Land Use & Zoning
What is an 'agricultural preserve' and how does it affect Illinois farmland near expanding cities?
AA museum preserving agricultural history; no effect on real estate
BA designation that restricts non-agricultural development to preserve farmland, often near urban growth boundaries✓ Correct
CA federal program for historic barns; requires IDFPR approval
DA tax category for farmland anywhere in Illinois
Explanation
Agricultural preserves or similar programs restrict development on designated farmland to prevent conversion to urban uses. Illinois has special property tax assessment programs for agricultural land (based on agricultural productivity rather than development potential).
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Key Terms to Know
Adjustable-Rate Mortgage (ARM)
A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Net Operating Income (NOI)The annual income generated by an income-producing property after subtracting operating expenses, but before debt service.
EasementA non-possessory right to use another person's land for a specific purpose.
ZoningLocal government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
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