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Full Text of SB2100  102nd General Assembly

SB2100 102ND GENERAL ASSEMBLY

  
  

 


 
102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
SB2100

 

Introduced 2/26/2021, 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) three 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.


LRB102 17276 AWJ 22748 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

SB2100LRB102 17276 AWJ 22748 b

1    AN ACT concerning local government.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Municipal Code is amended by
5changing 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
9municipality by ordinance provides for tax increment
10allocation financing pursuant to Section 11-74.4-8, the county
11clerk immediately thereafter shall determine (1) the most
12recently ascertained equalized assessed value of each lot,
13block, tract or parcel of real property within such
14redevelopment project area from which shall be deducted the
15homestead exemptions under Article 15 of the Property Tax
16Code, which value shall be the "initial equalized assessed
17value" of each such piece of property, and (2) the total
18equalized assessed value of all taxable real property within
19such redevelopment project area by adding together the most
20recently ascertained equalized assessed value of each taxable
21lot, block, tract, or parcel of real property within such
22project area, from which shall be deducted the homestead
23exemptions provided by Sections 15-170, 15-175, and 15-176 of

 

 

SB2100- 2 -LRB102 17276 AWJ 22748 b

1the Property Tax Code, and shall certify such amount as the
2"total initial equalized assessed value" of the taxable real
3property within such project area.
4    (a-5) If (1) three or more improved lots, blocks, tracts,
5or parcels of real property within a single redevelopment
6project area are purchased by a developer or a developer's
7parent company or wholly-owned subsidiary, or any combination
8thereof, within the 3 years prior to the date that the
9ordinance providing for the tax increment allocation financing
10under Section 11-74.4-8 was adopted by the municipality, and
11(2) an improvement on any of the lots, blocks, tracts, or
12parcels of real property is demolished or otherwise rendered
13uninhabitable, then the initial equalized assessed value for
14the lot, block, tract or parcel of real property shall be the
15equalized assessed value of the lot, block, tract, or parcel
16of real property on the date it was purchased by the developer,
17the developer's parent company, or the developer's
18wholly-owned subsidiary or purchased by any combination
19thereof. This Section applies only to ordinances adopted on or
20after the effective date of this amendatory Act of the 102nd
21General Assembly.
22    (b) In reference to any municipality which has adopted tax
23increment financing after January 1, 1978, and in respect to
24which the county clerk has certified the "total initial
25equalized assessed value" of the property in the redevelopment
26area, the municipality may thereafter request the clerk in

 

 

SB2100- 3 -LRB102 17276 AWJ 22748 b

1writing to adjust the initial equalized value of all taxable
2real property within the redevelopment project area by
3deducting therefrom the exemptions under Article 15 of the
4Property Tax Code applicable to each lot, block, tract or
5parcel of real property within such redevelopment project
6area. The county clerk shall immediately after the written
7request to adjust the total initial equalized value is
8received determine the total homestead exemptions in the
9redevelopment project area provided by Sections 15-170,
1015-175, and 15-176 of the Property Tax Code by adding together
11the homestead exemptions provided by said Sections on each
12lot, block, tract or parcel of real property within such
13redevelopment project area and then shall deduct the total of
14said exemptions from the total initial equalized assessed
15value. The county clerk shall then promptly certify such
16amount as the "total initial equalized assessed value as
17adjusted" of the taxable real property within such
18redevelopment project area.
19    (c) After the county clerk has certified the "total
20initial equalized assessed value" of the taxable real property
21in such area, then in respect to every taxing district
22containing a redevelopment project area, the county clerk or
23any other official required by law to ascertain the amount of
24the equalized assessed value of all taxable property within
25such district for the purpose of computing the rate per cent of
26tax to be extended upon taxable property within such district,

 

 

SB2100- 4 -LRB102 17276 AWJ 22748 b

1shall in every year that tax increment allocation financing is
2in effect ascertain the amount of value of taxable property in
3a redevelopment project area by including in such amount the
4lower of the current equalized assessed value or the certified
5"total initial equalized assessed value" of all taxable real
6property in such area, except that after he has certified the
7"total initial equalized assessed value as adjusted" he shall
8in the year of said certification if tax rates have not been
9extended and in every year thereafter that tax increment
10allocation financing is in effect ascertain the amount of
11value of taxable property in a redevelopment project area by
12including in such amount the lower of the current equalized
13assessed value or the certified "total initial equalized
14assessed value as adjusted" of all taxable real property in
15such area. The rate per cent of tax determined shall be
16extended to the current equalized assessed value of all
17property in the redevelopment project area in the same manner
18as the rate per cent of tax is extended to all other taxable
19property in the taxing district. The method of extending taxes
20established under this Section shall terminate when the
21municipality adopts an ordinance dissolving the special tax
22allocation fund for the redevelopment project area. This
23Division shall not be construed as relieving property owners
24within a redevelopment project area from paying a uniform rate
25of taxes upon the current equalized assessed value of their
26taxable property as provided in the Property Tax Code.

 

 

SB2100- 5 -LRB102 17276 AWJ 22748 b

1(Source: P.A. 95-644, eff. 10-12-07.)