 
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    (35 ILCS 200/10-510 new)

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    Sec. 10-510. Assessment of wooded acreage.

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    (a) If wooded acreage was classified as farmland during the 
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2006 assessment year, then the property shall be assessed by 
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multiplying the current fair cash value of the property by the 
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transition percentage. The chief county assessment officer 
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shall determine the transition percentage for the property by 
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dividing (i) the property's 2006 equalized assessed value as 
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farmland by (ii) the 2006 fair cash value of the property.
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    (b) The wooded acreage shall continue to be assessed under 
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the provisions of this Section through any assessment year in 
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which the property is transferred or no longer qualifies as 
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wooded acreage under Section 10-505, and the property must be 
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assessed as otherwise permitted by law beginning the following 
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assessment year.
 
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    (35 ILCS 200/10-515 new)

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    Sec. 10-515. Notice requirement. If the owner of property 
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subject to this Division is a corporation, partnership, limited 
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liability company, trust, or other similar entity, then it 
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shall report to the chief county assessment officer any change 
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in ownership interest or beneficial interest.  If, after October 
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1, 2007, the ownership interests  or beneficial interests in 
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such an entity change by more than 50% from those interests as 
 


 






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they existed on October 1, 2007, then the property no longer 
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qualifies to receive the preferential assessment treatment of 
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the wooded acreage under this Division, and the property must 
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be assessed as otherwise permitted by law beginning the 
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following assessment year.".