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If a farm is subdivided for development, is the increase in the land’s assessed value considered new property?

Answer #345 -- ( Published 09/30/2005 11:58 AM | Updated 07/12/2017 10:40 AM )

If a farm is subdivided for development, is the increase in the land’s assessed value or the value of the streets, curbs, and sidewalks considered new property under the Property Tax Extension Limitation Law (PTELL)?

No, under 35 ILCS 200/18-185, new property is limited to a new improvement or an addition to an existing structure. An increase in land assessment is not new property.

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