IL SB1681

Amends the Tax Increment Allocation Redevelopment Act by adding a new subsection (a-5) to address non-taxable properties or properties with $0 initial equalized assessed value within redevelopment project areas.

Requires the county clerk to obtain a written appraisal from an MAI-certified appraiser or State-certified/licensed real estate appraiser to determine fair market value for properties that are not taxable or have $0 assessed value.

Mandates the appraisal be made available for public inspection no later than 90 days after the tax increment allocation financing ordinance is adopted.

Converts the appraiser's fair market value conclusion to an assessed value using the appropriate level of assessment and equalization factor, then adds this value to the total initial equalized assessed value of taxable property in the redevelopment project area.

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