SB4062

Illinois SB4062 establishes statewide formulas for calculating impact mitigation fees on residential development, requiring municipalities to use.

Illinois SB4062 mandates that municipalities authorized to levy impact fees must use statewide formulas issued by the Department of Commerce and Economic Opportunity to calculate fees for residential development. The bill requires the Department to issue, update annually, and make publicly available mandatory information for calculating standardized impact mitigation fees. Municipalities must adopt a model impact fee ordinance issued by the Department, which includes definitions, applicability, formula structure, exemptions, reporting, annual fee recalibration process, and appeal procedures.