“New property” includes the assessed value of new improvements or additions to existing improvements on any parcel of real property that increased the assessed value of that real property during the levy year. It does not include maintenance and repair. It also includes property that was exempt during the prior levy year but reclassified and assessed as non-exempt during the current levy year. New improvements or additions to existing improvements that increase the assessed value of property during the levy year in an Enterprise Zone is “new property” only to the extent taxes are not abated on this new property. To the extent taxes are no longer abated on this property, it is new property the first year the abatement ends. The value of the new property is limited to the actual assessed value added by the new improvement, multiplied by the state equalization factor (multiplier). See
35 ILCS 200/18-185 and
86 Illinois Administrative Code, Section 110.190.
