Illinois General Assembly - Bill Status for SB1681
Illinois General Assembly

  Bills & Resolutions  
  Compiled Statutes  
  Public Acts  
  Legislative Reports  
  IL Constitution  
  Legislative Guide  
  Legislative Glossary  

 Search By Number
 (example: HB0001)
Search Tips

Search By Keyword

 Bill Status of SB1681  103rd General Assembly


Short Description:  TIF-INITIAL & TOTAL EAV

Senate Sponsors
Sen. Robert F. Martwick

Last Action
DateChamber Action
  3/10/2023SenateRule 3-9(a) / Re-referred to Assignments

Statutes Amended In Order of Appearance
65 ILCS 5/11-74.4-9from Ch. 24, par. 11-74.4-9


Synopsis As Introduced
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.

Actions 
DateChamber Action
  2/8/2023SenateFiled with Secretary by Sen. Robert F. Martwick
  2/8/2023SenateFirst Reading
  2/8/2023SenateReferred to Assignments
  2/21/2023SenateAssigned to Revenue
  3/9/2023SenatePostponed - Revenue
  3/10/2023SenateRule 3-9(a) / Re-referred to Assignments

Back To Top