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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 18-185 and by adding Section 18-207 as follows: | ||||||||||||||||||||||||||
6 | (35 ILCS 200/18-185)
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7 | Sec. 18-185. Short title; definitions. This Division 5 | ||||||||||||||||||||||||||
8 | may be cited as the
Property Tax Extension Limitation Law. As | ||||||||||||||||||||||||||
9 | used in this Division 5:
| ||||||||||||||||||||||||||
10 | "Consumer Price Index" means the Consumer Price Index for | ||||||||||||||||||||||||||
11 | All Urban
Consumers for all items published by the United | ||||||||||||||||||||||||||
12 | States Department of Labor.
| ||||||||||||||||||||||||||
13 | "Extension limitation" means (a) the lesser of 5% or the | ||||||||||||||||||||||||||
14 | percentage increase
in the Consumer Price Index during the | ||||||||||||||||||||||||||
15 | 12-month calendar year preceding the
levy year or (b) the rate | ||||||||||||||||||||||||||
16 | of increase approved by voters under Section 18-205.
| ||||||||||||||||||||||||||
17 | "Affected county" means a county of 3,000,000 or more | ||||||||||||||||||||||||||
18 | inhabitants or a
county contiguous to a county of 3,000,000 or | ||||||||||||||||||||||||||
19 | more inhabitants.
| ||||||||||||||||||||||||||
20 | "Taxing district" has the same meaning provided in Section | ||||||||||||||||||||||||||
21 | 1-150, except as
otherwise provided in this Section. For the | ||||||||||||||||||||||||||
22 | 1991 through 1994 levy years only,
"taxing district" includes | ||||||||||||||||||||||||||
23 | only each non-home rule taxing district having the
majority of |
| |||||||
| |||||||
1 | its
1990 equalized assessed value within any county or | ||||||
2 | counties contiguous to a
county with 3,000,000 or more | ||||||
3 | inhabitants. Beginning with the 1995 levy
year, "taxing | ||||||
4 | district" includes only each non-home rule taxing district
| ||||||
5 | subject to this Law before the 1995 levy year and each non-home | ||||||
6 | rule
taxing district not subject to this Law before the 1995 | ||||||
7 | levy year having the
majority of its 1994 equalized assessed | ||||||
8 | value in an affected county or
counties. Beginning with the | ||||||
9 | levy year in
which this Law becomes applicable to a taxing | ||||||
10 | district as
provided in Section 18-213, "taxing district" also | ||||||
11 | includes those taxing
districts made subject to this Law as | ||||||
12 | provided in Section 18-213.
| ||||||
13 | "Aggregate extension" for taxing districts to which this | ||||||
14 | Law applied before
the 1995 levy year means the annual | ||||||
15 | corporate extension for the taxing
district and those special | ||||||
16 | purpose extensions that are made annually for
the taxing | ||||||
17 | district, excluding special purpose extensions: (a) made for | ||||||
18 | the
taxing district to pay interest or principal on general | ||||||
19 | obligation bonds
that were approved by referendum; (b) made | ||||||
20 | for any taxing district to pay
interest or principal on | ||||||
21 | general obligation bonds issued before October 1,
1991; (c) | ||||||
22 | made for any taxing district to pay interest or principal on | ||||||
23 | bonds
issued to refund or continue to refund those bonds | ||||||
24 | issued before October 1,
1991; (d)
made for any taxing | ||||||
25 | district to pay interest or principal on bonds
issued to | ||||||
26 | refund or continue to refund bonds issued after October 1, |
| |||||||
| |||||||
1 | 1991 that
were approved by referendum; (e)
made for any taxing | ||||||
2 | district to pay interest
or principal on revenue bonds issued | ||||||
3 | before October 1, 1991 for payment of
which a property tax levy | ||||||
4 | or the full faith and credit of the unit of local
government is | ||||||
5 | pledged; however, a tax for the payment of interest or | ||||||
6 | principal
on those bonds shall be made only after the | ||||||
7 | governing body of the unit of local
government finds that all | ||||||
8 | other sources for payment are insufficient to make
those | ||||||
9 | payments; (f) made for payments under a building commission | ||||||
10 | lease when
the lease payments are for the retirement of bonds | ||||||
11 | issued by the commission
before October 1, 1991, to pay for the | ||||||
12 | building project; (g) made for payments
due under installment | ||||||
13 | contracts entered into before October 1, 1991;
(h) made for | ||||||
14 | payments of principal and interest on bonds issued under the
| ||||||
15 | Metropolitan Water Reclamation District Act to finance | ||||||
16 | construction projects
initiated before October 1, 1991; (i) | ||||||
17 | made for payments of principal and
interest on limited bonds, | ||||||
18 | as defined in Section 3 of the Local Government Debt
Reform | ||||||
19 | Act, in an amount not to exceed the debt service extension base | ||||||
20 | less
the amount in items (b), (c), (e), and (h) of this | ||||||
21 | definition for
non-referendum obligations, except obligations | ||||||
22 | initially issued pursuant to
referendum; (j) made for payments | ||||||
23 | of principal and interest on bonds
issued under Section 15 of | ||||||
24 | the Local Government Debt Reform Act; (k)
made
by a school | ||||||
25 | district that participates in the Special Education District | ||||||
26 | of
Lake County, created by special education joint agreement |
| |||||||
| |||||||
1 | under Section
10-22.31 of the School Code, for payment of the | ||||||
2 | school district's share of the
amounts required to be | ||||||
3 | contributed by the Special Education District of Lake
County | ||||||
4 | to the Illinois Municipal Retirement Fund under Article 7 of | ||||||
5 | the
Illinois Pension Code; the amount of any extension under | ||||||
6 | this item (k) shall be
certified by the school district to the | ||||||
7 | county clerk; (l) made to fund
expenses of providing joint | ||||||
8 | recreational programs for persons with disabilities under
| ||||||
9 | Section 5-8 of
the
Park District Code or Section 11-95-14 of | ||||||
10 | the Illinois Municipal Code; (m) made for temporary relocation | ||||||
11 | loan repayment purposes pursuant to Sections 2-3.77 and | ||||||
12 | 17-2.2d of the School Code; (n) made for payment of principal | ||||||
13 | and interest on any bonds issued under the authority of | ||||||
14 | Section 17-2.2d of the School Code; (o) made for contributions | ||||||
15 | to a firefighter's pension fund created under Article 4 of the | ||||||
16 | Illinois Pension Code, to the extent of the amount certified | ||||||
17 | under item (5) of Section 4-134 of the Illinois Pension Code; | ||||||
18 | and (p) made for road purposes in the first year after a | ||||||
19 | township assumes the rights, powers, duties, assets, property, | ||||||
20 | liabilities, obligations, and
responsibilities of a road | ||||||
21 | district abolished under the provisions of Section 6-133 of | ||||||
22 | the Illinois Highway Code.
| ||||||
23 | "Aggregate extension" for the taxing districts to which | ||||||
24 | this Law did not
apply before the 1995 levy year (except taxing | ||||||
25 | districts subject to this Law
in
accordance with Section | ||||||
26 | 18-213) means the annual corporate extension for the
taxing |
| |||||||
| |||||||
1 | district and those special purpose extensions that are made | ||||||
2 | annually for
the taxing district, excluding special purpose | ||||||
3 | extensions: (a) made for the
taxing district to pay interest | ||||||
4 | or principal on general obligation bonds that
were approved by | ||||||
5 | referendum; (b) made for any taxing district to pay interest
| ||||||
6 | or principal on general obligation bonds issued before March | ||||||
7 | 1, 1995; (c) made
for any taxing district to pay interest or | ||||||
8 | principal on bonds issued to refund
or continue to refund | ||||||
9 | those bonds issued before March 1, 1995; (d) made for any
| ||||||
10 | taxing district to pay interest or principal on bonds issued | ||||||
11 | to refund or
continue to refund bonds issued after March 1, | ||||||
12 | 1995 that were approved by
referendum; (e) made for any taxing | ||||||
13 | district to pay interest or principal on
revenue bonds issued | ||||||
14 | before March 1, 1995 for payment of which a property tax
levy | ||||||
15 | or the full faith and credit of the unit of local government is | ||||||
16 | pledged;
however, a tax for the payment of interest or | ||||||
17 | principal on those bonds shall be
made only after the | ||||||
18 | governing body of the unit of local government finds that
all | ||||||
19 | other sources for payment are insufficient to make those | ||||||
20 | payments; (f) made
for payments under a building commission | ||||||
21 | lease when the lease payments are for
the retirement of bonds | ||||||
22 | issued by the commission before March 1, 1995 to
pay for the | ||||||
23 | building project; (g) made for payments due under installment
| ||||||
24 | contracts entered into before March 1, 1995; (h) made for | ||||||
25 | payments of
principal and interest on bonds issued under the | ||||||
26 | Metropolitan Water Reclamation
District Act to finance |
| |||||||
| |||||||
1 | construction projects initiated before October 1,
1991; (h-4) | ||||||
2 | made for stormwater management purposes by the Metropolitan | ||||||
3 | Water Reclamation District of Greater Chicago under Section 12 | ||||||
4 | of the Metropolitan Water Reclamation District Act; (i) made | ||||||
5 | for payments of principal and interest on limited bonds,
as | ||||||
6 | defined in Section 3 of the Local Government Debt Reform Act, | ||||||
7 | in an amount
not to exceed the debt service extension base less | ||||||
8 | the amount in items (b),
(c), and (e) of this definition for | ||||||
9 | non-referendum obligations, except
obligations initially | ||||||
10 | issued pursuant to referendum and bonds described in
| ||||||
11 | subsection (h) of this definition; (j) made for payments of
| ||||||
12 | principal and interest on bonds issued under Section 15 of the | ||||||
13 | Local Government
Debt Reform Act; (k) made for payments of | ||||||
14 | principal and interest on bonds
authorized by Public Act | ||||||
15 | 88-503 and issued under Section 20a of the Chicago
Park | ||||||
16 | District Act for aquarium or
museum projects; (l) made for | ||||||
17 | payments of principal and interest on
bonds
authorized by | ||||||
18 | Public Act 87-1191 or 93-601 and (i) issued pursuant to | ||||||
19 | Section 21.2 of the Cook County Forest
Preserve District Act, | ||||||
20 | (ii) issued under Section 42 of the Cook County
Forest | ||||||
21 | Preserve District Act for zoological park projects, or (iii) | ||||||
22 | issued
under Section 44.1 of the Cook County Forest Preserve | ||||||
23 | District Act for
botanical gardens projects; (m) made
pursuant
| ||||||
24 | to Section 34-53.5 of the School Code, whether levied annually | ||||||
25 | or not;
(n) made to fund expenses of providing joint | ||||||
26 | recreational programs for persons with disabilities under |
| |||||||
| |||||||
1 | Section 5-8 of the Park
District Code or Section 11-95-14 of | ||||||
2 | the Illinois Municipal Code;
(o) made by the
Chicago Park
| ||||||
3 | District for recreational programs for persons with | ||||||
4 | disabilities under subsection (c) of
Section
7.06 of the | ||||||
5 | Chicago Park District Act; (p) made for contributions to a | ||||||
6 | firefighter's pension fund created under Article 4 of the | ||||||
7 | Illinois Pension Code, to the extent of the amount certified | ||||||
8 | under item (5) of Section 4-134 of the Illinois Pension Code; | ||||||
9 | (q) made by Ford Heights School District 169 under Section | ||||||
10 | 17-9.02 of the School Code; and (r) made for the purpose of | ||||||
11 | making employer contributions to the Public School Teachers' | ||||||
12 | Pension and Retirement Fund of Chicago under Section 34-53 of | ||||||
13 | the School Code.
| ||||||
14 | "Aggregate extension" for all taxing districts to which | ||||||
15 | this Law applies in
accordance with Section 18-213, except for | ||||||
16 | those taxing districts subject to
paragraph (2) of subsection | ||||||
17 | (e) of Section 18-213, means the annual corporate
extension | ||||||
18 | for the
taxing district and those special purpose extensions | ||||||
19 | that are made annually for
the taxing district, excluding | ||||||
20 | special purpose extensions: (a) made for the
taxing district | ||||||
21 | to pay interest or principal on general obligation bonds that
| ||||||
22 | were approved by referendum; (b) made for any taxing district | ||||||
23 | to pay interest
or principal on general obligation bonds | ||||||
24 | issued before the date on which the
referendum making this
Law | ||||||
25 | applicable to the taxing district is held; (c) made
for any | ||||||
26 | taxing district to pay interest or principal on bonds issued |
| |||||||
| |||||||
1 | to refund
or continue to refund those bonds issued before the | ||||||
2 | date on which the
referendum making this Law
applicable to the | ||||||
3 | taxing district is held;
(d) made for any
taxing district to | ||||||
4 | pay interest or principal on bonds issued to refund or
| ||||||
5 | continue to refund bonds issued after the date on which the | ||||||
6 | referendum making
this Law
applicable to the taxing district | ||||||
7 | is held if the bonds were approved by
referendum after the date | ||||||
8 | on which the referendum making this Law
applicable to the | ||||||
9 | taxing district is held; (e) made for any
taxing district to | ||||||
10 | pay interest or principal on
revenue bonds issued before the | ||||||
11 | date on which the referendum making this Law
applicable to the
| ||||||
12 | taxing district is held for payment of which a property tax
| ||||||
13 | levy or the full faith and credit of the unit of local | ||||||
14 | government is pledged;
however, a tax for the payment of | ||||||
15 | interest or principal on those bonds shall be
made only after | ||||||
16 | the governing body of the unit of local government finds that
| ||||||
17 | all other sources for payment are insufficient to make those | ||||||
18 | payments; (f) made
for payments under a building commission | ||||||
19 | lease when the lease payments are for
the retirement of bonds | ||||||
20 | issued by the commission before the date on which the
| ||||||
21 | referendum making this
Law applicable to the taxing district | ||||||
22 | is held to
pay for the building project; (g) made for payments | ||||||
23 | due under installment
contracts entered into before the date | ||||||
24 | on which the referendum making this Law
applicable to
the | ||||||
25 | taxing district is held;
(h) made for payments
of principal | ||||||
26 | and interest on limited bonds,
as defined in Section 3 of the |
| |||||||
| |||||||
1 | Local Government Debt Reform Act, in an amount
not to exceed | ||||||
2 | the debt service extension base less the amount in items (b),
| ||||||
3 | (c), and (e) of this definition for non-referendum | ||||||
4 | obligations, except
obligations initially issued pursuant to | ||||||
5 | referendum; (i) made for payments
of
principal and interest on | ||||||
6 | bonds issued under Section 15 of the Local Government
Debt | ||||||
7 | Reform Act;
(j)
made for a qualified airport authority to pay | ||||||
8 | interest or principal on
general obligation bonds issued for | ||||||
9 | the purpose of paying obligations due
under, or financing | ||||||
10 | airport facilities required to be acquired, constructed,
| ||||||
11 | installed or equipped pursuant to, contracts entered into | ||||||
12 | before March
1, 1996 (but not including any amendments to such | ||||||
13 | a contract taking effect on
or after that date); (k) made to | ||||||
14 | fund expenses of providing joint
recreational programs for | ||||||
15 | persons with disabilities under Section 5-8 of
the
Park | ||||||
16 | District Code or Section 11-95-14 of the Illinois Municipal | ||||||
17 | Code; (l) made for contributions to a firefighter's pension | ||||||
18 | fund created under Article 4 of the Illinois Pension Code, to | ||||||
19 | the extent of the amount certified under item (5) of Section | ||||||
20 | 4-134 of the Illinois Pension Code; and (m) made for the taxing | ||||||
21 | district to pay interest or principal on general obligation | ||||||
22 | bonds issued pursuant to Section 19-3.10 of the School Code.
| ||||||
23 | "Aggregate extension" for all taxing districts to which | ||||||
24 | this Law applies in
accordance with paragraph (2) of | ||||||
25 | subsection (e) of Section 18-213 means the
annual corporate | ||||||
26 | extension for the
taxing district and those special purpose |
| |||||||
| |||||||
1 | extensions that are made annually for
the taxing district, | ||||||
2 | excluding special purpose extensions: (a) made for the
taxing | ||||||
3 | district to pay interest or principal on general obligation | ||||||
4 | bonds that
were approved by referendum; (b) made for any | ||||||
5 | taxing district to pay interest
or principal on general | ||||||
6 | obligation bonds issued before March 7, 1997 ( the effective | ||||||
7 | date of Public Act 89-718)
this amendatory Act of 1997 ;
(c) | ||||||
8 | made
for any taxing district to pay interest or principal on | ||||||
9 | bonds issued to refund
or continue to refund those bonds | ||||||
10 | issued before March 7, 1997 ( the effective date
of Public Act | ||||||
11 | 89-718) this amendatory Act of 1997 ;
(d) made for any
taxing | ||||||
12 | district to pay interest or principal on bonds issued to | ||||||
13 | refund or
continue to refund bonds issued after March 7, 1997 | ||||||
14 | ( the effective date of Public Act 89-718) this amendatory Act
| ||||||
15 | of 1997 if the bonds were approved by referendum after March 7, | ||||||
16 | 1997 ( the effective date of Public Act 89-718)
this amendatory | ||||||
17 | Act of 1997 ;
(e) made for any
taxing district to pay interest | ||||||
18 | or principal on
revenue bonds issued before March 7, 1997 ( the | ||||||
19 | effective date of Public Act 89-718) this amendatory Act of | ||||||
20 | 1997
for payment of which a property tax
levy or the full faith | ||||||
21 | and credit of the unit of local government is pledged;
| ||||||
22 | however, a tax for the payment of interest or principal on | ||||||
23 | those bonds shall be
made only after the governing body of the | ||||||
24 | unit of local government finds that
all other sources for | ||||||
25 | payment are insufficient to make those payments; (f) made
for | ||||||
26 | payments under a building commission lease when the lease |
| |||||||
| |||||||
1 | payments are for
the retirement of bonds issued by the | ||||||
2 | commission before March 7, 1997 ( the effective date
of Public | ||||||
3 | Act 89-718) this amendatory Act of 1997
to
pay for the building | ||||||
4 | project; (g) made for payments due under installment
contracts | ||||||
5 | entered into before March 7, 1997 ( the effective date of | ||||||
6 | Public Act 89-718) this amendatory Act of
1997 ;
(h) made for | ||||||
7 | payments
of principal and interest on limited bonds,
as | ||||||
8 | defined in Section 3 of the Local Government Debt Reform Act, | ||||||
9 | in an amount
not to exceed the debt service extension base less | ||||||
10 | the amount in items (b),
(c), and (e) of this definition for | ||||||
11 | non-referendum obligations, except
obligations initially | ||||||
12 | issued pursuant to referendum; (i) made for payments
of
| ||||||
13 | principal and interest on bonds issued under Section 15 of the | ||||||
14 | Local Government
Debt Reform Act;
(j)
made for a qualified | ||||||
15 | airport authority to pay interest or principal on
general | ||||||
16 | obligation bonds issued for the purpose of paying obligations | ||||||
17 | due
under, or financing airport facilities required to be | ||||||
18 | acquired, constructed,
installed or equipped pursuant to, | ||||||
19 | contracts entered into before March
1, 1996 (but not including | ||||||
20 | any amendments to such a contract taking effect on
or after | ||||||
21 | that date); (k) made to fund expenses of providing joint
| ||||||
22 | recreational programs for persons with disabilities under | ||||||
23 | Section 5-8 of
the
Park District Code or Section 11-95-14 of | ||||||
24 | the Illinois Municipal Code; and (l) made for contributions to | ||||||
25 | a firefighter's pension fund created under Article 4 of the | ||||||
26 | Illinois Pension Code, to the extent of the amount certified |
| |||||||
| |||||||
1 | under item (5) of Section 4-134 of the Illinois Pension Code.
| ||||||
2 | "Debt service extension base" means an amount equal to | ||||||
3 | that portion of the
extension for a taxing district for the | ||||||
4 | 1994 levy year, or for those taxing
districts subject to this | ||||||
5 | Law in accordance with Section 18-213, except for
those | ||||||
6 | subject to paragraph (2) of subsection (e) of Section 18-213, | ||||||
7 | for the
levy
year in which the referendum making this Law | ||||||
8 | applicable to the taxing district
is held, or for those taxing | ||||||
9 | districts subject to this Law in accordance with
paragraph (2) | ||||||
10 | of subsection (e) of Section 18-213 for the 1996 levy year,
| ||||||
11 | constituting an
extension for payment of principal and | ||||||
12 | interest on bonds issued by the taxing
district without | ||||||
13 | referendum, but not including excluded non-referendum bonds. | ||||||
14 | For park districts (i) that were first
subject to this Law in | ||||||
15 | 1991 or 1995 and (ii) whose extension for the 1994 levy
year | ||||||
16 | for the payment of principal and interest on bonds issued by | ||||||
17 | the park
district without referendum (but not including | ||||||
18 | excluded non-referendum bonds)
was less than 51% of the amount | ||||||
19 | for the 1991 levy year constituting an
extension for payment | ||||||
20 | of principal and interest on bonds issued by the park
district | ||||||
21 | without referendum (but not including excluded non-referendum | ||||||
22 | bonds),
"debt service extension base" means an amount equal to | ||||||
23 | that portion of the
extension for the 1991 levy year | ||||||
24 | constituting an extension for payment of
principal and | ||||||
25 | interest on bonds issued by the park district without | ||||||
26 | referendum
(but not including excluded non-referendum bonds). |
| |||||||
| |||||||
1 | A debt service extension base established or increased at any | ||||||
2 | time pursuant to any provision of this Law, except Section | ||||||
3 | 18-212, shall be increased each year commencing with the later | ||||||
4 | of (i) the 2009 levy year or (ii) the first levy year in which | ||||||
5 | this Law becomes applicable to the taxing district, by the | ||||||
6 | lesser of 5% or the percentage increase in the Consumer Price | ||||||
7 | Index during the 12-month calendar year preceding the levy | ||||||
8 | year. The debt service extension
base may be established or | ||||||
9 | increased as provided under Section 18-212.
"Excluded | ||||||
10 | non-referendum bonds" means (i) bonds authorized by Public
Act | ||||||
11 | 88-503 and issued under Section 20a of the Chicago Park | ||||||
12 | District Act for
aquarium and museum projects; (ii) bonds | ||||||
13 | issued under Section 15 of the
Local Government Debt Reform | ||||||
14 | Act; or (iii) refunding obligations issued
to refund or to | ||||||
15 | continue to refund obligations initially issued pursuant to
| ||||||
16 | referendum.
| ||||||
17 | "Special purpose extensions" include, but are not limited | ||||||
18 | to, extensions
for levies made on an annual basis for | ||||||
19 | unemployment and workers'
compensation, self-insurance, | ||||||
20 | contributions to pension plans, and extensions
made pursuant | ||||||
21 | to Section 6-601 of the Illinois Highway Code for a road
| ||||||
22 | district's permanent road fund whether levied annually or not. | ||||||
23 | The
extension for a special service area is not included in the
| ||||||
24 | aggregate extension.
| ||||||
25 | "Aggregate extension base" means the taxing district's | ||||||
26 | last preceding
aggregate extension as adjusted under Sections |
| |||||||
| |||||||
1 | 18-135, 18-215,
18-230, and 18-206.
An adjustment under | ||||||
2 | Section 18-135 shall be made for the 2007 levy year and all | ||||||
3 | subsequent levy years whenever one or more counties within | ||||||
4 | which a taxing district is located (i) used estimated | ||||||
5 | valuations or rates when extending taxes in the taxing | ||||||
6 | district for the last preceding levy year that resulted in the | ||||||
7 | over or under extension of taxes, or (ii) increased or | ||||||
8 | decreased the tax extension for the last preceding levy year | ||||||
9 | as required by Section 18-135(c). Whenever an adjustment is | ||||||
10 | required under Section 18-135, the aggregate extension base of | ||||||
11 | the taxing district shall be equal to the amount that the | ||||||
12 | aggregate extension of the taxing district would have been for | ||||||
13 | the last preceding levy year if either or both (i) actual, | ||||||
14 | rather than estimated, valuations or rates had been used to | ||||||
15 | calculate the extension of taxes for the last levy year, or | ||||||
16 | (ii) the tax extension for the last preceding levy year had not | ||||||
17 | been adjusted as required by subsection (c) of Section 18-135.
| ||||||
18 | Notwithstanding any other provision of law, for levy year | ||||||
19 | 2012, the aggregate extension base for West Northfield School | ||||||
20 | District No. 31 in Cook County shall be $12,654,592. | ||||||
21 | "Levy year" has the same meaning as "year" under Section
| ||||||
22 | 1-155.
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23 | "New property" means (i) the assessed value, after final | ||||||
24 | board of review or
board of appeals action, of new | ||||||
25 | improvements or additions to existing
improvements on any | ||||||
26 | parcel of real property that increase the assessed value of
|
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| |||||||
1 | that real property during the levy year multiplied by the | ||||||
2 | equalization factor
issued by the Department under Section | ||||||
3 | 17-30, (ii) the assessed value, after
final board of review or | ||||||
4 | board of appeals action, of real property not exempt
from real | ||||||
5 | estate taxation, which real property was exempt from real | ||||||
6 | estate
taxation for any portion of the immediately preceding | ||||||
7 | levy year, multiplied by
the equalization factor issued by the | ||||||
8 | Department under Section 17-30, including the assessed value, | ||||||
9 | upon final stabilization of occupancy after new construction | ||||||
10 | is complete, of any real property located within the | ||||||
11 | boundaries of an otherwise or previously exempt military | ||||||
12 | reservation that is intended for residential use and owned by | ||||||
13 | or leased to a private corporation or other entity,
(iii) in | ||||||
14 | counties that classify in accordance with Section 4 of Article
| ||||||
15 | IX of the
Illinois Constitution, an incentive property's | ||||||
16 | additional assessed value
resulting from a
scheduled increase | ||||||
17 | in the level of assessment as applied to the first year
final | ||||||
18 | board of
review market value, and (iv) any increase in | ||||||
19 | assessed value due to oil or gas production from an oil or gas | ||||||
20 | well required to be permitted under the Hydraulic Fracturing | ||||||
21 | Regulatory Act that was not produced in or accounted for | ||||||
22 | during the previous levy year.
In addition, the county clerk | ||||||
23 | in a county containing a population of
3,000,000 or more shall | ||||||
24 | include in the 1997
recovered tax increment value for any | ||||||
25 | school district, any recovered tax
increment value that was | ||||||
26 | applicable to the 1995 tax year calculations.
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1 | "Qualified airport authority" means an airport authority | ||||||
2 | organized under
the Airport Authorities Act and located in a | ||||||
3 | county bordering on the State of
Wisconsin and having a | ||||||
4 | population in excess of 200,000 and not greater than
500,000.
| ||||||
5 | "Recovered tax increment value" means, except as otherwise | ||||||
6 | provided in this
paragraph, the amount of the current year's | ||||||
7 | equalized assessed value, in the
first year after a | ||||||
8 | municipality terminates
the designation of an area as a | ||||||
9 | redevelopment project area previously
established under the | ||||||
10 | Tax Increment Allocation Redevelopment Development Act in the | ||||||
11 | Illinois
Municipal Code, previously established under the | ||||||
12 | Industrial Jobs Recovery Law
in the Illinois Municipal Code, | ||||||
13 | previously established under the Economic Development Project | ||||||
14 | Area Tax Increment Act of 1995, or previously established | ||||||
15 | under the Economic
Development Area Tax Increment Allocation | ||||||
16 | Act, of each taxable lot, block,
tract, or parcel of real | ||||||
17 | property in the redevelopment project area over and
above the | ||||||
18 | initial equalized assessed value of each property in the
| ||||||
19 | redevelopment project area.
For the taxes which are extended | ||||||
20 | for the 1997 levy year, the recovered tax
increment value for a | ||||||
21 | non-home rule taxing district that first became subject
to | ||||||
22 | this Law for the 1995 levy year because a majority of its 1994 | ||||||
23 | equalized
assessed value was in an affected county or counties | ||||||
24 | shall be increased if a
municipality terminated the | ||||||
25 | designation of an area in 1993 as a redevelopment
project area | ||||||
26 | previously established under the Tax Increment Allocation |
| |||||||
| |||||||
1 | Redevelopment
Development Act in the Illinois Municipal Code, | ||||||
2 | previously established under
the Industrial Jobs Recovery Law | ||||||
3 | in the Illinois Municipal Code, or previously
established | ||||||
4 | under the Economic Development Area Tax Increment Allocation | ||||||
5 | Act,
by an amount equal to the 1994 equalized assessed value of | ||||||
6 | each taxable lot,
block, tract, or parcel of real property in | ||||||
7 | the redevelopment project area over
and above the initial | ||||||
8 | equalized assessed value of each property in the
redevelopment | ||||||
9 | project area.
In the first year after a municipality
removes a | ||||||
10 | taxable lot, block, tract, or parcel of real property from a
| ||||||
11 | redevelopment project area established under the Tax Increment | ||||||
12 | Allocation Redevelopment
Development Act in the Illinois
| ||||||
13 | Municipal Code, the Industrial Jobs Recovery Law
in the | ||||||
14 | Illinois Municipal Code, or the Economic
Development Area Tax | ||||||
15 | Increment Allocation Act, "recovered tax increment value"
| ||||||
16 | means the amount of the current year's equalized assessed | ||||||
17 | value of each taxable
lot, block, tract, or parcel of real | ||||||
18 | property removed from the redevelopment
project area over and | ||||||
19 | above the initial equalized assessed value of that real
| ||||||
20 | property before removal from the redevelopment project area.
| ||||||
21 | Except as otherwise provided in this Section, "limiting | ||||||
22 | rate" means a
fraction the numerator of which is the last
| ||||||
23 | preceding aggregate extension base (as modified by Section | ||||||
24 | 18-207, if applicable) times an amount equal to one plus the
| ||||||
25 | extension limitation defined in this Section and the | ||||||
26 | denominator of which
is the current year's equalized assessed |
| |||||||
| |||||||
1 | value of all real property in the
territory under the | ||||||
2 | jurisdiction of the taxing district during the prior
levy | ||||||
3 | year. For those taxing districts that reduced their aggregate
| ||||||
4 | extension for the last preceding levy year, except for school | ||||||
5 | districts that reduced their extension for educational | ||||||
6 | purposes pursuant to Section 18-206 and taxing districts that | ||||||
7 | reduced their aggregate extension pursuant to Section 18-207 , | ||||||
8 | the highest aggregate extension
in any of the last 3 preceding | ||||||
9 | levy years shall be used for the purpose of
computing the | ||||||
10 | limiting rate. The denominator shall not include new
property | ||||||
11 | or the recovered tax increment
value.
If a new rate, a rate | ||||||
12 | decrease, or a limiting rate increase has been approved at an | ||||||
13 | election held after March 21, 2006, then (i) the otherwise | ||||||
14 | applicable limiting rate shall be increased by the amount of | ||||||
15 | the new rate or shall be reduced by the amount of the rate | ||||||
16 | decrease, as the case may be, or (ii) in the case of a limiting | ||||||
17 | rate increase, the limiting rate shall be equal to the rate set | ||||||
18 | forth
in the proposition approved by the voters for each of the | ||||||
19 | years specified in the proposition, after
which the limiting | ||||||
20 | rate of the taxing district shall be calculated as otherwise | ||||||
21 | provided. In the case of a taxing district that obtained | ||||||
22 | referendum approval for an increased limiting rate on March | ||||||
23 | 20, 2012, the limiting rate for tax year 2012 shall be the rate | ||||||
24 | that generates the approximate total amount of taxes | ||||||
25 | extendable for that tax year, as set forth in the proposition | ||||||
26 | approved by the voters; this rate shall be the final rate |
| |||||||
| |||||||
1 | applied by the county clerk for the aggregate of all capped | ||||||
2 | funds of the district for tax year 2012.
| ||||||
3 | (Source: P.A. 99-143, eff. 7-27-15; 99-521, eff. 6-1-17; | ||||||
4 | 100-465, eff. 8-31-17; revised 8-12-19.)
| ||||||
5 | (35 ILCS 200/18-207 new) | ||||||
6 | Sec. 18-207. Modified aggregate extension base. | ||||||
7 | (a) Upon submission of a petition signed by a number of | ||||||
8 | voters of the taxing district that is not less than 10% of the | ||||||
9 | votes cast in the taxing district at the immediately preceding | ||||||
10 | gubernatorial
election, the question of whether a taxing | ||||||
11 | district shall increase or reduce its aggregate extension base | ||||||
12 | for the purpose of increasing or lowering its limiting rate | ||||||
13 | for future years shall be submitted to the voters of the taxing | ||||||
14 | district at the next general or consolidated election. The | ||||||
15 | petition shall set forth the amount of the change and the levy | ||||||
16 | years for which the change shall be applicable. | ||||||
17 | (b) The petition shall be filed with the applicable | ||||||
18 | election authority, as defined in Section 1-3 of the Election | ||||||
19 | Code, or, in the case of multiple election authorities, with | ||||||
20 | the State Board of Elections, not more than 10 months nor less | ||||||
21 | than 6 months prior to the election at which the question is to | ||||||
22 | be submitted to the voters, and its validity shall be | ||||||
23 | determined as provided by Article 28 of the Election Code and | ||||||
24 | general election law. The election authority or Board, as | ||||||
25 | applicable, shall certify the question and the proper election |
| |||||||
| |||||||
1 | authority or authorities shall submit the question to the | ||||||
2 | voters. Except as otherwise provided in this Section, this | ||||||
3 | referendum shall be subject to all other general election law | ||||||
4 | requirements. | ||||||
5 | (c) The proposition seeking to modify the aggregate | ||||||
6 | extension base shall be in substantially the following form: | ||||||
7 | Shall the aggregate extension base used to calculate | ||||||
8 | the limiting rate for (taxing district) under the Property | ||||||
9 | Tax Extension Limitation Law be (increased or reduced) by | ||||||
10 | (amount of money expressed in U.S. dollars) for (levy year | ||||||
11 | or years)? | ||||||
12 | Votes shall be recorded as "Yes" or "No". | ||||||
13 | If a majority of all votes cast on the proposition are in | ||||||
14 | favor of the proposition, then the aggregate extension base | ||||||
15 | shall be modified as provided in the referendum.
| ||||||
16 | Section 99. Effective date. This Act takes effect upon | ||||||
17 | becoming law.
|