Illinois SB 1695: TIF-INITIAL & TOTAL EAV

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104TH GENERAL ASSEMBLY 
State of Illinois 
2025 and 2026
SB1695

Introduced 2/5/2025, 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 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.

LRB104 11432 RTM 21520 b

A BILL FOR

SB1695LRB104 11432 RTM 21520 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 equali