Rehabilitating your older home is rewarding in many ways, and with the Property Tax Assessment Freeze homeowners may be eligible for financial incentives that make the work even more attractive.
Landowners who wish to receive the special valuation for unimproved land provided by this law are required to prepare a Conservation Management Plan according to rules developed by the Department of Natural Resources (DNR).
Section 10-30 of the Illinois Property Tax Code gives a preferential property assessment for acreage that is in transition from vacant land to a residential, commercial, or industrial use
Cropland, permanent pasture, other farmland and wasteland are the four types of farmland as identified by the Property Tax Code. Find out how this land is assessed and defined.
Forest lands provide a variety of resources that make a significant environmental, economic and outdoor recreation contribution. The Illinois Forestry Development Act offers tax relief to forest landowners who make a long-term investment in their forestland through forest management.
This assessment allows a dwelling, condominium, or town home not occupied as a dwelling but used instead as a display or demonstration model for prospective buyers to be assessed at its value prior to construction or zoning classification change.
Land that is more than 10 acres in area and is used for open space purposes, may qualify for open space valuation.