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Commercial Wind Energy Property Valuation (Illinois)
EZFeed/Relevant Yes  +
Incentive/Active true  +
Incentive/Amt Valuation: 360,000/MW (annually adjusted for inflation) for commercial wind devices larger than 500 kW<br /> Depreciation: Up to 70% of the trended real property cost basis  +
Incentive/ApplDsc Commercial  + , Industrial  + , Utility  +
Incentive/AuthCode § 35 ILCS 200/10-600 et seq.  +
Incentive/AuthDtEff 2007 Assessment Year  +
Incentive/AuthDtEnact 2007-10-17  +
Incentive/AuthExpireDt 2016 Assessment Year  +
Incentive/AuthLink http://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=003502000HArt.+10&ActID=596&ChapterID=8&SeqStart=17300000&SeqEnd=28200000  +
Incentive/Cont2Addr Willard Ice Building  +
Incentive/Cont2Addr2 101 West Jefferson Street  +
Incentive/Cont2Dept Illinois Department of Revenue  +
Incentive/Cont2Div Local Government Services Bureau  +
Incentive/Cont2Email kara.moretto@illinois.gov  +
Incentive/Cont2Name Kara Moretto  +
Incentive/Cont2Phone (800) 732-8866  +
Incentive/Cont2Place Springfield, Illinois  +
Incentive/Cont2Website http://www.revenue.state.il.us  +
Incentive/Cont2Zip 62702  +
Incentive/ContAddr Willard Ice Building  +
Incentive/ContAddr2 101 West Jefferson Street  +
Incentive/ContDept Illinois Department of Revenue  +
Incentive/ContName Public Information  +
Incentive/ContPhone (800) 732-8866  +
Incentive/ContPhone2 (217) 782-3336  +
Incentive/ContPlace Springfield, Illinois  +
Incentive/ContWebsite http://www.revenue.state.il.us  +
Incentive/ContZip 62702  +
Incentive/EnergyCat Renewable Energy Incentive Programs  +
Incentive/ExpireDt 2016  +
Incentive/ExpireDtString 2016 Assessment Year  +
Incentive/ImplSector State/Territory  +
Incentive/Name Commercial Wind Energy Property Valuation  +
Incentive/ProgAdmin Illinois Department of Commerce and Economic Opportunity  +
Incentive/StartDate 2007  +
Incentive/StartDateString 2007 Assessment Year  +
Incentive/Summary Prior to 2007, wind energy devices generat
Prior to 2007, wind energy devices generating electricity for commercial sale were assessed differently depending on where they were located. Some counties valued the entire turbine structure (tower plus generation equipment) as "real property", subject to taxation, while others deemed only the tower portion as taxable property. This difference in valuation procedure meant that the taxable value of identical wind turbines could vary by as much as 75% from county to county, creating dramatically different tax loads and complicating projects that cross county lines.<br> <br> In October 2007 Illinois passed Public Act 095-0644, a law providing consistent valuation procedures for commercial wind farm equipment (amended via HB4797 in 2010). For ten years, beginning in the 2007 assessment year, wind energy devices larger than 500 kilowatts (kW) and producing power for commercial sale will be valued at $360,000/Megawatt (MW) of capacity, annually adjusted for inflation according to the U.S. Consumer Price Index. This figure is termed the ''trended real property cost basis''. Because Illinois assesses property for property tax purposes at 1/3 of its fair cash value, in practice the assessed value of commercial wind energy property is $119,988/MW.<br> <br> The law also defines an allowance for physical depreciation of the device, calculated by dividing the age of the turbine by 25 and then multiplying the result by the trended real property cost basis. The physical depreciation allowance may not exceed 70% of the trended real property cost basis, though additional depreciation allowances may be granted for functional or external obsolescence.
d for functional or external obsolescence.  +
Incentive/TechDsc Wind +
Incentive/Type Property Tax Incentive +
OpenEI/PageDescription Commercial Wind Energy Property Valuation: energy incentive program.  +
OpenEI/PageKeyword Energy Incentives  + , Illinois  + , Property Tax Incentive  + , Illinois Department of Commerce and Economic Opportunity  +
Place Illinois: Energy Resources +
Website http://www.revenue.state.il.us/LocalGovernment/PropertyTax/windenergydevice.pdf  +
Categories Financial Incentive Programs , Pages with reference errors , Incentive with Contacts , Incentive with Authorities
Modification date
"Modification date" is a predefined property that corresponds to the date of the last modification of a subject and is provided by Semantic MediaWiki.
18:59:54, 12 February 2015  +
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