The Illinois Legislature is currently considering an Amendment to the Tax Increment Allocation Redevelopment Act that would change the way the total initial equalized assessed value (EAV) of a Redevelopment Project Area is calculated.  Currently, the total initial EAV is established after a Redevelopment Project Area is created and once that total initial EAV is certified, it remains the same throughout the life of the Redevelopment Project Area.

The proposed Amendment, which would go into effect on January 1, 2011 if adopted, is sponsored by State Senators Terry Link (30^th District) and Christine Radogno (41^st District).  It would require an annual increase in the initial EAV of a Redevelopment Project Area over the initial EAV of the previous year by the annual rate of increase of the Consumer Price Index.  The Amendment was introduced on February 9, 2010 and it has already been approved by the Revenue Committee.  If adopted, it would mean that each underlying taxing district in a Redevelopment Project Area could see an annual increase in the amount of property taxes received during the term of the TIF.

This entry was posted on Tuesday, March 9th, 2010 at 2:45 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.