IL HB2270

Amends the Tax Increment Allocation Redevelopment Act to require county clerks to obtain professional appraisals for properties within redevelopment project areas that are not taxable or have an initial equalized assessed value of $0.

Appraisals must be conducted by MAI-certified appraisers or State-certified/State-licensed real estate appraisers and made available for public inspection no later than 90 days after the tax increment allocation financing ordinance is adopted.

The appraiser's fair market value conclusion must be converted to an assessed value and equalized by the county clerk, then used as the initial equalized assessed value and added to the total initial equalized assessed value of taxable real property in the redevelopment project area.

For purposes of tax allocation calculations, properties valued through this appraisal process shall be considered taxable real property.

Provisions apply only to tax increment allocation financing ordinances adopted on or after the effective date of the amendment (January 1, 2020).