IL SB1695

Amends the Tax Increment Allocation Redevelopment Act to require professional appraisals for properties within TIF districts that are non-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 by a State-certified/State-licensed real estate appraiser

Mandates appraisals be available for public inspection within 90 days after the TIF ordinance is adopted by the municipality

County clerks must convert the appraised fair market value to an assessed value using appropriate assessment levels and equalization factors, then add this to the total initial equalized assessed value of the TIF district

Applies only to TIF ordinances adopted on or after the effective date of this amendatory act