Illinois § 10-435 Recapture

Illinois Statutes

§ 10-435 — Recapture

Illinois·Topic GOVERNMENT·Ch. 35 REVENUE·Act 35 ILCS 200/ Property Tax Code.·Art. Title 3 - Valuation and Assessment

(a)If, in any taxable year that the taxpayer receives a special valuation under Section 10-470, the taxpayer does not comply with the conservation management plan, then the taxpayer shall, by the following September 1, pay to the county treasurer the difference between:

(i)the taxes paid for that year and;

(ii)what the taxes for that year would have been based on a valuation otherwise permitted by law.

(b)If the amount under subsection (a) is not paid by the following September 1, then that amount is considered to be delinquent property taxes.

(c)If a taxpayer who currently owns land in (i) a forestry management plan under Section 10-150 or (ii) land registered or encumbered by conservation rights under Section 10-166 that would qualify for the tax assessment under this Division, then

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(a) If, in any taxable year that the taxpayer receives a special valuation under Section 10-470, the taxpayer does not comply with the conservation management plan, then the taxpayer shall, by the following September 1, pay to the county treasurer the difference between: (i) the taxes paid for that year and; (ii) what the taxes for that year would have been based on a valuation otherwise permitted by law. (b) If the amount under subsection (a) is not paid by the following September 1, then that amount is considered to be delinquent property taxes. (c) If a taxpayer who currently owns land in (i) a forestry management plan under Section 10-150 or (ii) land registered or encumbered by conservation rights under Section 10-166 that would qualify for the tax assessment under this Division, then the taxpayer may apply for reassessment under this Division and shall not be penalized for doing so.

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