Illinois HB3747 amends the Property Tax Code to limit the assessed value of wooded acreage classified as farmland in 2006.
Illinois HB3747 modifies the Property Tax Code to ensure that the assessed value of wooded acreage classified as farmland during the 2006 assessment year does not exceed 104% of the previous year's assessed value. This limitation applies through the 2039 assessment year or until the property no longer qualifies as wooded acreage. The bill also specifies that transfers between spouses do not disqualify the property from this preferential assessment treatment.
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