Division 17 - Wooded Acreage Assessment Transition Law - Illinois Statutes

 
    (35 ILCS 200/Art. 10 Div. 17 heading) DIVISION 17. WOODED ACREAGE ASSESSMENT TRANSITION LAW (Source: P.A. 95‑633, eff. 10‑1‑07.)

    (35 ILCS 200/10‑500)
    Sec. 10‑500. Short title. This Division may be cited as the Wooded Acreage Assessment Transition Law.
(Source: P.A. 95‑633, eff. 10‑1‑07.)

    (35 ILCS 200/10‑505)
    Sec. 10‑505. Wooded acreage defined. For the purposes of this Division 17, "wooded acreage" means any parcel of unimproved real property that:
        (1) can be defined as "wooded acreage" by the United

States Department of Labor Bureau of Land Management;

(2) is at least 5 contiguous acres;         (3) does not qualify as cropland, permanent pasture,

other farmland, or wasteland under Section 10‑125 of this Code;

(4) is not managed under a forestry management plan

and considered to be other farmland under Section 10‑150 of this Code;

(5) does not qualify for another preferential

assessment under this Code; and

(6) is owned by the taxpayer on October 1, 2007. (Source: P.A. 95‑633, eff. 10‑1‑07.)

    (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.
    (b) The wooded acreage shall continue to be assessed under 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.
(Source: P.A. 95‑633, eff. 10‑1‑07.)

    (35 ILCS 200/10‑515)
    Sec. 10‑515. Notice requirement. If the owner of property subject to this Division is a corporation, partnership, limited liability company, trust, or other similar entity, then it shall report to the chief county assessment officer any change in ownership interest or beneficial interest. If, after October 1, 2007, the ownership interests or beneficial interests in such an entity change by more than 50% from those interests as they existed on October 1, 2007, then the property no longer qualifies to receive the preferential assessment treatment of the wooded acreage under this Division, and the property must be assessed as otherwise permitted by law beginning the following assessment year.
(Source: P.A. 95‑633, eff. 10‑1‑07.)

    (35 ILCS 200/10‑520)
    Sec. 10‑520. Cook County exempt. This Division 17 does not apply to any property located within Cook County.
(Source: P.A. 95‑633, eff. 10‑1‑07.)