94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB0504


 
Introduced 1/27/2005, by Rep. Elaine Nekritz - Kathleen A. Ryg
 
SYNOPSIS AS INTRODUCED:
 		














35 ILCS 200/23-20









    Amends the Property Tax Code. Provides that property tax refunds must be paid
to
the taxpayer at the annual rate of the lesser of (i) 5% or (ii) the percentage increase in the Consumer Price Index For All Urban Consumers during the 12-month calendar year preceding the levy year for which the refund was made, as published by the federal Bureau of Labor Statistics (now, the interest rate is 5% per year). Effective January 1, 2006.
















LRB094 03719 BDD 33724 b

















FISCAL NOTE ACT MAY APPLY


HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY
















 


 


A BILL FOR









 









HB0504

LRB094 03719 BDD 33724 b






1
    AN ACT concerning revenue.

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


 
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    Section 5. The Property Tax Code is amended  by changing 
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Section 23-20 as follows:
 



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    (35 ILCS 200/23-20)



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    Sec. 23-20. Effect of protested payments; refunds. No 
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protest shall
prevent or be a cause of delay in the 
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distribution of
tax collections to the taxing districts of any 
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taxes collected which were
not paid under protest.
If the final 
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order of the Property Tax Appeal Board or of a court results
in 
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a refund to the taxpayer, refunds shall be made by the 
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collector from
funds
remaining in the Protest Fund until such 
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funds are exhausted and
thereafter from the next funds 
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collected after entry of the final order until
full payment of 
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the refund and interest thereon has been made.  Interest from 
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the date of payment, regardless of whether the
payment was made 
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before the effective date of
this
amendatory Act of 1997, or 
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from the date payment is due,
whichever is
later, to the date 
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of refund shall also be paid
to
the taxpayer at the annual rate 
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of the lesser of (i) 5% or (ii) the percentage increase in the 
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Consumer Price Index For All Urban Consumers during the 
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12-month calendar year preceding the levy year for which the 
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refund was made, as published by the federal Bureau of Labor 
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Statistics
per year.

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(Source: P.A. 90-556, eff. 12-12-97.)

 

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    Section 99. Effective date. This Act takes effect on 
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January 1, 2006.