Illinois does have current use taxation to promote open space or recreation.
Statute: 35 Ill. Comp. Stat. 200/10-110 through 10-160
Purpose of Assessment: Farmland, open space, and forestry preservation.
Method of Assessment: Land that has been used as open space for three years immediately preceding the assessment year is to be valued on the basis of fair cash value, estimated at the price it would bring at a fair, voluntary sale for use by the buyer for open space purposes. 35 Ill. Comp. Stat. 200/10-155.
Application: Burden on owner to apply with chief county assessment officer by January 31 of each year. County Farmland Assessment Review Committee assists officer with application process.
Renewal: Not automatic, must reapply each year that special valuation is desired for Open Space and Land Encumbered by Conservation Rights.
Area Requirements: Land is considered used for open space purposes if it is more than 10 acres and serves various conservation functions as listed under 35 Ill. Comp. Stat. 200/10-155.
Plan Requirements: Only required for forestry valuation, not open space. 35 Ill. Comp. Stat. 200/10-150.
Unique or Functional Characteristics
Land must have been used as open space for three years immediately preceding the assessment year for which current use valuation is sought. 35 Ill. Comp. Stat. 200/10-155.
Any land that has not been used for 20+ years as a farm and for which no other use can be determined is considered open space, and its value is assessed on the basis of fair cash value. 35 Ill. Comp. Stat. 200/10-147; 200/10-155.