HB0493 Engrossed

LRB096 08247 RCE 18354 b






1
    AN ACT concerning revenue.

 
2
    Be it enacted by the People of the State of Illinois,
 
3
represented in the General Assembly:


 
4
    Section 5. The Property Tax Code is amended  by changing 
5
Section 18-85 as follows:
 



6
    (35 ILCS 200/18-85)



7
    Sec. 18-85. Notice if adopted levy exceeds proposed levy. 
8
If the final
aggregate tax levy resolution or ordinance adopted 
9
is more than 105% of the
amount, exclusive of election costs, 
10
which was extended or is estimated to be
extended, plus any 
11
amount abated by the taxing district prior to extension,
upon 
12
the final aggregate levy of the preceding year and is in excess 
13
of the
amount of the proposed levy stated in the notice 
14
published under Section 18-70,
or is more than 105% of that 
15
amount and no notice was required under Section
18-70, the 
16
corporate authority shall give public notice of its action 
17
within 15
days of the adoption of the levy in the following 
18
form:

19
    Notice of Adopted Property Tax Increase for ... (commonly 
20
known name of
taxing district).

21
    I.  The corporate and special purpose property taxes 
22
extended or abated
for ... (preceding year) ... were ... 
23
(dollar amount of the final aggregate
levy as extended).

 


 






HB0493 Engrossed
- 2 -
LRB096 08247 RCE 18354 b




1
    The adopted corporate and special purpose property taxes to 
2
be levied for
... (current year) ... are ... (dollar amount of 
3
the proposed aggregate
levy).  This represents a ... 
4
(percentage) ... increase over the previous year.

5
    II. The property taxes extended for debt service and public 
6
building
commission leases for ... (preceding year) ... were 
7
... (dollar amount).

8
    The estimated property taxes to be levied for debt service 
9
and public
building commission leases for ... (current year) 
10
... are ... (dollar
amount).  This represents a ... (percentage 
11
increase or decrease) ... over
the previous year.

12
    III. The total property taxes extended or abated for ... 
13
(preceding
year) ... were ... (dollar amount).

14
    IV. The estimated total property taxes to be levied for ... 
15
(current year)
... are ... (dollar amount).  This represents a 
16
... (percentage increase or
decrease) ... over the previous 
17
year.

18
    A taxing district may, in its discretion and if applicable, 
19
include the following in the notice: 
20
    V. The taxing district has estimated its equalized assessed 
21
valuation to secure new growth revenue and must adhere to the 
22
Property Tax Extension Limitation Law (PTELL or "tax cap" law). 
23
PTELL limits the increase over the prior year  in the property 
24
tax extension of this taxing district to the lesser of 5% or 
25
the percentage increase in the Consumer Price Index (CPI), 
26
which is (insert applicable CPI percentage increase). 
 


 






HB0493 Engrossed
- 3 -
LRB096 08247 RCE 18354 b




1
(Source: P.A. 86-957; 88-455.)

 

2
    Section 99. Effective date. This Act takes effect upon 
3
becoming law.