SB 2703

Abstract

Amends the Property Tax Code. In provisions concerning the Historic Residence Assessment Freeze Law, provides that the fair cash value of the property shall be based on the final determination by the assessment officer, board of review, Property Tax Appeal Board, or court. Provides that, after the expiration of the 8-year valuation period, if the current fair cash value is less than the adjusted base year valuation, then the assessment shall be based on the current fair cash value. Provides that these changes are declarative of existing law. House Floor Amendment No. 2 Deletes reference to: 35 ILCS 200/10-40 35 ILCS 200/10-50 Adds reference to: 65 ILCS 5/11-74.4-3.5 Replaces everything after the enacting clause. Amends the Tax Increment Allocation Redevelopment Act of the Illinois Municipal Code. Extends the estimated dates of completion of redevelopment projects and the retirement of obligations issued to finance redevelopment project costs for various ordinances adopted by the Village of Melrose Park, City of Knoxville, the City of Chicago, and the City of St. Charles. Creates tax increment allocation financing extensions to the 47th year (currently, the 35th year) for various ordinances adopted by the Village of Melrose Park, Village of Lansing, and Village of South Holland if those municipalities adopt a specified ordinance and provide notice to the taxing bodies that would otherwise constitute the joint review board of each redevelopment project area. Effective December 31, 2024.