Courtesy of Past President Rich Guerard:
Just an FYI in case you missed it. I think we all owe Tom Cross a vote of thanks for initially sponsoring and working to get passed an important bill for residential real estate development regarding the Real Estate taxes. A Synopsis of SB 543 is:
· SB 543 (Sen. A. J. Wilhelmi & Rep. Kevin Joyce)—Assessments for Subsequent Owners: SB 543 generally provides that, until the end of 2011 in counties other than Cook County, the assessed valuation for certain platted and subdivided property does not change if the property is conveyed from one developer to another. Under the law prior to the signing of SB 543, when the property was sold from one developer to another developer, the developer discount would be voided and the new buyer would be assessed at full value, thereby essentially making it very hard to sell undeveloped subdivision property. The purpose of SB 543 was to avoid the loss of the developer discount when the property is sold from developer to developer. SB 543 was an initiative of the Illinois Property Tax Lawyers Association. On August 14, the Governor signed the bill, which became P.A. 96-0480.
Home Builders Association of Illinois
National Association of Home Builders