Illinois SB2200 modifies property tax assessments for land with conservation easements and registered natural areas.
Illinois SB2200 amends the Property Tax Code to adjust the assessment of certain land. Land registered under the Illinois Natural Areas Preservation Act or encumbered by conservation rights is depreciated for tax purposes. Specifically, such land is valued at $1 per acre or 33 1/3% of its fair cash value, depending on the type of conservation right. The bill also requires the Department of Natural Resources to certify if a conservation right provides a public benefit, such as preserving habitat for endangered species or contributing to ecological viability.
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