Sec. 10-435. Recapture.
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/il/chapter-35/act-200/10-435A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 10-435. Recapture.
(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.