Illinois HB3217 limits the assessed value of non-income producing wooded acreage to 104% of the previous year's value.
HB3217 amends the Property Tax Code to set a cap on the assessed value of non-income producing wooded acreage. Starting from the 2025 assessment year, the assessed value of such properties cannot exceed 104% of the previous year's assessed value. This provision applies until the 2039 assessment year or until the property no longer qualifies for this assessment. The bill aims to stabilize property tax assessments for non-income producing wooded acreage.
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