SB1694

SB1694 amends the Illinois Municipal Code to adjust the initial equalized assessed value for redevelopment projects.

SB1694 modifies the Illinois Municipal Code to change how the initial equalized assessed value is determined for redevelopment projects. It specifies that if three or more improved lots are purchased by a developer within three years before a tax increment allocation ordinance is adopted, the initial value is based on the purchase date. If an improvement is demolished, the initial value is the assessed value on the purchase date. The county clerk must adjust the initial value by deducting homestead exemptions and certify the adjusted amount.