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(65 ILCS 110/45)
Sec. 45. Filing with county clerk; certification of initial equalized
assessed value.
(a) A municipality 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 provided by
Sections 15-170, 15-175, and 15-176 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 municipality adopts an
ordinance dissolving the special tax allocation fund for the economic
development project area. This Act shall not be construed as relieving owners
or lessees of property 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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