TIF-INITIAL & TOTAL EAV

This bill modifies the Tax Increment Allocation Redevelopment Act in Illinois. It allows for a property to be appraised by a certified real estate appraiser if it is found to be non-taxable or has an initial assessed value of $0. The new appraisal will then be used as the property's initial value for tax purposes within redevelopment areas, but only for financing ordinances adopted after the bill becomes effective.

IL SB1695 is a senate bill in the Illinois 104th General Assembly, sponsored by Robert Martwick (D), currently “Introduced” since February 5, 2025.

We track 11,074 Illinois bills this session, 82 of them sponsored by Robert Martwick.

Supporters of this bill argue that it ensures fair market values for properties that might otherwise be undervalued, promoting more accurate tax assessments in redevelopment areas. This measure is seen as a way to encourage investment and development by providing a clearer financial picture for potential investors.

Critics may argue that the bill could lead to inflated property values, potentially resulting in higher taxes for businesses and residents in redevelopment areas. They might also express concern that relying on appraisals could introduce bias or inconsistency in property assessments.