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Illinois Senate Bill SB1694

Illinois 2025-2026 Regular Session

Illinois Senate Bill SB1694 Compare Versions

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11 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
22 104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 SB1694 Introduced 2/5/2025, by Sen. Robert F. Martwick SYNOPSIS AS INTRODUCED:
33 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
44 65 ILCS 5/11-74.4-9 from Ch. 24, par. 11-74.4-9
55 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.
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1111 1 AN ACT concerning local government.
1212 2 Be it enacted by the People of the State of Illinois,
1313 3 represented in the General Assembly:
1414 4 Section 5. The Illinois Municipal Code is amended by
1515 5 changing Section 11-74.4-9 as follows:
1616 6 (65 ILCS 5/11-74.4-9) (from Ch. 24, par. 11-74.4-9)
1717 7 Sec. 11-74.4-9. Equalized assessed value of property.
1818 8 (a) Except as provided in subsection (a-5), if If a
1919 9 municipality by ordinance provides for tax increment
2020 10 allocation financing pursuant to Section 11-74.4-8, the county
2121 11 clerk immediately thereafter shall determine (1) the most
2222 12 recently ascertained equalized assessed value of each lot,
2323 13 block, tract or parcel of real property within such
2424 14 redevelopment project area from which shall be deducted the
2525 15 homestead exemptions under Article 15 of the Property Tax
2626 16 Code, which value shall be the "initial equalized assessed
2727 17 value" of each such piece of property, and (2) the total
2828 18 equalized assessed value of all taxable real property within
2929 19 such redevelopment project area by adding together the most
3030 20 recently ascertained equalized assessed value of each taxable
3131 21 lot, block, tract, or parcel of real property within such
3232 22 project area, from which shall be deducted the homestead
3333 23 exemptions provided by Sections 15-170, 15-175, and 15-176 of
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3737 104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 SB1694 Introduced 2/5/2025, by Sen. Robert F. Martwick SYNOPSIS AS INTRODUCED:
3838 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
3939 65 ILCS 5/11-74.4-9 from Ch. 24, par. 11-74.4-9
4040 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.
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6868 1 the Property Tax Code, and shall certify such amount as the
6969 2 "total initial equalized assessed value" of the taxable real
7070 3 property within such project area.
7171 4 (a-5) If (1) 3 or more improved lots, blocks, tracts, or
7272 5 parcels of real property within a single redevelopment project
7373 6 area are purchased by a developer or a developer's parent
7474 7 company or wholly-owned subsidiary, or any combination
7575 8 thereof, within the 3 years prior to the date that the
7676 9 ordinance providing for the tax increment allocation financing
7777 10 under Section 11-74.4-8 was adopted by the municipality, and
7878 11 (2) an improvement on any of the lots, blocks, tracts, or
7979 12 parcels of real property is demolished or otherwise rendered
8080 13 uninhabitable, then the initial equalized assessed value for
8181 14 the lot, block, tract or parcel of real property shall be the
8282 15 equalized assessed value of the lot, block, tract, or parcel
8383 16 of real property on the date it was purchased by the developer,
8484 17 the developer's parent company, or the developer's
8585 18 wholly-owned subsidiary or purchased by any combination
8686 19 thereof. This subsection applies only to ordinances adopted on
8787 20 or after the effective date of this amendatory Act of the 104th
8888 21 General Assembly.
8989 22 (b) In reference to any municipality which has adopted tax
9090 23 increment financing after January 1, 1978, and in respect to
9191 24 which the county clerk has certified the "total initial
9292 25 equalized assessed value" of the property in the redevelopment
9393 26 area, the municipality may thereafter request the clerk in
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104104 1 writing to adjust the initial equalized value of all taxable
105105 2 real property within the redevelopment project area by
106106 3 deducting therefrom the exemptions under Article 15 of the
107107 4 Property Tax Code applicable to each lot, block, tract or
108108 5 parcel of real property within such redevelopment project
109109 6 area. The county clerk shall immediately after the written
110110 7 request to adjust the total initial equalized value is
111111 8 received determine the total homestead exemptions in the
112112 9 redevelopment project area provided by Sections 15-170,
113113 10 15-175, and 15-176 of the Property Tax Code by adding together
114114 11 the homestead exemptions provided by said Sections on each
115115 12 lot, block, tract or parcel of real property within such
116116 13 redevelopment project area and then shall deduct the total of
117117 14 said exemptions from the total initial equalized assessed
118118 15 value. The county clerk shall then promptly certify such
119119 16 amount as the "total initial equalized assessed value as
120120 17 adjusted" of the taxable real property within such
121121 18 redevelopment project area.
122122 19 (c) After the county clerk has certified the "total
123123 20 initial equalized assessed value" of the taxable real property
124124 21 in such area, then in respect to every taxing district
125125 22 containing a redevelopment project area, the county clerk or
126126 23 any other official required by law to ascertain the amount of
127127 24 the equalized assessed value of all taxable property within
128128 25 such district for the purpose of computing the rate per cent of
129129 26 tax to be extended upon taxable property within such district,
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140140 1 shall in every year that tax increment allocation financing is
141141 2 in effect ascertain the amount of value of taxable property in
142142 3 a redevelopment project area by including in such amount the
143143 4 lower of the current equalized assessed value or the certified
144144 5 "total initial equalized assessed value" of all taxable real
145145 6 property in such area, except that after he has certified the
146146 7 "total initial equalized assessed value as adjusted" he shall
147147 8 in the year of said certification if tax rates have not been
148148 9 extended and in every year thereafter that tax increment
149149 10 allocation financing is in effect ascertain the amount of
150150 11 value of taxable property in a redevelopment project area by
151151 12 including in such amount the lower of the current equalized
152152 13 assessed value or the certified "total initial equalized
153153 14 assessed value as adjusted" of all taxable real property in
154154 15 such area. The rate per cent of tax determined shall be
155155 16 extended to the current equalized assessed value of all
156156 17 property in the redevelopment project area in the same manner
157157 18 as the rate per cent of tax is extended to all other taxable
158158 19 property in the taxing district. The method of extending taxes
159159 20 established under this Section shall terminate when the
160160 21 municipality adopts an ordinance dissolving the special tax
161161 22 allocation fund for the redevelopment project area. This
162162 23 Division shall not be construed as relieving property owners
163163 24 within a redevelopment project area from paying a uniform rate
164164 25 of taxes upon the current equalized assessed value of their
165165 26 taxable property as provided in the Property Tax Code.
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