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(35 ILCS 200/18-170)
Sec. 18-170. Enterprise zone and River Edge Redevelopment Zone abatement. In addition to the authority to
abate taxes under Section 18-165, any taxing district, upon a majority vote of
its governing authority, may order the county clerk to abate any portion of its
taxes on property, or any class thereof, located within an Enterprise Zone
created under the Illinois Enterprise Zone Act or a River Edge Redevelopment Zone created under the River Edge Redevelopment Zone Act, and upon which either new
improvements have been constructed or existing improvements have been renovated
or rehabilitated after December 7, 1982. However, any abatement of taxes on any
parcel shall not exceed the amount attributable to the construction of the
improvements and the renovation or rehabilitation of existing improvements on
the parcel. In the case of property within a redevelopment area created under
the Tax Increment Allocation Redevelopment Act, the abatement shall not
apply unless a business enterprise or individual with regard to new
improvements or renovated or rehabilitated improvements has met the
requirements of Section 5.4.1 of the Illinois Enterprise Zone Act or under Section 10-5.4.1 of the River Edge Redevelopment Zone Act.
If
an abatement is
discontinued under this Section, a
municipality shall notify the
county clerk and the board of review or board of appeals of the change in
writing not later than July 1 of the assessment year to be first affected by
the change. However, within a
county
economic development project area created under the County Economic
Development Project Area Property Tax Allocation Act, any municipality or
county which has adopted tax increment allocation financing under the
Tax Increment Allocation Redevelopment Act or the County Economic
Development Project Area Tax Increment Allocation Act may abate any portion of
its taxes as provided in this Section. Any other taxing district within the
county economic development project area may order any portion or all of its
taxes abated as provided above if the county or municipality which created the
tax increment district has agreed, in writing, to the abatement.
A copy of an abatement order adopted under this Section shall be delivered
to the county clerk and to the board of review or
board of appeals not later
than July 1 of the assessment year to be first affected by the order. If it is
delivered on or after that date, it will first affect the taxes extended on the
assessment of the following year. The board of review or board of appeals
shall, each time the assessment books are delivered to the county clerk, also
deliver a list of parcels affected by an abatement and the assessed value
attributable to new improvements or to the renovation or rehabilitation of
existing improvements.
(Source: P.A. 94-1021, eff. 7-12-06.)
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