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SB1695 • 2026
TIF-INITIAL & TOTAL 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-INITIAL & TOTAL 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-INITIAL & TOTAL EAV
Illinois General Assembly - Full Text of SB1695 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 SB1695 Home Legislation Full Text SB1695 - 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 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 SB1695 LRB104 11432 RTM 21520 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 SB1695 - 2 - LRB104 11432 RTM 21520 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 the county clerk determines that any lot, block, 5 tract, or parcel of real property within a redevelopment 6 project area is not taxable or has an initial equalized 7 assessed value of $0 as determined in subsection (a), then the 8 fair market value of the lot, block, tract, or parcel shall be 9 instead determined by a written MAI-certified appraisal or by 10 a written certified appraisal of a State-certified or 11 State-licensed real estate appraiser. The appraisal shall be 12 available for public inspection no later than 90 days after 13 the date that the ordinance for tax increment allocation 14 financing under Section 11-74.4-8 was adopted by the 15 municipality. The appraiser's conclusion of fair market value 16 shall be converted by the county clerk to an assessed value 17 using the appropriate level of assessment and then equalized 18 by using the most recent equalization factor. The county clerk 19 shall use the resulting figure as the initial equalized 20 assessed value of the lot, block, tract, or parcel and shall 21 add this initial equalized assessed value to the total initial 22 equalized assessed value of the taxable real property within 23 the redevelopment project area. For purposes of paragraphs (b) 24 and (c), the lot, block, tract, or parcel of real property 25 shall be considered taxable real property. This subsection 26 applies only to ordinances adopted on or after the effective SB1695 - 3 - LRB104 11432 RTM 21520 b 1 date of this amendatory Act of the 104th General Assembly. 2 (b) In reference to any municipality which has adopted tax 3 increment financing after January 1, 1978, and in respect to 4 which the county clerk has certified the "total initial 5 equalized assessed value" of the property in the redevelopment 6 area, the municipality may thereafter request the clerk in 7 writing to adjust the initial equalized value of all taxable 8 real property within the redevelopment project area by 9 deducting therefrom the exemptions under Article 15 of the 10 Property Tax Code applicable to each lot, block, tract or 11 parcel of real property within such redevelopment project 12 area. The county clerk shall immediately after the written 13 request to adjust the total initial equalized value is 14 received determine the total homestead exemptions in the 15 redevelopment project area provided by Sections 15-170, 16 15-175, and 15-176 of the Property Tax Code by adding together 17 the homestead exemptions provided by said Sections on each 18 lot, block, tract or parcel of real property within such 19 redevelopment project area and then shall deduct the total of 20 said exemptions from the total initial equalized assessed 21 value. The county clerk shall then promptly certify such 22 amount as the "total initial equalized assessed value as 23 adjusted" of the taxable real property within such 24 redevelopment project area. 25 (c) After the county clerk has certified the "total 26 initial equalized assessed value" of the taxable real property SB1695 - 4 - LRB104 11432 RTM 21520 b 1 in such area, then in respect to every taxing district 2 containing a redevelopment project area, the county clerk or 3 any other official required by law to ascertain the amount of 4 the equalized assessed value of all taxable property within 5 such district for the purpose of computing the rate per cent of 6 tax to be extended upon taxable property within such district, 7 shall in every year that tax increment allocation financing is 8 in effect ascertain the amount of value of taxable property in 9 a redevelopment project area by including in such amount the 10 lower of the current equalized assessed value or the certified 11 "total initial equalized assessed value" of all taxable real 12 property in such area, except that after he has certified the 13 "total initial equalized assessed value as adjusted" he shall 14 in the year of said certification if tax rates have not been 15 extended and in every year thereafter that tax increment 16 allocation financing is in effect ascertain the amount of 17 value of taxable property in a redevelopment project area by 18 including in such amount the lower of the current equalized 19 assessed value or the certified "total initial equalized 20 assessed value as adjusted" of all taxable real property in 21 such area. The rate per cent of tax determined shall be 22 extended to the current equalized assessed value of all 23 property in the redevelopment project area in the same manner 24 as the rate per cent of tax is extended to all other taxable 25 property in the taxing district. The method of extending taxes 26 established under this Section shall terminate when the SB1695 - 5 - LRB104 11432 RTM 21520 b 1 municipality adopts an ordinance dissolving the special tax 2 allocation fund for the redevelopment project area. This 3 Division shall not be construed as relieving property owners 4 within a redevelopment project area from paying a uniform rate 5 of taxes upon the current equalized assessed value of their 6 taxable property as provided in the Property Tax Code. 7 (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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