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SB1695 - 104th General Assembly
TIF-INITIAL & TOTAL EAV
Last Action
Statutes Amended In Order of Appearance
65 ILCS 5/11-74.4-9from Ch. 24, par. 11-74.4-9
Synopsis As Introduced
Amends the Tax Increment Allocation Redevelopment Act of the Illinois Municipal Code. Provides that, if a county clerk determines that any lot, block, tract, or parcel of real property within a redevelopment project area is not taxable or has an initial equalized assessed value of $0, then the fair market value of the lot, block, tract, or parcel shall be instead determined by a written MAI-certified appraisal or by a written certified appraisal of a State-certified or State-licensed real estate appraiser. Provides that this reappraisal shall be the initial equalized assessed value of the lot, block, tract, or parcel and shall be added to the total initial equalized assessed value of the taxable real property within the redevelopment project area. Limits the provisions to tax increment allocation financing ordinances adopted after the effective date of the amendatory Act.
Actions
| Date | Chamber | Action |
|---|---|---|
| 2/05/2025 | Senate | Filed with Secretary by Sen. Robert F. Martwick |
| 2/05/2025 | Senate | First Reading |
| 2/05/2025 | Senate | Referred to Assignments |
| 2/18/2025 | Senate | Assigned to Revenue |
| 3/21/2025 | Senate | Rule 2-10 Committee Deadline Established As April 11, 2025 |
| 4/11/2025 | Senate | Rule 2-10 Committee Deadline Established As May 9, 2025 |
| 5/09/2025 | Senate | Rule 2-10 Committee/3rd Reading Deadline Established As May 23, 2025 |
| 5/23/2025 | Senate | Rule 2-10 Committee/3rd Reading Deadline Established As June 1, 2025 |
| 6/02/2025 | Senate | Rule 3-9(a) / Re-referred to Assignments |