Chapter 35 — REVENUE

(35 ILCS 200/10-245) Sec. 10-245. Method of valuation of low-income housing projects. Notwithstanding Section 1-55 and except in counties with a population of more than 200,000 that classify property for the purposes of taxation, to determine 33 and one-third percent of the fair …

(35 ILCS 200/10-25) Sec. 10-25. Model homes, townhomes, and condominium units. If the construction of a single family dwelling is completed after December 29, 1986 or the construction of a single family townhome or condominium unit is completed after the effective date of this am…

(35 ILCS 200/10-250) Sec. 10-250. Certification procedure and effective date of implementation. (a) After (i) an application for a Section 515 low-income housing project certificate is filed with the State Director of the United States Department of Agriculture Rural Development …

(35 ILCS 200/10-255) Sec. 10-255. Rules. The Department of Revenue may adopt rules to implement and administer this Division. (Source: P.A. 91-651, eff. 1-1-00.)

(35 ILCS 200/10-260) Sec. 10-260. Low-income housing. In determining the fair cash value of property receiving benefits from the Low-Income Housing Tax Credit authorized by Section 42 of the Internal Revenue Code, 26 U.S.C. 42, emphasis shall be given to the income approach. In c…

(35 ILCS 200/10-30) Sec. 10-30. Subdivisions; counties of less than 3,000,000. (a) In counties with less than 3,000,000 inhabitants, the platting and subdivision of property into separate lots and the development of the subdivided property with streets, sidewalks, curbs, gutters,…

(35 ILCS 200/10-300) Sec. 10-300. Veterans organization assessment freeze. (a) For the taxable year 2000 and thereafter, the assessed value of real property owned and used by a veterans organization chartered under federal law, on which is located the principal building for the p…

(35 ILCS 200/10-31) Sec. 10-31. Subdivisions; counties of less than 3,000,000. (a) In counties with less than 3,000,000 inhabitants, the platting and subdivision of property into separate lots and the development of the subdivided property with streets, sidewalks, curbs, gutters,…

(35 ILCS 200/10-35) Sec. 10-35. Subdivision common areas. (a) Residential property which is part of a development, but which is individually owned and ownership of which includes the right, by easement, covenant, deed or other interest in property, to the use of any common area f…

(35 ILCS 200/10-350) Sec. 10-350. Fraternal organization assessment freeze. (a) For the taxable year 2001 and thereafter, the assessed value of real property owned and used by a fraternal organization chartered by the State of Illinois prior to 1900, or its subordinate organizati…

(35 ILCS 200/10-355) Sec. 10-355. Fraternal organization assessment freeze. (a) For the taxable year 2002 and thereafter, the assessed value of real property owned and used by a fraternal organization that on December 31, 1926 had its national headquarters in Illinois or that was…

(35 ILCS 200/10-360) Sec. 10-360. Fraternal organization assessment freeze. (a) For the taxable year 2003 and thereafter, the assessed value of real property owned and used by a fraternal organization or its affiliated Illinois not for profit corporation chartered prior to 1920 t…

(35 ILCS 200/10-365) Sec. 10-365. U.S. Military Public/Private Residential Developments. Unless otherwise agreed to pursuant to a separate settlement agreement pursuant to Section 10-385 of this Code, PPV Leases must be classified and valued as set forth in Sections 10-370 throug…

(35 ILCS 200/10-370) Sec. 10-370. Definitions. For the purposes of this Division 14: (a) "PPV Lease" means a leasehold interest in property that is exempt from taxation under Section 15-50 of this Code and that is leased, pursuant to authority set forth in Chapter 10 of the Unite…

(35 ILCS 200/10-375) Sec. 10-375. Valuation. (a) A PPV Lease must be valued at its fair cash value, as provided under item (b) of Section 9-145 or under Section 9-150. (b) The fair cash value of a PPV Lease must be determined by using an income capitalization approach. (c) To det…

(35 ILCS 200/10-380) Sec. 10-380. For the taxable years 2006 through 2055, the chief county assessment officer in the county in which property subject to a PPV Lease is located shall apply the provisions of Sections 10-370(b)(i) and 10-375(c)(i) of this Division 14 in assessing a…

(35 ILCS 200/10-385) Sec. 10-385. PPV leases; tax settlement agreements. A taxable PPV lease under Section 10-375 of this Act that (i) encumbers exempt real property located within a county of less than 600,000 inhabitants and (ii) is related to taxable real property used for mil…

(35 ILCS 200/10-390) Sec. 10-390. Valuation of supportive living facilities. (a) Notwithstanding Section 1-55, to determine the fair cash value of any supportive living facility established under Section 5-5.01a of the Illinois Public Aid Code, in assessing the facility, a local …

(35 ILCS 200/10-40) Sec. 10-40. Historic Residence Assessment Freeze Law; definitions. This Section and Sections 10-45 through 10-85 may be cited as the Historic Residence Assessment Freeze Law. As used in this Section and Sections 10-45 through 10-85: (a) "Director" means the Di…

(35 ILCS 200/10-400) Sec. 10-400. Short title; findings and policy. (a) This Division may be cited as the Conservation Stewardship Law. (b) The General Assembly finds that it is in the best interest of this State to maintain, preserve, conserve, and manage unimproved land to assu…

(35 ILCS 200/10-405) Sec. 10-405. Definitions. As used in this Division: "Unimproved land" means woodlands, prairie, wetlands, or other vacant and undeveloped land that is not used for any residential or commercial purpose that materially disturbs the land. "Conservation manageme…

(35 ILCS 200/10-410) Sec. 10-410. Conservation management plan; rules. The Department of Natural Resources shall adopt rules specifying the form and content of a conservation management plan sufficient for managed land to be valued under this Division. The rules adopted under thi…

(35 ILCS 200/10-415) Sec. 10-415. Plan submission and review; approval. (a) A taxpayer requesting special valuation of unimproved land under this Division must first submit a conservation management plan for that land to the Department of Natural Resources for review. The Departm…

(35 ILCS 200/10-420) Sec. 10-420. Special valuation of managed land; exceptions. (a) In all counties, except for Cook County, beginning with assessments made in 2008 and thereafter, managed land for which an application has been approved under Section 10-415 that contains 5 or mo…

(35 ILCS 200/10-425) Sec. 10-425. Certification. (a) The Department of Natural Resources shall certify to the Department a list of applications approved under Section 10-415. This list must contain the following information for each approved application: (1) the name and address …

(35 ILCS 200/10-430) Sec. 10-430. Withdrawal from special valuation. (a) If any of the following events occur, then the Department of Natural Resources shall withdraw all or a portion of the land from special valuation: (1) the Department of Natural Resources determines, based on…

(35 ILCS 200/10-435) Sec. 10-435. Recapture. (a) If, in any taxable year that the taxpayer receives a special valuation under Section 10-470, the taxpayer does not comply with the conservation management plan, then the taxpayer shall, by the following September 1, pay to the coun…

(35 ILCS 200/10-440) Sec. 10-440. Sale or transfer of unimproved land. The sale or transfer of unimproved land does not affect the valuation of the land, unless there is a change in the use of the land or the acreage requirement is no longer met. Any tract of land containing less…

(35 ILCS 200/10-445) Sec. 10-445. Rules. The Department of Natural Resources shall adopt rules to implement and administer this Act. (Source: P.A. 95-633, eff. 10-1-07.)

(35 ILCS 200/10-45) Sec. 10-45. Valuation during 8 year valuation period. In furtherance of the policy of encouraging the rehabilitation of historic residences, property certified pursuant to this Historic Residence Assessment Freeze Law shall be eligible for an assessment freeze…

(35 ILCS 200/10-5) Sec. 10-5. Solar energy systems; definitions. It is the policy of this State that the use of solar energy systems should be encouraged because they conserve nonrenewable resources, reduce pollution and promote the health and well-being of the people of this Sta…

(35 ILCS 200/10-50) Sec. 10-50. Valuation after 8 year valuation period. (a) For the 4 years after the expiration of the 8-year valuation period, the valuation for purposes of computing the assessed valuation shall not exceed the following: For the first year, the base year valua…

(35 ILCS 200/10-500) Sec. 10-500. Short title. This Division may be cited as the Wooded Acreage Assessment Transition Law. (Source: P.A. 95-633, eff. 10-1-07.)

(35 ILCS 200/10-505) Sec. 10-505. Wooded acreage defined. For the purposes of this Division 17, "wooded acreage" means any parcel of unimproved real property that: (1) can be defined as "woodlands" by the United States Department of the Interior Bureau of Land Management; (2) is …

(35 ILCS 200/10-510) Sec. 10-510. Assessment of wooded acreage. (a) If wooded acreage was classified as farmland during the 2006 assessment year, then the property shall be assessed by multiplying the current fair cash value of the property by the transition percentage. The chief…

(35 ILCS 200/10-515) Sec. 10-515. Notice requirement. If the owner of property subject to this Division is a corporation, partnership, limited liability company, trust, or other similar entity, then it shall report to the chief county assessment officer any change in ownership in…

(35 ILCS 200/10-520) Sec. 10-520. Cook County exempt. This Division 17 does not apply to any property located within Cook County. (Source: P.A. 95-633, eff. 10-1-07.)

(35 ILCS 200/10-55) Sec. 10-55. Application process and application period. (a) The Director shall receive applications for certificates of rehabilitation in a form and manner provided by him or her by rule. The Director shall promptly notify the assessment officer of receipt of …

(35 ILCS 200/10-60) Sec. 10-60. Certificate of status. It is the duty of the titleholder of record or the owner of the beneficial interest of any historic building which has been issued a certificate of rehabilitation, to file with the chief county assessment officer, on or befor…

(35 ILCS 200/10-600) Sec. 10-600. Definitions. For the purposes of this Division 18: "Wind energy device" means any device, with a nameplate capacity of at least 0.5 megawatts, that is used in the process of converting kinetic energy from the wind to generate electric power for c…

(35 ILCS 200/10-605) Sec. 10-605. Valuation of wind energy devices. Beginning in assessment year 2007, the fair cash value of wind energy devices shall be determined by subtracting the allowance for physical depreciation from the trended real property cost basis. Functional obsol…

(35 ILCS 200/10-610) Sec. 10-610. Applicability. (a) The provisions of this Division apply for assessment years 2007 through 2035. (b) The provisions of this Division do not apply to wind energy devices that are owned by any person or entity that is otherwise exempt from taxation…

(35 ILCS 200/10-615) Sec. 10-615. Wind energy assessable property is not subject to equalization. Wind energy assessable property is not subject to equalization factors applied by the Department or any board of review, assessor, or chief county assessment officer. (Source: P.A. 9…

(35 ILCS 200/10-620) Sec. 10-620. Platting requirements; parcel identification numbers. The owner of a wind energy device shall, at his or her own expense, use an Illinois registered land surveyor to prepare a plat showing the metes and bounds description, including access routes…

(35 ILCS 200/10-65) Sec. 10-65. Receipt of applications. An approved local government shall receive applications for certificates of rehabilitation within its corporate boundaries. The decision of the approved local government shall be final unless disapproved by the Director wit…

(35 ILCS 200/10-70) Sec. 10-70. Computation of valuation. (a) Upon receipt of the certificate of rehabilitation, the assessment officer shall determine the base year valuation and shall make a notation on each statement of assessment during the 8-year valuation period and the adj…

(35 ILCS 200/10-700) Sec. 10-700. Qualified commercial and industrial property; tornado disaster. Notwithstanding any other provision of law, each qualified parcel of commercial or industrial property owned and used by a small business shall be valued at the lesser of (i) its mod…

(35 ILCS 200/10-705) Sec. 10-705. Keystone property. (a) For the purposes of this Section: "Base year" means the last tax year prior to the date of the application during which the property was occupied and assessed and taxes were collected. "Tax year" means the calendar year for…

(35 ILCS 200/10-720) Sec. 10-720. Definitions. For the purpose of this Division 20: "Allowance for physical depreciation" means (i) the actual age in years of the commercial solar energy system on the assessment date divided by 25 years, multiplied by (ii) its trended real proper…

(35 ILCS 200/10-725) Sec. 10-725. Improvement valuation of commercial solar energy systems in counties with fewer than 3,000,000 inhabitants. Beginning in assessment year 2018, the fair cash value of commercial solar energy system improvements in counties with fewer than 3,000,00…