IL SB2396

Establishes that the year of the most recent assessment made prior to an ordinance's effective date shall be used by the county clerk to determine the total initial equalized assessed value of a redevelopment project area.

Sets the equalized assessed value of property exempt from taxation at the time a municipality adopts a tax increment allocation financing ordinance to zero, with adjustments made when exempt property ceases to qualify for exemption.

Requires assessing authorities to certify the equalized assessed value when exempt property loses its tax-exempt status, and directs the county clerk to adjust both the individual property value and the total initial equalized assessed value accordingly.

Declares that changes made by the 98th General Assembly are declarative of existing law and requires assessing authorities and county clerks to adjust previously unadjusted values within 60 days of the effective date.