Bill Text: IL SB3018 | 2019-2020 | 101st General Assembly | Introduced
Bill Title: 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.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Failed) 2021-01-13 - Session Sine Die [SB3018 Detail]
Download: Illinois-2019-SB3018-Introduced.html
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| 1 | AN ACT concerning local government.
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| 2 | Be it enacted by the People of the State of Illinois,
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| 3 | represented in the General Assembly:
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| 4 | Section 5. The Illinois Municipal Code is amended by | ||||||||||||||||||||||||
| 5 | changing Section 11-74.4-9 as follows:
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| 6 | (65 ILCS 5/11-74.4-9)
(from Ch. 24, par. 11-74.4-9)
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| 7 | Sec. 11-74.4-9. Equalized assessed value of property. | ||||||||||||||||||||||||
| 8 | (a) Except as provided in subsection (a-5), if If a | ||||||||||||||||||||||||
| 9 | municipality by ordinance provides for tax
increment | ||||||||||||||||||||||||
| 10 | allocation financing pursuant to Section 11-74.4-8, the county | ||||||||||||||||||||||||
| 11 | clerk
immediately thereafter shall determine (1) the most | ||||||||||||||||||||||||
| 12 | recently ascertained
equalized assessed value of each lot, | ||||||||||||||||||||||||
| 13 | block, tract or parcel of real property
within such | ||||||||||||||||||||||||
| 14 | redevelopment project area from which shall be deducted the
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| 15 | homestead exemptions under Article 15 of the Property
Tax Code, | ||||||||||||||||||||||||
| 16 | which value shall be the "initial equalized assessed value" of | ||||||||||||||||||||||||
| 17 | each
such piece of property, and (2) the total equalized | ||||||||||||||||||||||||
| 18 | assessed value of all
taxable real property within such | ||||||||||||||||||||||||
| 19 | redevelopment project area by adding together
the most recently | ||||||||||||||||||||||||
| 20 | ascertained equalized assessed value of each taxable lot,
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| 21 | block, tract, or parcel of real property within such project | ||||||||||||||||||||||||
| 22 | area, from which
shall be deducted the homestead exemptions | ||||||||||||||||||||||||
| 23 | provided by Sections 15-170,
15-175, and 15-176 of the Property | ||||||||||||||||||||||||
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| 1 | Tax Code, and shall certify such amount
as the "total
initial | ||||||
| 2 | equalized assessed value" of the taxable real property within | ||||||
| 3 | such
project area.
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| 4 | (a-5) If (1) three or more improved lots, blocks, tracts, | ||||||
| 5 | or parcels of real property within a single redevelopment | ||||||
| 6 | project area are purchased by a developer or a developer's | ||||||
| 7 | parent company or wholly-owned subsidiary, or any combination | ||||||
| 8 | thereof, within the 3 years prior to the date that the | ||||||
| 9 | ordinance providing for the tax increment allocation financing | ||||||
| 10 | under Section 11-74.4-8 was adopted by the municipality, and | ||||||
| 11 | (2) an improvement on any of the lots, blocks, tracts, or | ||||||
| 12 | parcels of real property is demolished or otherwise rendered | ||||||
| 13 | uninhabitable, then the initial equalized assessed value for | ||||||
| 14 | the lot, block, tract or parcel of real property shall be the | ||||||
| 15 | equalized assessed value of the lot, block, tract, or parcel of | ||||||
| 16 | real property on the date it was purchased by the developer, | ||||||
| 17 | the developer's parent company, or the developer's | ||||||
| 18 | wholly-owned subsidiary or purchased by any combination | ||||||
| 19 | thereof. This Section applies only to ordinances adopted on or | ||||||
| 20 | after the effective date of this amendatory Act of the 101st | ||||||
| 21 | General Assembly. | ||||||
| 22 | (b) In reference to any municipality which has adopted tax | ||||||
| 23 | increment
financing after January 1, 1978, and in respect to | ||||||
| 24 | which the county clerk
has certified the "total initial | ||||||
| 25 | equalized assessed value" of the property
in the redevelopment | ||||||
| 26 | area, the municipality may thereafter request the clerk
in | ||||||
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| 1 | writing to adjust the initial equalized value of all taxable | ||||||
| 2 | real property
within the redevelopment project area by | ||||||
| 3 | deducting therefrom the exemptions under Article 15 of the
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| 4 | Property Tax Code applicable
to each lot, block, tract or | ||||||
| 5 | parcel of real property within such redevelopment
project area. | ||||||
| 6 | The county clerk shall immediately after the written request to
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| 7 | adjust the total initial equalized value is received determine | ||||||
| 8 | the total
homestead exemptions in the redevelopment project | ||||||
| 9 | area provided by Sections
15-170, 15-175, and 15-176 of the | ||||||
| 10 | Property Tax Code by adding
together the homestead
exemptions | ||||||
| 11 | provided by said Sections
on each lot, block, tract or parcel | ||||||
| 12 | of real property within such redevelopment
project area and | ||||||
| 13 | then shall deduct the total of said exemptions from the total
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| 14 | initial equalized assessed value. The county clerk shall then | ||||||
| 15 | promptly certify
such amount as the "total initial equalized | ||||||
| 16 | assessed value as adjusted" of the
taxable real property within | ||||||
| 17 | such redevelopment project area.
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| 18 | (c) After the county clerk has certified the "total initial
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| 19 | equalized assessed value" of the taxable real property in such | ||||||
| 20 | area, then
in respect to every taxing district containing a | ||||||
| 21 | redevelopment project area,
the county clerk or any other | ||||||
| 22 | official required by law to ascertain the amount
of the | ||||||
| 23 | equalized assessed value of all taxable property within such | ||||||
| 24 | district
for the purpose of computing the rate per cent of tax | ||||||
| 25 | to be extended upon
taxable property within such district, | ||||||
| 26 | shall in every year that tax increment
allocation financing is | ||||||
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| 1 | in effect ascertain the amount of value of taxable
property in | ||||||
| 2 | a redevelopment project area by including in such amount the | ||||||
| 3 | lower
of the current equalized assessed value or the certified | ||||||
| 4 | "total initial
equalized assessed value" of all taxable real | ||||||
| 5 | property in such area, except
that after he has certified the | ||||||
| 6 | "total initial equalized assessed value as
adjusted" he shall | ||||||
| 7 | in the year of said certification if tax rates have not been
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| 8 | extended and in every year thereafter that tax increment | ||||||
| 9 | allocation financing
is in effect ascertain the amount of value | ||||||
| 10 | of taxable property in a
redevelopment project area by | ||||||
| 11 | including in such amount the lower of the current
equalized | ||||||
| 12 | assessed value or the certified "total initial equalized | ||||||
| 13 | assessed
value as adjusted" of all taxable real property in | ||||||
| 14 | such area. The rate per cent
of tax determined shall be | ||||||
| 15 | extended to the current equalized assessed value of
all | ||||||
| 16 | property in the redevelopment project area in the same manner | ||||||
| 17 | as the rate
per cent of tax is extended to all other taxable | ||||||
| 18 | property in the taxing
district. The method of extending taxes | ||||||
| 19 | established under this Section shall
terminate when the | ||||||
| 20 | municipality adopts an ordinance dissolving the special tax
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| 21 | allocation fund for the redevelopment project area. This | ||||||
| 22 | Division shall not be
construed as relieving property owners | ||||||
| 23 | within a redevelopment project area from
paying a uniform rate | ||||||
| 24 | of taxes upon the current equalized assessed value of
their | ||||||
| 25 | taxable property as provided in the Property Tax Code.
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| 26 | (Source: P.A. 95-644, eff. 10-12-07.)
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