HB3747 amends the Illinois Property Tax Code to limit how quickly the assessed value of qualifying wooded acreage can increase. Under current law, wooded acreage that was classified as farmland in 2006 is assessed using a transition formula tied to fair cash value and a county-determined transition percentage. This bill adds a new cap for the 2025 assessment year through the earlier of the 2039 assessment year or the year the property no longer qualifies: the assessed value may not exceed 104% of the prior year’s assessed value. In practical terms, the bill creates a 4% annual ceiling on assessment growth for eligible wooded acreage.
The bill also preserves the existing preferential assessment framework for wooded acreage and clarifies that the property remains under that treatment until it is transferred or no longer qualifies under the wooded acreage provisions. A transfer between spouses would not disqualify the property from the preferential assessment. The bill is effective immediately.
Impact
HB3747 would amend Section 10-510 of the Property Tax Code, changing how county assessors calculate and limit the assessed value of qualifying wooded acreage. It would not broadly alter property tax law for all land, but it would create a specific assessment cap for a narrow class of property that previously received preferential treatment. The practical effect would be to slow assessment growth for eligible wooded acreage, which could reduce property tax increases for affected owners and constrain the taxable value growth available to local taxing bodies.
Sentiment
Based on the bill text and the absence of recorded committee testimony or votes, the available record suggests a straightforward, technical property-tax adjustment rather than a highly contested measure. The proposal appears aimed at providing predictability and limiting sharp assessment increases for owners of qualifying wooded acreage. No formal opposition or support is documented in the provided materials, so the overall sentiment cannot be measured from debate or roll-call history, but the bill’s structure suggests a policy preference for tax stability for affected landowners.
Contention
The main policy issue is the balance between tax relief for owners of wooded acreage and the potential reduction in assessed value growth for local governments and taxing districts. Supporters would likely view the 4% cap as a safeguard against sudden increases in property tax bills, while opponents could argue it narrows the tax base and gives preferential treatment to a small category of property. Another possible point of concern is the bill’s limited scope and duration, since the cap applies only to qualifying property and only through 2039 or until the property no longer qualifies. The spouse-transfer exception is a technical provision that may matter to owners concerned about maintaining preferential status during intra-family transfers.