Bill > SB1695

This bill amends the Tax Increment Allocation Redevelopment Act to address how the initial equalized assessed value (EAV) is determined for properties within a redevelopment project area that are not taxable or have a $0 initial EAV. Specifically, if a county clerk finds a property to be non-taxable or valued at $0, the fair market value must now be determined through a professional appraisal - either by a MAI-certified appraiser or a State-certified/licensed real estate appraiser. The appraiser's fair market value will be converted to an assessed value using the appropriate assessment level and equalization factor. This new value will then be added to the total initial EAV of the redevelopment project area. The appraised value must be publicly available within 90 days of the tax increment allocation financing ordinance's adoption. The bill limits these new provisions to tax increment allocation financing ordinances adopted after the effective date of the amendment. This change aims to ensure more accurate property valuation in redevelopment areas by providing a clear method for valuing properties that might otherwise be difficult to assess.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1695&GAID=18&DocTypeID=SB&SessionID=114&GA=104