Illinois SB 1694: TIF-DEVELOPER LOT INITIAL EAV

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104TH GENERAL ASSEMBLY 
State of Illinois 
2025 and 2026
SB1694

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 (1) 3 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.

LRB104 11428 RTM 21516 b

A BILL FOR

SB1694LRB104 11428 RTM 21516 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 incremen