104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026 SB1694 Introduced 2/5/2025, by Sen. Robert F. Martwick SYNOPSIS AS INTRODUCED: 65 ILCS 5/11-74.4-9 from Ch. 24, par. 11-74.4-9 Amends the Tax Increment Allocation Redevelopment Act of the Illinois Municipal Code. Provides that if (1) 3 or more improved lots, blocks, tracts, or parcels of real property within a single redevelopment project area are purchased by a developer or a developer's parent company or wholly-owned subsidiary, or any combination thereof, within the 3 years prior to the date that the ordinance providing for the tax increment allocation was adopted by the municipality, and (2) an improvement on any of the lots, blocks, tracts, or parcels of real property is demolished or otherwise rendered uninhabitable, then the initial equalized assessed value for the lot, block, tract or parcel of real property shall be the equalized assessed value of the lot, block, tract, or parcel of real property on the date it was purchased by the developer, the developer's parent company, or the developer's wholly-owned subsidiary or purchased by any combination thereof. Limits the provisions to ordinances adopted after the effective date of the amendatory Act. LRB104 11428 RTM 21516 b A BILL FOR 104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026 SB1694 Introduced 2/5/2025, by Sen. Robert F. Martwick SYNOPSIS AS INTRODUCED: 65 ILCS 5/11-74.4-9 from Ch. 24, par. 11-74.4-9 65 ILCS 5/11-74.4-9 from Ch. 24, par. 11-74.4-9 Amends the Tax Increment Allocation Redevelopment Act of the Illinois Municipal Code. Provides that if (1) 3 or more improved lots, blocks, tracts, or parcels of real property within a single redevelopment project area are purchased by a developer or a developer's parent company or wholly-owned subsidiary, or any combination thereof, within the 3 years prior to the date that the ordinance providing for the tax increment allocation was adopted by the municipality, and (2) an improvement on any of the lots, blocks, tracts, or parcels of real property is demolished or otherwise rendered uninhabitable, then the initial equalized assessed value for the lot, block, tract or parcel of real property shall be the equalized assessed value of the lot, block, tract, or parcel of real property on the date it was purchased by the developer, the developer's parent company, or the developer's wholly-owned subsidiary or purchased by any combination thereof. Limits the provisions to ordinances adopted after the effective date of the amendatory Act. LRB104 11428 RTM 21516 b LRB104 11428 RTM 21516 b A BILL FOR
104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026 SB1694 Introduced 2/5/2025, by Sen. Robert F. Martwick SYNOPSIS AS INTRODUCED:
65 ILCS 5/11-74.4-9 from Ch. 24, par. 11-74.4-9 65 ILCS 5/11-74.4-9 from Ch. 24, par. 11-74.4-9
65 ILCS 5/11-74.4-9 from Ch. 24, par. 11-74.4-9
Amends the Tax Increment Allocation Redevelopment Act of the Illinois Municipal Code. Provides that if (1) 3 or more improved lots, blocks, tracts, or parcels of real property within a single redevelopment project area are purchased by a developer or a developer's parent company or wholly-owned subsidiary, or any combination thereof, within the 3 years prior to the date that the ordinance providing for the tax increment allocation was adopted by the municipality, and (2) an improvement on any of the lots, blocks, tracts, or parcels of real property is demolished or otherwise rendered uninhabitable, then the initial equalized assessed value for the lot, block, tract or parcel of real property shall be the equalized assessed value of the lot, block, tract, or parcel of real property on the date it was purchased by the developer, the developer's parent company, or the developer's wholly-owned subsidiary or purchased by any combination thereof. Limits the provisions to ordinances adopted after the effective date of the amendatory Act.
LRB104 11428 RTM 21516 b LRB104 11428 RTM 21516 b
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A BILL FOR
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SB1694 LRB104 11428 RTM 21516 b
1 AN ACT concerning local government.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The Illinois Municipal Code is amended by
5 changing Section 11-74.4-9 as follows:
6 (65 ILCS 5/11-74.4-9) (from Ch. 24, par. 11-74.4-9)
7 Sec. 11-74.4-9. Equalized assessed value of property.
8 (a) Except as provided in subsection (a-5), if If a
9 municipality by ordinance provides for tax increment
10 allocation financing pursuant to Section 11-74.4-8, the county
11 clerk immediately thereafter shall determine (1) the most
12 recently ascertained equalized assessed value of each lot,
13 block, tract or parcel of real property within such
14 redevelopment project area from which shall be deducted the
15 homestead exemptions under Article 15 of the Property Tax
16 Code, which value shall be the "initial equalized assessed
17 value" of each such piece of property, and (2) the total
18 equalized assessed value of all taxable real property within
19 such redevelopment project area by adding together the most
20 recently ascertained equalized assessed value of each taxable
21 lot, block, tract, or parcel of real property within such
22 project area, from which shall be deducted the homestead
23 exemptions provided by Sections 15-170, 15-175, and 15-176 of
104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026 SB1694 Introduced 2/5/2025, by Sen. Robert F. Martwick SYNOPSIS AS INTRODUCED:
65 ILCS 5/11-74.4-9 from Ch. 24, par. 11-74.4-9 65 ILCS 5/11-74.4-9 from Ch. 24, par. 11-74.4-9
65 ILCS 5/11-74.4-9 from Ch. 24, par. 11-74.4-9
Amends the Tax Increment Allocation Redevelopment Act of the Illinois Municipal Code. Provides that if (1) 3 or more improved lots, blocks, tracts, or parcels of real property within a single redevelopment project area are purchased by a developer or a developer's parent company or wholly-owned subsidiary, or any combination thereof, within the 3 years prior to the date that the ordinance providing for the tax increment allocation was adopted by the municipality, and (2) an improvement on any of the lots, blocks, tracts, or parcels of real property is demolished or otherwise rendered uninhabitable, then the initial equalized assessed value for the lot, block, tract or parcel of real property shall be the equalized assessed value of the lot, block, tract, or parcel of real property on the date it was purchased by the developer, the developer's parent company, or the developer's wholly-owned subsidiary or purchased by any combination thereof. Limits the provisions to ordinances adopted after the effective date of the amendatory Act.
LRB104 11428 RTM 21516 b LRB104 11428 RTM 21516 b
LRB104 11428 RTM 21516 b
A BILL FOR
65 ILCS 5/11-74.4-9 from Ch. 24, par. 11-74.4-9
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1 the Property Tax Code, and shall certify such amount as the
2 "total initial equalized assessed value" of the taxable real
3 property within such project area.
4 (a-5) If (1) 3 or more improved lots, blocks, tracts, or
5 parcels of real property within a single redevelopment project
6 area are purchased by a developer or a developer's parent
7 company or wholly-owned subsidiary, or any combination
8 thereof, within the 3 years prior to the date that the
9 ordinance providing for the tax increment allocation financing
10 under Section 11-74.4-8 was adopted by the municipality, and
11 (2) an improvement on any of the lots, blocks, tracts, or
12 parcels of real property is demolished or otherwise rendered
13 uninhabitable, then the initial equalized assessed value for
14 the lot, block, tract or parcel of real property shall be the
15 equalized assessed value of the lot, block, tract, or parcel
16 of real property on the date it was purchased by the developer,
17 the developer's parent company, or the developer's
18 wholly-owned subsidiary or purchased by any combination
19 thereof. This subsection applies only to ordinances adopted on
20 or after the effective date of this amendatory Act of the 104th
21 General Assembly.
22 (b) In reference to any municipality which has adopted tax
23 increment financing after January 1, 1978, and in respect to
24 which the county clerk has certified the "total initial
25 equalized assessed value" of the property in the redevelopment
26 area, the municipality may thereafter request the clerk in
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1 writing to adjust the initial equalized value of all taxable
2 real property within the redevelopment project area by
3 deducting therefrom the exemptions under Article 15 of the
4 Property Tax Code applicable to each lot, block, tract or
5 parcel of real property within such redevelopment project
6 area. The county clerk shall immediately after the written
7 request to adjust the total initial equalized value is
8 received determine the total homestead exemptions in the
9 redevelopment project area provided by Sections 15-170,
10 15-175, and 15-176 of the Property Tax Code by adding together
11 the homestead exemptions provided by said Sections on each
12 lot, block, tract or parcel of real property within such
13 redevelopment project area and then shall deduct the total of
14 said exemptions from the total initial equalized assessed
15 value. The county clerk shall then promptly certify such
16 amount as the "total initial equalized assessed value as
17 adjusted" of the taxable real property within such
18 redevelopment project area.
19 (c) After the county clerk has certified the "total
20 initial equalized assessed value" of the taxable real property
21 in such area, then in respect to every taxing district
22 containing a redevelopment project area, the county clerk or
23 any other official required by law to ascertain the amount of
24 the equalized assessed value of all taxable property within
25 such district for the purpose of computing the rate per cent of
26 tax to be extended upon taxable property within such district,
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1 shall in every year that tax increment allocation financing is
2 in effect ascertain the amount of value of taxable property in
3 a redevelopment project area by including in such amount the
4 lower of the current equalized assessed value or the certified
5 "total initial equalized assessed value" of all taxable real
6 property in such area, except that after he has certified the
7 "total initial equalized assessed value as adjusted" he shall
8 in the year of said certification if tax rates have not been
9 extended and in every year thereafter that tax increment
10 allocation financing is in effect ascertain the amount of
11 value of taxable property in a redevelopment project area by
12 including in such amount the lower of the current equalized
13 assessed value or the certified "total initial equalized
14 assessed value as adjusted" of all taxable real property in
15 such area. The rate per cent of tax determined shall be
16 extended to the current equalized assessed value of all
17 property in the redevelopment project area in the same manner
18 as the rate per cent of tax is extended to all other taxable
19 property in the taxing district. The method of extending taxes
20 established under this Section shall terminate when the
21 municipality adopts an ordinance dissolving the special tax
22 allocation fund for the redevelopment project area. This
23 Division shall not be construed as relieving property owners
24 within a redevelopment project area from paying a uniform rate
25 of taxes upon the current equalized assessed value of their
26 taxable property as provided in the Property Tax Code.
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