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90_SB1219
65 ILCS 5/11-74.4-9 from Ch. 24, par. 11-74.4-9
Amends the Illinois Municipal Code. Provides that if a
municipality obtains ownership of additional parcels within
any redevelopment project area within 2 years of adoption of
the ordinance establishing tax increment financing, the
municipality's ownership would result in an exemption under
the Section of the Property Tax Code concerning taxing
district property, and certain other conditions are met, the
equalized assessed value of all taxable real property within
the redevelopment area shall be adjusted. Effective
immediately.
LRB9007734MWpc
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1 AN ACT to amend the Illinois Municipal Code by changing
2 Section 11-74.4-9.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Municipal Code is amended by
6 changing Section 11-74.4-9 as follows:
7 (65 ILCS 5/11-74.4-9) (from Ch. 24, par. 11-74.4-9)
8 Sec. 11-74.4-9. (a) If a municipality by ordinance
9 provides for tax increment allocation financing pursuant to
10 Section 11-74.4-8, the county clerk immediately thereafter
11 shall determine (1) the most recently ascertained equalized
12 assessed value of each lot, block, tract or parcel of real
13 property within such redevelopment project area from which
14 shall be deducted the homestead exemptions provided by
15 Sections 15-170 and 15-175 of the Property Tax Code, which
16 value shall be the "initial equalized assessed value" of each
17 such piece of property, and (2) the total equalized assessed
18 value of all taxable real property within such redevelopment
19 project area by adding together the most recently ascertained
20 equalized assessed value of each taxable lot, block, tract,
21 or parcel of real property within such project area, from
22 which shall be deducted the homestead exemptions provided by
23 Sections 15-170 and 15-175 of the Property Tax Code, and
24 shall certify such amount as the "total initial equalized
25 assessed value" of the taxable real property within such
26 project area.
27 (b) In reference to any municipality which has adopted
28 tax increment financing after January 1, 1978, and in respect
29 to which the county clerk has certified the "total initial
30 equalized assessed value" of the property in the
31 redevelopment area, the municipality may thereafter request
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1 the clerk in writing to adjust the initial equalized value of
2 all taxable real property within the redevelopment project
3 area by deducting therefrom the exemptions provided for by
4 Sections 15-170 and 15-175 of the Property Tax Code
5 applicable to each lot, block, tract or parcel of real
6 property within such redevelopment project area. The county
7 clerk shall immediately after the written request to adjust
8 the total initial equalized value is received determine the
9 total homestead exemptions in the redevelopment project area
10 provided by Sections 15-170 and 15-175 of the Property Tax
11 Code by adding together the homestead exemptions provided by
12 said Sections on each lot, block, tract or parcel of real
13 property within such redevelopment project area and then
14 shall deduct the total of said exemptions from the total
15 initial equalized assessed value. The county clerk shall
16 then promptly certify such amount as the "total initial
17 equalized assessed value as adjusted" of the taxable real
18 property within such redevelopment project area.
19 (b-5) Notwithstanding any other provision to the
20 contrary, if within any redevelopment project area the
21 municipality has obtained ownership of additional parcels
22 within 2 years of adoption of the ordinance establishing tax
23 increment allocation financing and such ownership would
24 result in an exemption under Section 15-60 of the Property
25 Tax Code, and such properties constitute not more than 7
26 parcels with a total acreage of not more than 20 acres and
27 not less than 10 acres, then the clerk shall adjust the
28 initial equalized assessed value of all taxable real property
29 within the redevelopment project area by deducting therefrom
30 the exemption provided by Section 15-60 to the applicable
31 parcels within the redevelopment project area. The county
32 clerk shall determine the total exemption under Section 15-60
33 of the Property Tax Code for the additional parcels obtained
34 by the municipality and then shall deduct the total of the
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1 exemptions granted under that Section for the parcels from
2 the total initial equalized assessed value. The county clerk
3 shall then promptly certify such amount as the "total initial
4 equalized assessed value as adjusted" of the taxable real
5 property within the redevelopment project area.
6 (c) After the county clerk has certified the "total
7 initial equalized assessed value" of the taxable real
8 property in such area, then in respect to every taxing
9 district containing a redevelopment project area, the county
10 clerk or any other official required by law to ascertain the
11 amount of the equalized assessed value of all taxable
12 property within such district for the purpose of computing
13 the rate per cent of tax to be extended upon taxable property
14 within such district, shall in every year that tax increment
15 allocation financing is in effect ascertain the amount of
16 value of taxable property in a redevelopment project area by
17 including in such amount the lower of the current equalized
18 assessed value or the certified "total initial equalized
19 assessed value" of all taxable real property in such area,
20 except that after he has certified the "total initial
21 equalized assessed value as adjusted" he shall in the year of
22 said certification if tax rates have not been extended and in
23 every year thereafter that tax increment allocation financing
24 is in effect ascertain the amount of value of taxable
25 property in a redevelopment project area by including in such
26 amount the lower of the current equalized assessed value or
27 the certified "total initial equalized assessed value as
28 adjusted" of all taxable real property in such area. The rate
29 per cent of tax determined shall be extended to the current
30 equalized assessed value of all property in the redevelopment
31 project area in the same manner as the rate per cent of tax
32 is extended to all other taxable property in the taxing
33 district. The method of extending taxes established under
34 this Section shall terminate when the municipality adopts an
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1 ordinance dissolving the special tax allocation fund for the
2 redevelopment project area. This Division shall not be
3 construed as relieving property owners within a redevelopment
4 project area from paying a uniform rate of taxes upon the
5 current equalized assessed value of their taxable property as
6 provided in the Property Tax Code.
7 (Source: P.A. 88-670, eff. 12-2-94.)
8 Section 99. Effective date. This Act takes effect upon
9 becoming law.