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96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB0493
Introduced 2/4/2009, by Rep. Robert W. Pritchard SYNOPSIS AS INTRODUCED:
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Amends the Property Tax Code. With respect to Truth in Taxation provisions and the notice that must be published if an adopted levy exceeds a proposed levy, authorizes the following statement to be included in the notice at the discretion of the taxing district: "The taxing district has estimated its equalized assessed valuation to secure new growth revenue and must adhere to the Property Tax Extension Limitation Law (PTELL or "tax cap" law). PTELL limits the increase over the prior year in the property tax extension of this taxing district to the lesser of 5% or the percentage increase in the Consumer Price Index (CPI), which is (insert applicable CPI percentage increase)." Effective immediately.
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A BILL FOR
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HB0493 |
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LRB096 08247 RCE 18354 b |
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| AN ACT concerning revenue.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Property Tax Code is amended by changing |
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| Section 18-85 as follows:
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| (35 ILCS 200/18-85)
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| Sec. 18-85. Notice if adopted levy exceeds proposed levy. |
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| If the final
aggregate tax levy resolution or ordinance adopted |
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| is more than 105% of the
amount, exclusive of election costs, |
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| which was extended or is estimated to be
extended, plus any |
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| amount abated by the taxing district prior to extension,
upon |
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| the final aggregate levy of the preceding year and is in excess |
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| of the
amount of the proposed levy stated in the notice |
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| published under Section 18-70,
or is more than 105% of that |
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| amount and no notice was required under Section
18-70, the |
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| corporate authority shall give public notice of its action |
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| within 15
days of the adoption of the levy in the following |
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| form:
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| Notice of Adopted Property Tax Increase for ... (commonly |
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| known name of
taxing district).
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| I. The corporate and special purpose property taxes |
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| extended or abated
for ... (preceding year) ... were ... |
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| (dollar amount of the final aggregate
levy as extended).
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