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SB1694 • 2026
TIF-DEVELOPER LOT INITIAL EAV
This bill passed both chambers and reached final enrollment, even if later executive action is not shown here.
Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.
TIF-DEVELOPER LOT INITIAL EAV
Rule 3-9(a) / Re-referred to Assignments
Rule 2-10 Committee/3rd Reading Deadline Established As May 22, 2026
Rule 2-10 Committee/3rd Reading Deadline Established As May 15, 2026
Rule 2-10 Committee Deadline Established As April 24, 2026
Re-assigned to Revenue
Rule 3-9(a) / Re-referred to Assignments
Rule 2-10 Committee/3rd Reading Deadline Established As June 1, 2025
Rule 2-10 Committee/3rd Reading Deadline Established As May 23, 2025
Rule 2-10 Committee Deadline Established As May 9, 2025
Rule 2-10 Committee Deadline Established As April 11, 2025
Assigned to Revenue
Filed with Secretary by Sen. Robert F. Martwick
First Reading
Referred to Assignments
TIF-DEVELOPER LOT INITIAL EAV
Illinois General Assembly - Full Text of SB1694 Select Language × The Illinois General Assembly offers the Google Translate™ service for visitor convenience. In no way should it be considered accurate as to the translation of any content herein. Visitors of the Illinois General Assembly website are encouraged to use other translation services available on the internet. The English language version is always the official and authoritative version of this website. NOTE: To return to the original English language version, select the "Show Original" button on the Google Translate™ menu bar at the top of the window. 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Full Text of SB1694 Home Legislation Full Text SB1694 - 104th General Assembly Bill Status Full Text Votes Witness Slips Select Menu Bill Status Full Text Votes Witness Slips Printer Friendly Version Introduced Printer Friendly Version Introduced Open PDF 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 SB1694 LRB104 11428 RTM 21516 b 1 AN ACT concerning local government. 2 Be it enacted by the People of the State of Illinois, 3 represented in the General Assembly: 4 Section 5. The Illinois Municipal Code is amended by 5 changing 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 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 15 homestead exemptions under Article 15 of the Property Tax 16 Code, which value shall be the "initial equalized assessed 17 value" of each such piece of property, and (2) the total 18 equalized assessed value of all taxable real property within 19 such redevelopment project area by adding together the most 20 recently ascertained equalized assessed value of each taxable 21 lot, block, tract, or parcel of real property within such 22 project area, from which shall be deducted the homestead 23 exemptions provided by Sections 15-170, 15-175, and 15-176 of SB1694 - 2 - LRB104 11428 RTM 21516 b 1 the Property Tax Code, and shall certify such amount as the 2 "total initial equalized assessed value" of the taxable real 3 property within such project area. 4 (a-5) If (1) 3 or more improved lots, blocks, tracts, or 5 parcels of real property within a single redevelopment project 6 area are purchased by a developer or a developer's parent 7 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 16 of 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 subsection applies only to ordinances adopted on 20 or after the effective date of this amendatory Act of the 104th 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 SB1694 - 3 - LRB104 11428 RTM 21516 b 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 4 Property Tax Code applicable to each lot, block, tract or 5 parcel of real property within such redevelopment project 6 area. The county clerk shall immediately after the written 7 request to adjust the total initial equalized value is 8 received determine the total homestead exemptions in the 9 redevelopment project area provided by Sections 15-170, 10 15-175, and 15-176 of the Property Tax Code by adding together 11 the homestead exemptions provided by said Sections on each 12 lot, block, tract or parcel of real property within such 13 redevelopment project area and then shall deduct the total of 14 said exemptions from the total initial equalized assessed 15 value. The county clerk shall then promptly certify such 16 amount as the "total initial equalized assessed value as 17 adjusted" of the taxable real property within such 18 redevelopment project area. 19 (c) After the county clerk has certified the "total 20 initial equalized assessed value" of the taxable real property 21 in such area, then in respect to every taxing district 22 containing a redevelopment project area, the county clerk or 23 any other official required by law to ascertain the amount of 24 the equalized assessed value of all taxable property within 25 such district for the purpose of computing the rate per cent of 26 tax to be extended upon taxable property within such district, SB1694 - 4 - LRB104 11428 RTM 21516 b 1 shall in every year that tax increment allocation financing is 2 in effect ascertain the amount of value of taxable property in 3 a redevelopment project area by including in such amount the 4 lower of the current equalized assessed value or the certified 5 "total initial equalized assessed value" of all taxable real 6 property in such area, except that after he has certified the 7 "total initial equalized assessed value as adjusted" he shall 8 in the year of said certification if tax rates have not been 9 extended and in every year thereafter that tax increment 10 allocation financing is in effect ascertain the amount of 11 value of taxable property in a redevelopment project area by 12 including in such amount the lower of the current equalized 13 assessed value or the certified "total initial equalized 14 assessed value as adjusted" of all taxable real property in 15 such area. The rate per cent of tax determined shall be 16 extended to the current equalized assessed value of all 17 property in the redevelopment project area in the same manner 18 as the rate per cent of tax is extended to all other taxable 19 property in the taxing district. The method of extending taxes 20 established under this Section shall terminate when the 21 municipality adopts an ordinance dissolving the special tax 22 allocation fund for the redevelopment project area. This 23 Division shall not be construed as relieving property owners 24 within a redevelopment project area from paying a uniform rate 25 of taxes upon the current equalized assessed value of their 26 taxable property as provided in the Property Tax Code. SB1694 - 5 - LRB104 11428 RTM 21516 b 1 (Source: P.A. 95-644, eff. 10-12-07.) Footer Disclaimer This site is maintained for the Illinois General Assembly by the Legislative Information System, 705 Stratton Building, Springfield, Illinois 62706. 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