Bill
SB 1492
Imposes a $150 minimum assessed value for platted/subdivided undeveloped property starting 2025 and a 10-year eligibility cap beginning 2035 for Sec. 10‑30 assessments.
Status snapshot
- Bill number: SB 1492 (companion: HB 2675)
- Subject: Amendments to the Illinois Property Tax Code, section 10‑30 (platted/subdivided but undeveloped property)
- Key sponsors shown in filing: Sen. Meg Loughran Cappel (filed 01/31/2025)
- Legislative actions: Introduced January 31, 2025; referred to Assignments/Revenue; committee and calendar actions noted.
Purpose / intent
- To limit how low assessed values can be reduced for platted and subdivided but undeveloped property, and to limit how long such favorable assessment treatment can be used. The bill seeks to prevent indefinitely depressed assessed values on subdivided vacant land in most Illinois counties and to ensure a modest minimum assessment.
What the bill changes (key provisions)
- Adds two new subsections to Section 10‑30 of the Property Tax Code:
- Minimum assessed value floor (new subsection (c‑5)): Beginning with the 2025 taxable year, no property’s assessed value determined under the platted/subdivided rule (Sec. 10‑30) may be reduced to less than $150.
- Time limit on eligibility (new subsection (c‑10)): Beginning with the 2035 taxable year, no property may be eligible to have its assessed value calculated under Sec. 10‑30 for more than a 10‑year period.
- Leaves existing triggers and limits in Sec. 10‑30 in place: the special assessment method applies only in counties with fewer than 3,000,000 inhabitants, and only for land that was platted and subdivided (per the Plat Act) after Jan. 1, 1978, was over 5 acres at platting, and was vacant or farm use at platting.
- Maintains the existing rule that once a habitable structure is completed, a lot is used or sold initially, or otherwise no longer meets the Section’s qualifying uses, the Section no longer applies and the lot is assessed on its new use/market basis.
Who is affected
- Primary: Owners of platted/subdivided but undeveloped (vacant or formerly farm) lots in Illinois counties with fewer than 3,000,000 residents (i.e., it excludes Cook County).
- Secondary: Local taxing districts and units of local government (schools, municipalities, etc.) that receive property tax revenues — they may see increased assessed value/taxable base from parcels currently assessed very low under Sec. 10‑30.
- Assessors and county tax officials: will need to apply the $150 floor beginning with 2025 assessments and enforce the 10‑year eligibility cap beginning for the 2035 taxable year.
Timing / procedural aspects
- Minimum assessed value floor takes effect for the 2025 taxable year.
- The 10‑year eligibility limit becomes applicable beginning with the 2035 taxable year.
- Other provisions and existing triggers in Sec. 10‑30 (e.g., termination of special assessment on construction, sale, or change of use) continue to control when the special assessment treatment ends for a parcel.
Potential impact (practical effects)
- Immediate: The $150 minimum will prevent assessments under Sec. 10‑30 from dropping below that nominal amount, raising assessed values (and thereby taxes) for parcels that would otherwise have very low assessments.
- Long term: The 10‑year cap (effective 2035) prevents indefinite use of the Section’s favorable assessment method, likely increasing the taxable base as parcels age past the cap or are re‑evaluated.
- Revenue: Likely modest per‑parcel revenue increases, aggregating to a larger effect across many parcels; exact fiscal impact would depend on the number of affected lots and local tax rates.
Notes
- The special assessment rule in Sec. 10‑30 already contains other qualifiers and termination events; this bill modifies only the minimum assessed value and the maximum duration of eligibility.
- This summary focuses on the Illinois Property Tax Code changes contained in the SB 1492 text labeled “PROP TX‑SUBDIVISION VALUE.” Other unrelated drafts or texts with the same bill number (from other states or on other subjects) appeared in the provided materials and are not part of this Illinois measure.
Compiled from official sources — confirm details with the bill’s official record.
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