IL SB2099

Amends the Tax Increment Allocation Redevelopment Act to require appraisals for properties within redevelopment areas that are non-taxable or have an initial equalized assessed value (EAV) of $0.

Requires appraisals to be conducted by MAI-certified appraisers or State-certified/licensed real estate appraisers, with results made available for public inspection within 90 days of ordinance adoption.

Directs county clerks to convert appraised fair market values to equalized assessed values using the appropriate assessment level and most recent equalization factor.

Adds the appraised equalized assessed value to the total initial equalized assessed value of taxable property in the redevelopment project area and treats such property as taxable real property for TIF purposes.

Applies only to tax increment allocation financing ordinances adopted on or after the effective date of this amendatory act.