PROPERTY TAX-SITE VALUE

Summary

The bill adds a new Site Value Tax Law to the Illinois Property Tax Code, permitting each taxing district to impose a tax on the assessed value of land, ignoring buildings and improvements. The assessed value is defined as 33 ⅓% of the land’s fair cash value, except for minerals like oil, gas, and coal. It matters because it creates a new revenue source focused solely on land, not structures.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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