SB2320 amends the Illinois Property Tax Code to extend the preferential assessment treatment for wooded acreage. Under current law, wooded acreage that was classified as farmland in the 2006 assessment year is assessed using a transition formula tied to its 2006 equalized assessed value and fair cash value. This bill keeps that special assessment method in place through December 31, 2029.
The bill also preserves the existing rules for when the preferential treatment ends. Beginning January 1, 2030, wooded acreage would no longer qualify under this section if it is transferred or no longer meets the statutory definition of wooded acreage, and it would then be assessed under the general property tax rules starting the following assessment year. A transfer between spouses would still not disqualify the property from the preferential assessment.
Impact
SB2320 would temporarily extend a property tax preference in the Property Tax Code for qualifying wooded acreage, delaying the sunset of the current assessment method until the end of 2029. The practical effect is to continue lower or transitional property tax assessments for eligible landowners, especially those whose wooded acreage was previously classified as farmland in 2006. County assessment officers would continue applying the existing statutory formula until the new expiration date.
Sentiment
Based on the bill text and the absence of recorded committee debate or votes, the measure appears to be a technical, targeted property tax extension rather than a controversial policy overhaul. The bill’s purpose is straightforward: preserve an existing assessment benefit for wooded acreage for several more years. No formal opposition or support is documented in the provided materials.
Contention
No committee transcripts or vote history were provided, so no specific points of contention can be identified from the record here. Potential areas of concern, if raised, would likely involve the fiscal impact of extending a property tax preference, the fairness of continuing preferential treatment for a limited class of land, and whether the sunset date should be extended at all. Any stakeholders most directly affected would be wooded acreage owners, county assessors, and local taxing districts that rely on property tax revenue.