SB4204 amends farmland valuation guidelines in Illinois, affecting cropland, permanent pasture, and other farmland.
SB4204 amends the Property Tax Code to redefine and reassess farmland in Illinois. Cropland, permanent pasture, and other farmland will be valued based on productivity index and assessed value. In counties with over 3 million inhabitants, land under a forestry management plan since 1985 is considered "other farmland." The Department of Natural Resources must inform the Department of Revenue and county officials of such parcels. Effective immediately.
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