SB1526 establishes rules for assessing and taxing commercial energy storage systems in Illinois.

SB1526 amends the Property Tax Code to create a new Division for commercial energy storage systems. It mandates that the fair cash value of these systems in counties with fewer than 3,000,000 inhabitants be determined by subtracting the allowance for physical depreciation from the trended real property cost basis. It also specifies that these systems are not subject to equalization factors. The owner of the commercial energy storage system must commission a metes and bounds survey description of the land and deliver a copy to the chief county assessment officer and the land owner.

SB1526 establishes rules for assessing and taxing commercial energy storage systems in Illinois.

SB1526 amends the Property Tax Code to create a new Division for commercial energy storage systems. It mandates that the fair cash value of these systems in counties with fewer than 3,000,000 inhabitants be determined by subtracting the allowance for physical depreciation from the trended real property cost basis. It also specifies that these systems are not subject to equalization factors. The owner of the commercial energy storage system must commission a metes and bounds survey description of the land and deliver a copy to the chief county assessment officer and the land owner.