Illinois HB2382 amends the Property Tax Code to set minimum assessed values for platted and subdivided but undeveloped property.
Illinois HB2382 amends the Property Tax Code to establish a minimum assessed value of $150 for platted and subdivided but undeveloped property starting with the 2025 taxable year. Additionally, beginning with the 2035 taxable year, properties will not be eligible for valuation under this section for more than 10 years. The bill applies to properties platted and subdivided after January 1, 1978, and exceeding 5 acres at the time of platting.
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