94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB0649

 

Introduced 1/28/2005, by Rep. Jack D. Franks

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 200/20-3 new

    Amends the Property Tax Code. Provides that, notwithstanding any other law to the contrary, for taxable years 2005 and 2006, the rate on any tax imposed under the Act may not be increased from the rate imposed in the 2004 taxable year. A school district, however, may increase property tax rates by referendum. Provides that, notwithstanding any other law to the contrary, for taxable years 2005 and 2006, the equalized assessed value of property shall be the same as the equalized assessed value of that property for the 2004 taxable year. If, however, a parcel of property is improved during taxable year 2005 or 2006, the assessment of that property shall be the assessment for the 2004 taxable year plus the increase in assessed value solely as a result of the improvement and, once the 2004 assessment is increased to reflect an improvement, the assessment for that property shall remain the same for the duration of the assessment freeze period. Effective immediately.


LRB094 04099 BDD 34119 b

FISCAL NOTE ACT MAY APPLY
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB0649 LRB094 04099 BDD 34119 b

1     AN ACT concerning revenue.
 
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 2005 and 2006, the rate on any tax
11 imposed under this Act may not be increased from the rate
12 imposed in the 2004 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 the
18 contrary and except as otherwise provided in this subsection
19 (b), for taxable years 2005 and 2006, the equalized assessed
20 value of property subject to taxation under this Code shall be
21 the same as the equalized assessed value of that property for
22 the 2004 taxable year. If, however, a parcel of property
23 subject to taxation under this Code is improved by the
24 construction of new or added buildings, structures, or other
25 improvements during taxable year 2005 or 2006, the assessment
26 of that property shall be the assessment for the 2004 taxable
27 year plus the increase in assessed value solely as a result of
28 the improvement. Once the 2004 assessment is increased to
29 reflect an improvement, the assessment for that property shall
30 remain the same for the duration of the assessment freeze
31 period.
 
32     Section 99. Effective date. This Act takes effect upon

 

 

HB0649 - 2 - LRB094 04099 BDD 34119 b

1 becoming law.