http://www.illinois-tif.com/2007LegisAlert5.htm
HB 1867 Rep. Hernandez, Cicero
TIF-INFLATION ADJUSTMENTS —“ Amends the various TIF Acts to provide that beginning January 1, 2008, the initial equalized assessed value of all taxable real property within the redevelopment project area must be increased over the initial equalized assessed value of the previous year by the annual rate of increase, for the previous year, of the Consumer Price Index for All Urban Consumers for all items, published by the US Bureau of Labor Statistics.
Re-referred to House Rules.
ITIA STRONGLY OPPOSES this bill.
Translation: TIF pools attempt to retain and divert from other taxing bodies not only increases in EAV that are alleged to be due to the tax incentives, but also all naturally occurring increases in EAV, revenues from which would otherwise go to the other taxing bodies beside the municipality, and rightly do belong to them. This is an oft-cited inequity in the TIF Act as it stands.