SB1695

SB1695 amends the Illinois Municipal Code to redefine the equalized assessed value of property in redevelopment areas.

SB1695 amends the Illinois Municipal Code to redefine the equalized assessed value of property in redevelopment areas. It mandates that the county clerk ascertain the value of taxable property in a redevelopment project area by including the lower of the current equalized assessed value or the certified "total initial equalized assessed value" of all taxable real property. This value is determined through a written MAI-certified appraisal or a certified appraisal by a State-certified or State-licensed real estate appraiser.