Illinois SB1492 amends the Property Tax Code to set minimum assessed values for subdivided property.
Illinois SB1492 amends the Property Tax Code to establish a minimum assessed value of $150 for subdivided property beginning in 2025. It also limits the eligibility for this valuation to a 10-year period starting in 2035. This applies to counties with less than 3,000,000 inhabitants.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.