093_SB1498ham001
LRB093 06568 SJM 16486 a
1 AMENDMENT TO SENATE BILL 1498
2 AMENDMENT NO. . Amend Senate Bill 1498 by replacing
3 everything after the enacting clause with the following:
4 "Section 5. The Property Tax Code is amended by changing
5 Section 18-230 as follows:
6 (35 ILCS 200/18-230)
7 Sec. 18-230. Rate increase or decrease factor. When a
8 new rate or a rate increase or decrease first effective for
9 the current levy year has been approved by referendum, the
10 aggregate extension base, as adjusted in Sections 18-215 and
11 18-220, shall be multiplied by a rate increase (or decrease)
12 factor. The numerator of the rate increase (or decrease)
13 factor is the total combined rate for the funds that made up
14 the aggregate extension for the taxing district for the prior
15 year plus the rate increase approved or minus the rate
16 decrease approved. The denominator of the rate increase or
17 decrease factor is the total combined rate for the funds that
18 made up the aggregate extension for the prior year. For
19 those taxing districts for which a new rate or a rate
20 increase has been approved by referendum held after December
21 31, 1988, and that did not increase their rate to the new
22 maximum rate for that fund, the rate increase factor shall be
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1 adjusted for 4 levy years after the year of the referendum by
2 a factor the numerator of which is the portion of the new or
3 increased rate for which taxes were not extended plus the
4 aggregate rate in effect for the levy year prior to the levy
5 year in which the referendum was passed and the denominator
6 of which is the aggregate rate in effect for the levy year
7 prior to the levy year in which the referendum was passed.
8 For purposes of this Section, for all 2002 levies, as may
9 be amended, and as extended and collected in 2003, "the rate
10 increase approved" for school districts subject to Article 17
11 of the School Code includes the difference between the annual
12 rate at which the existing tax was most recently levied and
13 the maximum rate at which that tax was authorized to be
14 levied by referendum, to the extent such information was
15 contained in the form of the ballot for that referendum
16 pursuant to Section 17-3.4 of the School Code. This
17 definition of "rate increase approved", however, shall apply
18 only to school districts for which the following conditions
19 are met:
20 (i) the school district is a unit district
21 maintaining grades K through 12;
22 (ii) the school district has an equalized assessed
23 valuation for calendar year 2002 of between $500,000,000
24 and $1,000,000,000;
25 (iii) the school district has an enrollment for
26 school year 2002-2003 of at least 5,000; and
27 (iv) the subject tax rate increase was approved at
28 the April 1, 2003, consolidated election by a vote of at
29 least 54% of those voting on the public question.
30 (Source: P.A. 87-17; 88-455.)
31 Section 99. Effective date. This Act takes effect upon
32 becoming law.".