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(55 ILCS 90/45)
(from Ch. 34, par. 8045)
Sec. 45. Filing with county clerk; certification of initial
equalized assessed value.
(a) A county that has by ordinance approved an economic development plan,
established an economic development project area, and adopted tax increment
allocation financing for that area shall file certified copies of the ordinance
or ordinances with the county clerk. Upon receiving the ordinance or
ordinances, the county clerk shall immediately determine (i) the most recently
ascertained equalized assessed value of each lot, block, tract, or parcel of
real property within the economic development project area from which shall be
deducted the homestead exemptions under Article 15 of
the Property Tax Code (that value being the "initial equalized assessed value"
of each such piece of property) and (ii) the total equalized assessed value of
all taxable real property within the economic development project area by
adding together the most recently ascertained equalized assessed value of each
taxable lot, block, tract, or parcel of real property within the economic
development project area, from which shall be deducted the homestead exemptions under Article 15 of the Property Tax Code, and shall
certify that amount as the "total initial equalized assessed value" of the
taxable real property within the economic development project area.
(b) After the county clerk has certified the "total initial equalized
assessed value" of the taxable real property in the economic development
project area, then in respect to every taxing district containing an
economic development 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 the taxing district for the purpose of
computing the rate per cent of tax to be extended upon taxable property
within the taxing district shall, in every year that tax increment
allocation financing is in effect, ascertain the amount of value of taxable
property in an economic development project area by including in that
amount the lower of the current equalized assessed value or the certified
"total initial equalized assessed value" of all taxable real property in
the area. The rate per cent of tax determined shall be extended to the
current equalized assessed value of all property in the economic
development 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
county adopts an ordinance dissolving the special tax allocation fund for
the economic development project area. This Act shall not be construed as
relieving property owners within an economic development 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.)
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