Illinois General Assembly - Bill Status for SB2099
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 Bill Status of SB2099  103rd General Assembly

Short Description:  TIF-INITIAL & TOTAL EAV

Senate Sponsors
Sen. Robert F. Martwick

Last Action
DateChamber Action
  1/10/2023SenateSession Sine Die

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.

DateChamber Action
  2/26/2021SenateFiled with Secretary by Sen. Robert F. Martwick
  2/26/2021SenateFirst Reading
  2/26/2021SenateReferred to Assignments
  3/16/2021SenateAssigned to Revenue
  4/16/2021SenateRule 3-9(a) / Re-referred to Assignments
  1/10/2023SenateSession Sine Die

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