PROP TX-WOODED ACREAGE

This bill proposes a change to the Property Tax Code in Illinois that limits how much the assessed value of non-income producing wooded land can increase each year. Specifically, it states that the assessed value cannot be more than 104% of the previous year's value. This aims to provide some financial relief to owners of wooded properties by capping tax increases.

Supporters of this bill argue that it protects landowners from excessive property tax increases, allowing them to maintain their wooded acreage without facing financial strain. They believe this measure encourages the preservation of natural spaces and supports responsible land management.

Critics of the bill may argue that capping the assessed value could undermine local governments' ability to generate necessary revenue from property taxes. They might contend that this could lead to budget shortfalls for essential services, ultimately affecting the community as a whole.