093_HB0066

 
                                     LRB093 02648 SJM 02658 b

 1        AN ACT in relation to taxation.

 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 adding
 5    Section 20-3 as follows:

 6        (35 ILCS 200/20-3 new)
 7        Sec. 20-3. Two-year moratorium on property tax increases.
 8        (a)  Rate freeze.  Notwithstanding any other law  to  the
 9    contrary  and except as otherwise provided in this subsection
10    (a), for taxable years 2003 and 2004, the  rate  on  any  tax
11    imposed  under  this  Act  may not be increased from the rate
12    imposed in the 2002 taxable year. A school district, however,
13    may increase property tax rates if the question of increasing
14    the tax rate is submitted  to  the  electors  of  the  school
15    district  at a regular election and approved by a majority of
16    the electors voting on the question.
17        (b)  Assessment freeze. Notwithstanding any other law  to
18    the  contrary  and  except  as  otherwise  provided  in  this
19    subsection   (b),  for  taxable  years  2003  and  2004,  the
20    equalized assessed value  of  property  subject  to  taxation
21    under  this  Code shall be the same as the equalized assessed
22    value of  that  property  for  the  2002  taxable  year.  If,
23    however,  a parcel of property subject to taxation under this
24    Code  is  improved  by  the  construction  of  new  or  added
25    buildings, structures, or other improvements  during  taxable
26    year  2003  or 2004, the assessment of that property shall be
27    the assessment for the 2002 taxable year plus the increase in
28    assessed value solely as a result of  the  improvement.  Once
29    the  2002  assessment is increased to reflect an improvement,
30    the assessment for that property shall remain  the  same  for
31    the duration of the assessment freeze period.
 
                            -2-      LRB093 02648 SJM 02658 b
 1        Section  99.  Effective  date. This Act takes effect upon
 2    becoming law.