IL SB1680

Amends the Tax Increment Allocation Redevelopment Act to establish a new rule for calculating initial equalized assessed value (EAV) when developers acquire and demolish properties in redevelopment project areas.

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

If any improvement on those properties is demolished or rendered uninhabitable, the initial EAV shall be set to the EAV on the date of purchase rather than current value, reducing the property tax base.

Applies only to ordinances adopted on or after the effective date of this amendatory act of the 103rd General Assembly.