Bill Text: IL HB3201 | 2013-2014 | 98th General Assembly | Amended

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Bill Title: Amends the Tax Increment Allocation Redevelopment Act in the Illinois Municipal Code. Provides that, notwithstanding any other provision of law, in the case of any redevelopment project area established by the Village of Bellwood on or after January 1, 2005 and prior to the effective date of the amendatory Act, the "total initial equalized assessed value" shall be the equalized assessed value of each taxable lot, block, tract, or parcel of real property within that redevelopment project area for the 2012 levy year. Effective immediately.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Failed) 2014-12-03 - Session Sine Die [HB3201 Detail]

Download: Illinois-2013-HB3201-Amended.html

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Rep. Emanuel Chris Welch

Filed: 3/19/2013

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AMENDMENT TO HOUSE BILL 3201
AMENDMENT NO. ______. Amend House Bill 3201 by replacing
everything after the enacting clause with the following:
"Section 5. The Illinois Municipal Code is amended by
changing Section 11-74.4-9 as follows:
(65 ILCS 5/11-74.4-9) (from Ch. 24, par. 11-74.4-9)
Sec. 11-74.4-9. Equalized assessed value of property.
(a) If a municipality by ordinance provides for tax
increment allocation financing pursuant to Section 11-74.4-8,
the county clerk immediately thereafter shall determine (1) the
most recently ascertained equalized assessed value of each lot,
block, tract or parcel of real property within such
redevelopment project area from which shall be deducted the
homestead exemptions under Article 15 of the Property Tax Code,
which value shall be the "initial equalized assessed value" of
each such piece of property, and (2) the total equalized

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assessed value of all taxable real property within such
redevelopment project area by adding together the most recently
ascertained equalized assessed value of each taxable lot,
block, tract, or parcel of real property within such project
area, from which shall be deducted the homestead exemptions
provided by Sections 15-170, 15-175, and 15-176 of the Property
Tax Code, and shall certify such amount as the "total initial
equalized assessed value" of the taxable real property within
such project area.
Notwithstanding any other provision of law, in the case of
any redevelopment project area established by the Village of
Bellwood on or after January 1, 2005 and prior to the effective
date of this amendatory Act of the 98th General Assembly, if
each taxing district located in whole or in part within the
redevelopment project area submits a letter to the Clerk of the
House of Representatives, the Secretary of the Senate, and the
county clerk on or before December 31, 2013 supporting the
change in "total initial equalized assessed value", as provided
in this paragraph, then the "total initial equalized assessed
value" shall be the equalized assessed value of each taxable
lot, block, tract, or parcel of real property within that
redevelopment project area for the 2012 levy year. As soon as
possible after the last letter of support is received, the
county clerk shall recertify the "total initial equalized
assessed value" of those redevelopment project areas in
accordance with the provisions of this amendatory Act of the

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98th General Assembly.
(b) In reference to any municipality which has adopted tax
increment financing after January 1, 1978, and in respect to
which the county clerk has certified the "total initial
equalized assessed value" of the property in the redevelopment
area, the municipality may thereafter request the clerk in
writing to adjust the initial equalized value of all taxable
real property within the redevelopment project area by
deducting therefrom the exemptions under Article 15 of the
Property Tax Code applicable to each lot, block, tract or
parcel of real property within such redevelopment project area.
The county clerk shall immediately after the written request to
adjust the total initial equalized value is received determine
the total homestead exemptions in the redevelopment project
area provided by Sections 15-170, 15-175, and 15-176 of the
Property Tax Code by adding together the homestead exemptions
provided by said Sections on each lot, block, tract or parcel
of real property within such redevelopment project area and
then shall deduct the total of said exemptions from the total
initial equalized assessed value. The county clerk shall then
promptly certify such amount as the "total initial equalized
assessed value as adjusted" of the taxable real property within
such redevelopment project area.
(c) After the county clerk has certified the "total initial
equalized assessed value" of the taxable real property in such
area, then in respect to every taxing district containing a

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redevelopment project area, the county clerk or any other
official required by law to ascertain the amount of the
equalized assessed value of all taxable property within such
district for the purpose of computing the rate per cent of tax
to be extended upon taxable property within such district,
shall in every year that tax increment allocation financing is
in effect ascertain the amount of value of taxable property in
a redevelopment project area by including in such amount the
lower of the current equalized assessed value or the certified
"total initial equalized assessed value" of all taxable real
property in such area, except that after he has certified the
"total initial equalized assessed value as adjusted" he shall
in the year of said certification if tax rates have not been
extended and in every year thereafter that tax increment
allocation financing is in effect ascertain the amount of value
of taxable property in a redevelopment project area by
including in such amount the lower of the current equalized
assessed value or the certified "total initial equalized
assessed value as adjusted" of all taxable real property in
such area. The rate per cent of tax determined shall be
extended to the current equalized assessed value of all
property in the redevelopment project area in the same manner
as the rate per cent of tax is extended to all other taxable
property in the taxing district. The method of extending taxes
established under this Section shall terminate when the
municipality adopts an ordinance dissolving the special tax

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allocation fund for the redevelopment project area. This
Division shall not be construed as relieving property owners
within a redevelopment project area from paying a uniform rate
of taxes upon the current equalized assessed value of their
taxable property as provided in the Property Tax Code.
(Source: P.A. 95-644, eff. 10-12-07.)
Section 99. Effective date. This Act takes effect upon
becoming law.".