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(55 ILCS 85/6)
(from Ch. 34, par. 7006)
Sec. 6. Filing with county clerk; certification of initial equalized
assessed value.
(a) The county shall file a certified copy of any ordinance
authorizing property tax allocation financing for an economic development
project area with the county clerk, and the county clerk shall immediately
thereafter determine (1) the most recently ascertained equalized assessed
value of each lot, block, tract or parcel of real property within the
economic development 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 the economic development 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 economic development
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.
Upon receiving written
notice from the Department of its approval
and certification of such economic development project area, the county clerk
shall immediately certify such amount as the "total initial equalized assessed
value" of the taxable property within the economic development project area.
(b) After the county clerk has certified the "total initial equalized
assessed value" of the taxable real property in the economic development
project area, then in respect to every taxing district containing an
economic development 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 that taxing district for the purpose of
computing the rate percent of tax to be extended upon taxable property
within the taxing district, shall in every year that property tax
allocation financing is in effect ascertain the amount of value of taxable
property in an economic development project area by including in that
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. The rate percent of tax determined shall be extended to the
current equalized assessed value of all property in the economic development
project area in the same manner as the rate percent of tax is extended to
all other taxable property in the taxing district. The method of
allocating taxes established under this Section shall terminate when the
county adopts an ordinance dissolving the special tax allocation fund for
the economic development project area. This Act shall not be construed as
relieving property owners within an economic development 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.)
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