IL SB3017

Amends the Tax Increment Allocation Redevelopment Act by adding new subsection (a-5) to address properties within redevelopment project areas that are not taxable or have an initial equalized assessed value of $0.

Requires the fair market value of such properties to be determined by a written MAI-certified appraisal or written certified appraisal by a State-certified or State-licensed real estate appraiser, with the appraisal available for public inspection within 90 days of the tax increment allocation financing ordinance adoption.

Directs the county clerk to convert the appraiser's fair market value conclusion to an assessed value using the appropriate assessment level and equalization factor, then use this figure as the initial equalized assessed value and add it to the total initial equalized assessed value of taxable real property within the redevelopment project area.

Treats such previously non-taxable properties as taxable real property for purposes of subsequent tax calculations under existing provisions.

Applies these requirements only to tax increment allocation financing ordinances adopted on or after the effective date of this amendatory Act of the 101st General Assembly.