PROP TX-SUBDIVISIONS House SponsorsRep. Tom Cross 1/8/2013HouseSession Sine Die 35 ILCS 200/10-3035 ILCS 200/10-31 Amends the Property Tax Code. In provisions concerning the assessment of subdivisions, provides that the subsequent sale or transfer of the property by a party who acquired title pursuant to (i) a transfer as a mortgage holder, (ii) a mortgage foreclosure proceeding, (iii) a consent judgment, or (iv) a transfer in lieu of foreclosure, shall not disqualify the property from being assessed based on the estimated price the property would bring at a fair voluntary sale for use by the buyer for the same purposes for which the property was used when last assessed prior to its platting (or, until January 1, 2011, assessed based on the assessed value assigned to the property when last assessed prior to its last transfer or conveyance) unless (A) a habitable structure is completed on the lot, (B) the lot is used for business, commercial, or residential purpose, or (C) until the initial sale of any platted lot. Effective immediately. 1/21/2011HouseFiled with the Clerk by Rep. Tom Cross 1/25/2011HouseFirst Reading 1/25/2011HouseReferred to Rules Committee 2/8/2011HouseAssigned to Revenue & Finance Committee 3/17/2011HouseRule 19(a) / Re-referred to Rules Committee 1/8/2013HouseSession Sine Die