Illinois General Assembly - Illinois Compiled Statutes

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65 ILCS 5/11-74.6-40

(65 ILCS 5/11-74.6-40)

Sec. 11-74.6-40.

Equalized assessed value determination; property tax
extension.

(a) If a municipality by ordinance provides for tax increment allocation
financing under Section 11-74.6-35, the county clerk immediately thereafter:

(1) shall determine the initial equalized assessed

value of each parcel of real property in the redevelopment project area, which is the most recently established equalized assessed value of each lot, block, tract or parcel of taxable real property within the redevelopment project area, minus the homestead exemptions under Article 15 of the Property Tax Code; and

(2) shall certify to the municipality the total

initial equalized assessed value of all taxable real property within the redevelopment project area.

(b) Any municipality that has established a vacant industrial
buildings conservation area may, by ordinance passed after
the adoption of tax increment allocation financing, provide that the county
clerk immediately thereafter shall again determine:

(1) the updated initial equalized assessed value of

each lot, block, tract or parcel of real property, which is the most recently ascertained equalized assessed value of each lot, block, tract or parcel of real property within the vacant industrial buildings conservation area; and

(2) the total updated initial equalized assessed

value of all taxable real property within the redevelopment project area, which is the total of the updated initial equalized assessed value of all taxable real property within the vacant industrial buildings conservation area.

The county clerk shall certify to the municipality the total updated
initial equalized assessed value of all taxable real property within the
industrial buildings conservation area.

(c) After the county clerk has certified the total initial
equalized assessed value or the total updated initial equalized assessed
value of the taxable real property in the area, for each taxing district in
which a redevelopment project area is situated, the county clerk or any
other official required by law to determine the amount of the equalized
assessed value of all taxable property within
the district for the purpose of computing the percentage rate of tax to be
extended upon taxable property within the district, shall in every year
that tax increment allocation financing is in effect determine the total
equalized assessed value of taxable property in a redevelopment project area by
including in that amount the lower of the current equalized assessed value
or the certified total initial equalized assessed value or, if the total of
updated equalized assessed value has been certified, the total updated
initial equalized assessed value of all taxable real property in the
redevelopment project area.  After he has certified the total initial
equalized assessed value he shall in the year of that
certification, if tax rates have not been extended, and in every subsequent
year that tax increment allocation financing is in effect, determine the
amount of equalized assessed value of taxable property in a redevelopment
project area by including in that amount the lower of the current total
equalized assessed value or the certified total initial equalized assessed
value or, if the total of updated initial equalized assessed values have been
certified, the total updated initial equalized assessed value of all taxable
real property in the redevelopment project area.

(d) The percentage rate of tax determined shall be extended on the
current equalized assessed value of all property in the redevelopment
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 municipality
adopts an ordinance dissolving the special tax allocation fund for the
redevelopment project area. This Law shall not be construed as relieving
property owners within a redevelopment 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.)