Terms Used In Illinois Compiled Statutes 35 ILCS 200/10-223

  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
     Beginning with the 1992 assessment year, the equalized assessed value of any tract of real property that has not been used as a farm for 20 or more consecutive years shall not be determined under Sections 10-110 through 10-140. If no other use is established, the tract shall be considered to be used for open space purposes and its valuation shall be determined under Sections 10-155 through 10-165.