HB2701 Summary

• Amends the Tax Increment Allocation Redevelopment Act by modifying how municipalities can designate areas as "blighted" based on declining equalized assessed value.

• Requires municipalities to rely on appraisal evidence when using a 3-of-5-year decline in total equalized assessed value as a factor for blighting designation, assuming properties were utilized at their highest and best use during the relevant period.

• Applies the appraisal evidence requirement to both improved areas (item M) and vacant areas (item F) when these value-decline factors are used for TIF project area designation.

• Takes effect immediately upon becoming law.