PROP TX-TIMBERLAND VALUATION House SponsorsRep. Ron Stephens, Harry R. Ramey, Jr., David Reis, Bill Mitchell, Mike Boland and David R. Leitch 1/9/2007HouseSession Sine Die 35 ILCS 200/10-148 new Amends the Property Tax Code. Provides that, beginning with the 2005 assessment year, qualified timberland shall be assessed at 33 1/3% of the lesser of: (i) its value for forestry-production purposes; or (ii) $500 per acre. Defines "qualified timberland" as any parcel of unimproved real property that is timberland and that: (1) does not qualify as cropland, permanent pasture, other farmland, or wasteland; and (2) is not managed under a forestry management plan so as to be considered as "other farmland". Effective immediately. 12/20/2005HouseFiled with the Clerk by Rep. Ron Stephens 1/4/2006HouseFirst Reading 1/4/2006HouseReferred to Rules Committee 1/18/2006HouseAdded Co-Sponsor Rep. Harry R. Ramey, Jr. 1/18/2006HouseAdded Co-Sponsor Rep. David Reis 1/18/2006HouseAdded Co-Sponsor Rep. Bill Mitchell 1/27/2006HouseAdded Co-Sponsor Rep. Mike Boland 2/1/2006HouseAdded Co-Sponsor Rep. David R. Leitch 1/9/2007HouseSession Sine Die