Will County Supervisor of
Assessments
Developer Relief and Subdivision Common Area
ASSESSMENT LEVEL BY TYPE OF FARMLAND
In accordance with:
"Section 10-30 of the
Property Tax Code (35 ILCS 200/10-30)"
SUBDIVISION - COUNTIES OF LESS THAN 3,000,000:
(a) In counties with less than 3,000,000 inhabitants, the platting and subdivision of property into separate lots and the development of the subdivision property with streets, sidewalks, curbs, gutters, sewer, water and utility lines shall not increase the assessed valuation of all or any part of the property, if:
| (1) | The property is platted and subdivided in accordance with the Plat Act; |
| (2) | The platting occurs after January 1, 1978; |
| (3) | At the time of platting the property is in excess of 5 acres. Before January 1, 2008, the subdivision had to be more than 10 acres when platted |
| (4) | At the time of platting the property is vacant or used as a farm as defined in section 1-60. |
(b) Except as provided in subsection (c) of this Section, the assessed valuation of property so platted and subdivided shall be determined each year based on the estimated price the property would bring at a fair voluntary sale for use by the buyer for the same purposes for which the property was used when last assessed prior to its platting.
(c) Upon completion of a habitable structure on any lot of subdivided property, or upon the use of any lot, either alone or in conjunction with any contiguous property, for any business, commercial or residential purpose, or upon the initial sale of any platted lot, including a platted lot which is vacant:
| (i) | the provisions of subsection (b) of this Section shall no longer apply in determining the assessed valuation of the lot |
| (ii) |
the assessed valuation of the remaining property, when next determined, shall be reduced proportionately to reflect the exclusion of the propertythat no longer qualifies for valuation under this Section. Holding or offering a platted lot for initial sale shall not constitute a use of the lot for business, commercial or residential purposes unless a habitable structure is situated on the lot or unless the lot is otherwise used for a business, commercial or residential purpose. |
In accordance with:
"Section 10-35 of the
Property Tax Code (35 ILCS 200/10-35)"
SUBDIVISION COMMON AREAS:
Residential property which is part of a development, but which is individually owned and ownership of which includes the right, by easement, covenant, deed or other interest in property, to the use of any common area for recreational or similar residential purposes shall be assessed at a value which includes the proportional share of the value of that common area or areas.
Property is used as a "common area or areas" under this Section if it is a lot, parcel or area, the beneficial use and enjoyment of which is reserved in whole as an appurtenance to the separately owned lots, parcels or areas within the planned development.
The common area or areas which are used for recreational or similar residential purposes and which are assessed to a separate owner and are located on separately identified parcels, shall be listed for assessment purposes at $1 per year.