IL HB2271

Amends the Tax Increment Allocation Redevelopment Act to add new subsection (a-5) addressing initial equalized assessed value calculations for developer-purchased properties.

Applies when a developer, parent company, or wholly-owned subsidiary purchases three or more improved lots, blocks, tracts, or parcels within a single redevelopment project area within the 3 years prior to TIF ordinance adoption.

If any improvement on these purchased properties is demolished or rendered uninhabitable, the initial equalized assessed value shall be set to the assessed value on the date of purchase rather than current assessed value.

Limits this provision to TIF ordinances adopted on or after the effective date of this amending act (101st General Assembly).

Modifies section (a) by adding an exception clause referencing the new subsection (a-5).