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| 1 | AN ACT concerning revenue.
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| 2 | Be it enacted by the People of the State of Illinois,
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| 3 | represented in the General Assembly:
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| 4 | Section 5. The Property Tax Code is amended by changing | ||||||
| 5 | Section 18-85 as follows:
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| 6 | (35 ILCS 200/18-85)
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| 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:
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| 19 | Notice of Adopted Property Tax Increase for ... (commonly | ||||||
| 20 | known name of
taxing district).
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| 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).
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| 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.
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| 5 | II. The property taxes extended for debt service and public | ||||||
| 6 | building
commission leases for ... (preceding year) ... were | ||||||
| 7 | ... (dollar amount).
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| 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.
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| 12 | III. The total property taxes extended or abated for ... | ||||||
| 13 | (preceding
year) ... were ... (dollar amount).
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| 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.
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| 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). | ||||||
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| 1 | (Source: P.A. 86-957; 88-455.)
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| 2 | Section 99. Effective date. This Act takes effect upon | ||||||
| 3 | becoming law.
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