65 ILCS 5/11-74.6-40
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 11 - Corporate Powers and Functions

Sec. 11-74.6-40. Equalized assessed value determination; property tax  extension.(a) If a municipality by ordinance provides for tax increment allocation  financing under Section 11-74.6-35, the county clerk immediately thereafter:(1) shall determine the initial equalized assessed     value of each parcel of real property in the redevelopment project area, which is the most recently established equalized assessed value of each lot, block, tract or parcel of taxable real property within the redevelopment project area, minus the homestead exemptions under Article 15 of the Property Tax Code; and(2) shall certify to the municipality the total     initial equalized assessed value of all taxable real property within the redevelopment project area.(b) Any municipality that has established a vacant industrial  buildings conservation area may, by ordinance passed after  the adoption of tax increment allocation financing, provide that the county  clerk immediately thereafter shall again determine:(1) the updated initial equalized assessed value of     each lot, block, tract or parcel of real property, which is the most recently ascertained equalized assessed value of each lot, block, tract or parcel of real property within the vacant industrial buildings conservation area; and(2) the total updated initial equalized assessed     value of all taxable real property within the redevelopment project area, which is the total of the updated initial equalized assessed value of all taxable real property within the vacant industrial buildings conservation area.The county clerk shall certify to the municipality the total updated  initial equalized assessed value of all taxable real property within the  industrial buildings conservation area.(c) After the county clerk has certified the total initial  equalized assessed value or the total updated initial equalized assessed  value of the taxable real property in the area, for each taxing district in  which a redevelopment project area is situated, the county clerk or any  other official required by law to determine the amount of the equalized  assessed value of all taxable property within  the district for the purpose of computing the percentage rate of tax to be  extended upon taxable property within the district, shall in every year  that tax increment allocation financing is in effect determine the total  equalized assessed value of taxable property in a redevelopment project area by  including in that amount the lower of the current equalized assessed value  or the certified total initial equalized assessed value or, if the total of  updated equalized assessed value has been certified, the total updated  initial equalized assessed value of all taxable real property in the  redevelopment project area.  After he has certified the total initial  equalized assessed value he shall in the year of that  certification, if tax rates have not been extended, and in every subsequent  year that tax increment allocation financing is in effect, determine the  amount of equalized assessed value of taxable property in a redevelopment  project area by including in that amount the lower of the current total  equalized assessed value or the certified total initial equalized assessed  value or, if the total of updated initial equalized assessed values have been  certified, the total updated initial equalized assessed value of all taxable  real property in the redevelopment project area.(d) The percentage rate of tax determined shall be extended on 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 Law 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.)