We Value Bloomington-Normal

House Bill 1637 amends a section of the Illinois Property Tax Code regarding preferential assessments for residential developments, essentially changing the acreage threshold from "in excess of 10 acres" to "in excess of 5 acres" to recognize that many developments, particularly downstate, are smaller in acreage.

The new law (Public Act 95-135), effective January 1, 2008, will ensure that when farmland or vacant land in excess of 5 acres is platted or subdivided into separate lots for development, the assessed valuation of all or part of the property is not changed from the vacant or farmland assessment level until a habitable structure is built on any lot of subdivided property, or when any lot is used for a business, commercial or residential purpose or upon the initial sale of any platted lot.

The assessed valuation of the remaining property, when next determined is reduced proportionately to reflect the exclusion of the property that no longer qualifies for this valuation. IAR thanks the efforts of our chief sponsors, Representative Don Moffitt and Senator David Koehler.