SB3938

Illinois SB3938 establishes a Site Value Tax Law, allowing taxing districts to levy a tax on the assessed value of land.

Illinois SB3938 amends the Property Tax Code to create the Site Value Tax Law. This law allows each taxing district to levy a site value tax on the assessed value of land within the district. The assessed value is defined as one-third of the fair cash value of the land, excluding buildings, structures, and other permanent fixtures, except for the value of minerals and the right to remove them. The tax is to be collected according to the procedures for property taxes, with taxpayers subject to the same due dates and enforcement actions. The bill takes effect immediately upon becoming law.