SB3159

Extends the preferential assessment for wooded acreage in Illinois through December 31, 2029, or until property transfer or loss of qualification.

The bill amends the Property Tax Code to ensure that the preferential assessment for wooded acreage continues through December 31, 2029, or until the property is transferred or no longer qualifies as wooded acreage. This preferential assessment applies to properties that were classified as farmland during the 2006 assessment year. A transfer between spouses does not disqualify the property from this preferential treatment.