Will County Supervisor of Assessments

Will County Supervisor of Assessments
Farmland/Forestry and Conservation Easement

ASSESSMENT LEVEL BY TYPE OF FARMLAND
DEPARTMENT GUIDELINES AND VALUATIONS FOR FARMLAND
FARM DWELLINGS
FARMLAND
LAND NO LONGER REGISTERED OR ENCUMBERED BY CONSERVATION RIGHTS
PROPERTY UNDER FORESTRY MANAGEMENT PLAN
REGISTERED LAND OR LAND ENCUMBERED BY CONSERVATION RIGHTS

In accordance with "Section 10-110 of the Property Tax Code (35 ILCS 200/10-110),"

FARMLAND:
The equalized assessed value of a farm, as defined in Section 1-60 and if used as a farm for the 2 preceding years, except tracts subject to assessment under Section 10-145, shall be determined as described in Sections 10-115 through 10-140.

In accordance with "Section 10-115 of the Property Tax Code (35 ILCS 200/10-115),"

DEPARTMENT GUIDELINES AND VALUATIONS FOR FARMLAND:
The Department shall issue guidelines and recommendations for the valuation of farmland to achieve equitable assessment within and between counties.

By May 1 of each year, the Department shall certify to each chief county assessment officer the following, calculated from date provided by the Farmland Technical Advisory Board, on a per acre basis by soil productivity index for harvested cropland, using moving averages for the most recent 5-year period for which data are available.

In accordance with "Section 10-125 of the Property Tax Code (35 ILCS 200/10-125),"

ASSESSMENT LEVEL BY TYPE OF FARMLAND:
Cropland, permanent pasture and other farmland shall be defined according to U.S. Census Bureau definitions in use during that assessment year and assessed in the following way:

(a) Cropland, shall be assessed in accordance with the equalized assessed value of its soil productivity index as certified by the Department and shall be debased to take into account factors including, but not limited to, slope drainage, ponding, flooding, and field size and shape.

(b) Permanent pasture shall be assessed at 1/3 of its debased productivity index equalized assessed value as cropland.

(d) Wasteland shall be assessed on its contributory value to the farmland parcel.

In accordance with "Section 10-145 of the Property Tax Code (35 ILCS 200/10-145),"

FARM DWELLINGS:
Each farm dwelling and appurtenant structures and the tract upon which they are immediately situated shall be assessed by the local assessing officials at 33 1/3% of fair cash value. That assessment shall be subject to equalization by the Department under Section 17-5 through 17-30.

In accordance with "Section 10-150 of the Property Tax Code (35 ILCS 200/10-150),"

PROPERTY UNDER FORESTRY MANAGEMENT PLAN:
In counties with less than 3,000,000 inhabitants, any land being managed under a forestry management plan accepted by the Department of Natural Resources under the Illinois Forestry Development Act shall be considered as "other farmland" and shall be valued at 1/6 if its productivity index equalized assessed value as cropland. The Department of Natural Resources shall inform the Department and each chief county assessment officer of each parcel of land covered by an approved forestry management plan.

In accordance with "Section 10-166 of the Property Tax Code (35 ILCS 200/10-166),"

REGISTERED LAND OR LAND ENCUMBERED BY CONSERVATION RIGHTS; VALUATION:
Beginning with the 1995 tax year in counties with more than 200,000 inhabitants that classify property for the purpose of taxation, to the extent any portion of a lot, parcel, or tract of land is

(i) registered in perpetuity under Section 16 of the Illinois Natural Areas Preservation Act or

(ii) encumbered in perpetuity be a conservation right, as defined in the Real Property Conservation Rights Act, if the conservation right has been conveyed and accepted in accordance with Section 2 of the Real Property Conservation Rights Act, recorded under Section 5 of that Act, and yields a public benefit as defined in Section 10-167 of this Code, upon application under Section 10-168, the portion of the lot, parcel, or tract of land registered or encumbered shall be valued at 25% of that percentage of its fair market value established under this Code, by an ordinance adopted under Section 4, of Article IX of the Illinois Constitution, or both, as the case may be; and any improvement, swelling, or other appurtenant structure present on any registered or encumbered portion of the land shall be valued at that percentage of fair market value established under this Code, by an ordinance adopted under Section 4 of Article IX of the Illinois Constitution, or both, as the case may be.

To qualify for valuation under this Section, the registration agreement or conservation right establishing an encumbrance shall prohibit the construction of any other structure on the registered or encumbered land except replacement structures, no larger than the previous structures which are replaced, that do not interfere with or destroy the registration of conservation right.

The valuation provided for in this Section shall not apply to any land that has been valued as open space land under Section 10-155

In accordance with "Section 10-169 of the Property Tax Code (35 ILCS 200/10-169),"

LAND NO LONGER REGISTERED OR ENCUMBERED BY CONSERVATION RIGHTS:
(a) In the event the registration agreement or conservation right by which a portion of land has been valued under Section 10-166 is released or amended and for purposes of a conservation right has the effect of substantially diminishing the public benefit, the person liable for taxes on the land shall notify the chief county assessment officer in writing by certified mail within 30 days after the release or amendment. The person liable for taxes on the land that is no longer registered or encumbered by the conservation right shall pay the county collector, by the following September 1, the difference between the taxes paid in the 10 preceding years or in the event the reduced valuation has been in effect for less than 10 preceding years, the difference between the taxes for the reduced valuation has been in effect as based on a valuation under Section 10-166 and what the taxes for those years would have been when based on the valuation as otherwise permitted by this Code, by ordinance adopted under Section 4 of Article IX of the Illinois Constitution, or both, as the case may be, together with 10% interest. If the difference is not paid by the following September 1, the amount of that difference shall be considered as delinquent taxes. In the event the person liable for taxed on the land fails to notify the chief county assessment officer in writing by certified mail within 30 days after the release or amendment of the conservation rights, the property shall be treated as omitted property under provisions of this code.