MUNI-TIF-VALUE OF PROPERTY

Amends the Illinois Municipal Code. Provides that the year of the most recent assessment made prior to the effective date of the ordinance shall be the year that the county clerk shall use for determining the total initial equalized assessed value of property within the redevelopment project area. Provides that the most recently ascertained equalized assessed value of real property that is exempt from taxation under the Property Tax Code at the time that the municipality adopts an ordinance providing for tax increment allocation financing shall be zero. Provides requirements for the assessing authority and county clerk regarding the equalized assessed value as of the date that the property ceased to be exempt. Provides the formula by which the county clerk must certify the "total initial equalized assessed value as adjusted" of the taxable real property within a redevelopment project area. Further provides that this amendatory Act is declarative of existing law.