65 ILCS 5/11-74.4-9
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 11 - Corporate Powers and Functions

          (from Ch. 24, par. 11-74.4-9)Sec. 11-74.4-9. Equalized assessed value of property.(a) If a municipality by ordinance provides for tax  increment allocation financing pursuant to Section 11-74.4-8, the county clerk  immediately thereafter shall determine (1) the most recently ascertained  equalized assessed value of each lot, block, tract or parcel of real property  within such redevelopment project area from which shall be deducted the  homestead exemptions under Article 15 of the Property  Tax Code, which value shall be the "initial equalized assessed value" of each  such piece of property, and (2) the total equalized assessed value of all  taxable real property within such redevelopment project area by adding together  the most recently ascertained equalized assessed value of each taxable lot,  block, tract, or parcel of real property within such project area, from which  shall be deducted the homestead exemptions provided by Sections 15-170,    15-175, and 15-176 of the Property Tax Code, and shall certify such amount  as the "total  initial equalized assessed value" of the taxable real property within such  project area.(b) In reference to any municipality which has adopted tax increment  financing after January 1, 1978, and in respect to which the county clerk  has certified the "total initial equalized assessed value" of the property  in the redevelopment area, the municipality may thereafter request the clerk  in writing to adjust the initial equalized value of all taxable real property  within the redevelopment project area by deducting therefrom the exemptions under Article 15 of the  Property Tax Code applicable  to each lot, block, tract or parcel of real property within such redevelopment  project area.  The county clerk shall immediately after the written request to  adjust the total initial equalized value is received determine the total  homestead exemptions in the redevelopment project area provided by Sections  15-170, 15-175, and 15-176 of the Property Tax Code by adding  together the homestead  exemptions provided by said Sections  on each lot, block, tract or parcel of real property within such redevelopment  project area and then shall deduct the total of said exemptions from the total  initial equalized assessed value.  The county clerk shall then promptly certify  such amount as the "total initial equalized assessed value as adjusted" of the  taxable real property within such redevelopment project area.(c) After the county clerk has certified the "total initial  equalized assessed value" of the taxable real property in such area, then  in respect to every taxing district containing a redevelopment project area,  the county clerk or any other official required by law to ascertain the amount  of the equalized assessed value of all taxable property within such district  for the purpose of computing the rate per cent of tax to be extended upon  taxable property within such district, shall in every year that tax increment  allocation financing is in effect ascertain the amount of value of taxable  property in a redevelopment project area by including in such amount the lower  of the current equalized assessed value or the certified "total initial  equalized assessed value" of all taxable real property in such area, except  that after he has certified the "total initial equalized assessed value as  adjusted" he shall in the year of said certification if tax rates have not been  extended and in every year thereafter that tax increment allocation financing  is in effect ascertain the amount of value of taxable property in a  redevelopment project area by including in such amount the lower of the current  equalized assessed value or the certified "total initial equalized assessed  value as adjusted" of all taxable real property in such area. The rate per cent  of tax determined shall be extended to the current equalized assessed value of  all property in the redevelopment project area in the same manner as the rate  per cent of tax is extended to all other taxable property in the taxing  district.  The method of extending taxes established under this Section shall  terminate when the municipality adopts an ordinance dissolving the special tax  allocation fund for the redevelopment project area. This Division shall not be  construed as relieving property owners within a redevelopment project area from  paying a uniform rate of taxes upon the current equalized assessed value of  their taxable property as provided in the Property Tax Code.       (Source: P.A. 95-644, eff. 10-12-07.)