HB2382

Illinois HB2382 amends property tax rules for subdivided lots, setting minimum assessed values and limiting eligibility periods.

HB2382 modifies the Property Tax Code to ensure that the assessed valuation of property in counties with less than 3 million inhabitants remains stable during subdivision. Specifically, it prevents the assessed value from decreasing below $150 and limits the period a property can qualify for reduced valuation to ten years. This change applies to properties platted and subdivided after January 1, 1978, and larger than 5 acres. Once a lot is used for a business, commercial, or residential purpose, or a habitable structure is built, the property loses its eligibility for reduced valuation.