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1 | | property paid by the owner to the taxing district under the |
2 | | most recent tax bill. |
3 | | (b) The corporate authorities of a taxing district may |
4 | | direct the treasurer to divide the moneys deposited into the |
5 | | account into 2 separate pools to be designated the homestead |
6 | | property pool and the commercial or industrial property pool. |
7 | | The amount to be deposited into each pool shall be determined |
8 | | by the corporate authorities of the taxing district, except |
9 | | that at least 50% of the moneys in the account shall be |
10 | | deposited into the homestead property pool. The treasurer |
11 | | shall disburse the amounts held in each pool in the tax |
12 | | reimbursement account at the direction of the corporate |
13 | | authorities. Disbursements from the homestead property pool |
14 | | shall be made to all of the owners of taxable homestead |
15 | | property within the taxing district. Each owner of taxable |
16 | | homestead property shall receive a proportionate share of the |
17 | | total disbursement from the pool based on the amount of ad |
18 | | valorem taxes on taxable homestead property paid by the owner |
19 | | to the taxing district under the most recent tax bill. |
20 | | Disbursements from the commercial or industrial property pool |
21 | | shall be made to all of the owners of taxable commercial or |
22 | | industrial property, except (i) those owners whose property is |
23 | | located within a tax increment financing district , (ii) those |
24 | | owners who received a tax incentive as a result of a tax |
25 | | incentivized development established by an intergovernmental |
26 | | agreement to which the taxing district is a party, or (iii) |
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| | 10300SB2911sam001 | - 3 - | LRB103 36214 HLH 70492 a |
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1 | | those owners whose property is classified as an apartment |
2 | | building. Each eligible owner of taxable commercial or |
3 | | industrial property shall receive a proportionate share of the |
4 | | total disbursement from the pool based on the amount of ad |
5 | | valorem taxes on taxable commercial or industrial property |
6 | | paid by the owner to the taxing district under the most recent |
7 | | tax bill. |
8 | | (c) In determining the proportionate share of each owner |
9 | | of homestead property, the numerator shall be the amount of |
10 | | taxes on homestead property paid by that owner to the taxing |
11 | | district under the most recent tax bill, and the denominator |
12 | | shall be the aggregate total of all taxes on homestead |
13 | | property paid by all owners to the taxing district under the |
14 | | most recent tax bills. |
15 | | (d) In determining the proportionate share of each owner |
16 | | of commercial or industrial property, the numerator shall be |
17 | | the amount of taxes on commercial or industrial property paid |
18 | | by that owner to the taxing district under the most recent tax |
19 | | bill, and the denominator shall be the aggregate total of all |
20 | | taxes on commercial or industrial property paid by all owners |
21 | | to the taxing district under the most recent tax bills less |
22 | | taxes paid on commercial or industrial property located in a |
23 | | tax increment financing district , taxes paid on commercial or |
24 | | industrial property for which the owner received a tax |
25 | | incentive as a result of a tax incentivized development |
26 | | established by an intergovernmental agreement to which the |
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1 | | taxing district is a party, and taxes paid on an apartment |
2 | | building. |
3 | | (e) As used in this Section: |
4 | | "Qualified redevelopment costs" means costs advanced by a |
5 | | taxing district to a commercial or industrial property owner |
6 | | to promote economic development when, but for the advancement |
7 | | of the funds, the development would not be financially |
8 | | feasible. |
9 | | "Tax incentivized development" means an economic |
10 | | development project established by intergovernmental agreement |
11 | | whereby a taxing district advances qualified redevelopment |
12 | | costs to a commercial or industrial property owner. |
13 | | (Source: P.A. 90-471, eff. 8-17-97.) |
14 | | Section 99. Effective date. This Act takes effect upon |
15 | | becoming law.". |