Land can be considered in open space use if it consists of ten acres or more and is used exclusively for maintaining or enhancing natural or scenic resources, or for promoting conservation of natural resources. Land must be provided by a public benefit or registered under the Illinois Areas Natural Preservation Act to reduce assessed valuation. Open space property must have been in the qualifying use for the preceding three years and must not be used primarily for residential purposes. Assessments are gradually increased to full assessments over the next four years. Taxing districts may elect out of the system, but if a project is certified before such election, the project is in the system for 12 years.
Eligibility is transferable.
To qualify for the Property Tax Assessment Freeze, a property must be registered historic either by listing on the national Register of Historic Places or designated by an approved local historic preservation ordinance. Officials with the Illinois Historic Preservation Agency say historic areas and property are constantly being added to the National Historic Register. Only single-family, owner occupied residences qualify. To find out f a property is determined as a registered historic structure, contact the State Historic Preservation Office or your local landmark commission. Mike Jackson, Chief Architect, preservation services division, Illinois Historic Preservation Agency, says his agency assists homeowners with questions on the type of renovation work that will qualify under the state program.