96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB5179

 

Introduced 2/1/2010, by Rep. Jim Sacia

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 200/18-185
35 ILCS 200/18-205

    Amends the Property Tax Extension Limitation Law in the Property Tax Code. Provides that, beginning in levy year 2011, for the purpose of determining the extension limitation, the percentage increase in the Consumer Price Index for the 12-month calendar year preceding the levy year may not (i) exceed the percentage increase in the Consumer Price Index for the 12-month calendar year immediately preceding the 12-month calendar year preceding the levy year by more than 37.5% or (ii) be more than 37.5% less than the percentage increase in the Consumer Price Index for the 12-month calendar year immediately preceding the 12-month calendar year preceding the levy year.


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

 

 

A BILL FOR

 

HB5179 LRB096 18010 HLH 33382 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 changing
5 Sections 18-185 and 18-205 as follows:
 
6     (35 ILCS 200/18-185)
7     Sec. 18-185. Short title; definitions. This Division 5 may
8 be cited as the Property Tax Extension Limitation Law. As used
9 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. Beginning
17 in levy year 2011, for the purpose of determining the extension
18 limitation under item (a) of this paragraph, the percentage
19 increase in the Consumer Price Index for the 12-month calendar
20 year preceding the levy year may not (i) exceed the percentage
21 increase in the Consumer Price Index for the 12-month calendar
22 year immediately preceding the 12-month calendar year
23 preceding the levy year by more than 37.5% or (ii) be more than

 

 

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1 37.5% less than the percentage increase in the Consumer Price
2 Index for the 12-month calendar year immediately preceding the
3 12-month calendar year preceding the levy year.
4     "Affected county" means a county of 3,000,000 or more
5 inhabitants or a county contiguous to a county of 3,000,000 or
6 more inhabitants.
7     "Taxing district" has the same meaning provided in Section
8 1-150, except as otherwise provided in this Section. For the
9 1991 through 1994 levy years only, "taxing district" includes
10 only each non-home rule taxing district having the majority of
11 its 1990 equalized assessed value within any county or counties
12 contiguous to a county with 3,000,000 or more inhabitants.
13 Beginning with the 1995 levy year, "taxing district" includes
14 only each non-home rule taxing district subject to this Law
15 before the 1995 levy year and each non-home rule taxing
16 district not subject to this Law before the 1995 levy year
17 having the majority of its 1994 equalized assessed value in an
18 affected county or counties. Beginning with the levy year in
19 which this Law becomes applicable to a taxing district as
20 provided in Section 18-213, "taxing district" also includes
21 those taxing districts made subject to this Law as provided in
22 Section 18-213.
23     "Aggregate extension" for taxing districts to which this
24 Law applied before the 1995 levy year means the annual
25 corporate extension for the taxing district and those special
26 purpose extensions that are made annually for the taxing

 

 

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1 district, excluding special purpose extensions: (a) made for
2 the taxing district to pay interest or principal on general
3 obligation bonds that were approved by referendum; (b) made for
4 any taxing district to pay interest or principal on general
5 obligation bonds issued before October 1, 1991; (c) made for
6 any taxing district to pay interest or principal on bonds
7 issued to refund or continue to refund those bonds issued
8 before October 1, 1991; (d) made for any taxing district to pay
9 interest or principal on bonds issued to refund or continue to
10 refund bonds issued after October 1, 1991 that were approved by
11 referendum; (e) made for any taxing district to pay interest or
12 principal on revenue bonds issued before October 1, 1991 for
13 payment of which a property tax levy or the full faith and
14 credit of the unit of local government is pledged; however, a
15 tax for the payment of interest or principal on those bonds
16 shall be made only after the governing body of the unit of
17 local government finds that all other sources for payment are
18 insufficient to make those payments; (f) made for payments
19 under a building commission lease when the lease payments are
20 for the retirement of bonds issued by the commission before
21 October 1, 1991, to pay for the building project; (g) made for
22 payments due under installment contracts entered into before
23 October 1, 1991; (h) made for payments of principal and
24 interest on bonds issued under the Metropolitan Water
25 Reclamation District Act to finance construction projects
26 initiated before October 1, 1991; (i) made for payments of

 

 

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1 principal and interest on limited bonds, as defined in Section
2 3 of the Local Government Debt Reform Act, in an amount not to
3 exceed the debt service extension base less the amount in items
4 (b), (c), (e), and (h) of this definition for non-referendum
5 obligations, except obligations initially issued pursuant to
6 referendum; (j) made for payments of principal and interest on
7 bonds issued under Section 15 of the Local Government Debt
8 Reform Act; (k) made by a school district that participates in
9 the Special Education District of Lake County, created by
10 special education joint agreement under Section 10-22.31 of the
11 School Code, for payment of the school district's share of the
12 amounts required to be contributed by the Special Education
13 District of Lake County to the Illinois Municipal Retirement
14 Fund under Article 7 of the Illinois Pension Code; the amount
15 of any extension under this item (k) shall be certified by the
16 school district to the county clerk; (l) made to fund expenses
17 of providing joint recreational programs for the handicapped
18 under Section 5-8 of the Park District Code or Section 11-95-14
19 of the Illinois Municipal Code; (m) made for temporary
20 relocation loan repayment purposes pursuant to Sections 2-3.77
21 and 17-2.2d of the School Code; (n) made for payment of
22 principal and interest on any bonds issued under the authority
23 of Section 17-2.2d of the School Code; and (o) made for
24 contributions to a firefighter's pension fund created under
25 Article 4 of the Illinois Pension Code, to the extent of the
26 amount certified under item (5) of Section 4-134 of the

 

 

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1 Illinois Pension Code.
2     "Aggregate extension" for the taxing districts to which
3 this Law did not apply before the 1995 levy year (except taxing
4 districts subject to this Law in accordance with Section
5 18-213) means the annual corporate extension for the taxing
6 district and those special purpose extensions that are made
7 annually for the taxing district, excluding special purpose
8 extensions: (a) made for the taxing district to pay interest or
9 principal on general obligation bonds that were approved by
10 referendum; (b) made for any taxing district to pay interest or
11 principal on general obligation bonds issued before March 1,
12 1995; (c) made for any taxing district to pay interest or
13 principal on bonds issued to refund or continue to refund those
14 bonds issued before March 1, 1995; (d) made for any taxing
15 district to pay interest or principal on bonds issued to refund
16 or continue to refund bonds issued after March 1, 1995 that
17 were approved by referendum; (e) made for any taxing district
18 to pay interest or principal on revenue bonds issued before
19 March 1, 1995 for payment of which a property tax levy or the
20 full faith and credit of the unit of local government is
21 pledged; however, a tax for the payment of interest or
22 principal on those bonds shall be made only after the governing
23 body of the unit of local government finds that all other
24 sources for payment are insufficient to make those payments;
25 (f) made for payments under a building commission lease when
26 the lease payments are for the retirement of bonds issued by

 

 

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1 the commission before March 1, 1995 to pay for the building
2 project; (g) made for payments due under installment contracts
3 entered into before March 1, 1995; (h) made for payments of
4 principal and interest on bonds issued under the Metropolitan
5 Water Reclamation District Act to finance construction
6 projects initiated before October 1, 1991; (h-4) made for
7 stormwater management purposes by the Metropolitan Water
8 Reclamation District of Greater Chicago under Section 12 of the
9 Metropolitan Water Reclamation District Act; (i) made for
10 payments of principal and interest on limited bonds, as defined
11 in Section 3 of the Local Government Debt Reform Act, in an
12 amount not to exceed the debt service extension base less the
13 amount in items (b), (c), and (e) of this definition for
14 non-referendum obligations, except obligations initially
15 issued pursuant to referendum and bonds described in subsection
16 (h) of this definition; (j) made for payments of principal and
17 interest on bonds issued under Section 15 of the Local
18 Government Debt Reform Act; (k) made for payments of principal
19 and interest on bonds authorized by Public Act 88-503 and
20 issued under Section 20a of the Chicago Park District Act for
21 aquarium or museum projects; (l) made for payments of principal
22 and interest on bonds authorized by Public Act 87-1191 or
23 93-601 and (i) issued pursuant to Section 21.2 of the Cook
24 County Forest Preserve District Act, (ii) issued under Section
25 42 of the Cook County Forest Preserve District Act for
26 zoological park projects, or (iii) issued under Section 44.1 of

 

 

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1 the Cook County Forest Preserve District Act for botanical
2 gardens projects; (m) made pursuant to Section 34-53.5 of the
3 School Code, whether levied annually or not; (n) made to fund
4 expenses of providing joint recreational programs for the
5 handicapped under Section 5-8 of the Park District Code or
6 Section 11-95-14 of the Illinois Municipal Code; (o) made by
7 the Chicago Park District for recreational programs for the
8 handicapped under subsection (c) of Section 7.06 of the Chicago
9 Park District Act; (p) made for contributions to a
10 firefighter's pension fund created under Article 4 of the
11 Illinois Pension Code, to the extent of the amount certified
12 under item (5) of Section 4-134 of the Illinois Pension Code;
13 and (q) made by Ford Heights School District 169 under Section
14 17-9.02 of the School Code.
15     "Aggregate extension" for all taxing districts to which
16 this Law applies in accordance with Section 18-213, except for
17 those taxing districts subject to paragraph (2) of subsection
18 (e) of Section 18-213, means the annual corporate extension for
19 the taxing district and those special purpose extensions that
20 are made annually for the taxing district, excluding special
21 purpose extensions: (a) made for the taxing district to pay
22 interest or principal on general obligation bonds that were
23 approved by referendum; (b) made for any taxing district to pay
24 interest or principal on general obligation bonds issued before
25 the date on which the referendum making this Law applicable to
26 the taxing district is held; (c) made for any taxing district

 

 

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1 to pay interest or principal on bonds issued to refund or
2 continue to refund those bonds issued before the date on which
3 the referendum making this Law applicable to the taxing
4 district is held; (d) made for any taxing district to pay
5 interest or principal on bonds issued to refund or continue to
6 refund bonds issued after the date on which the referendum
7 making this Law applicable to the taxing district is held if
8 the bonds were approved by referendum after the date on which
9 the referendum making this Law applicable to the taxing
10 district is held; (e) made for any taxing district to pay
11 interest or principal on revenue bonds issued before the date
12 on which the referendum making this Law applicable to the
13 taxing district is held for payment of which a property tax
14 levy or the full faith and credit of the unit of local
15 government is pledged; however, a tax for the payment of
16 interest or principal on those bonds shall be made only after
17 the governing body of the unit of local government finds that
18 all other sources for payment are insufficient to make those
19 payments; (f) made for payments under a building commission
20 lease when the lease payments are for the retirement of bonds
21 issued by the commission before the date on which the
22 referendum making this Law applicable to the taxing district is
23 held to pay for the building project; (g) made for payments due
24 under installment contracts entered into before the date on
25 which the referendum making this Law applicable to the taxing
26 district is held; (h) made for payments of principal and

 

 

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1 interest on limited bonds, as defined in Section 3 of the Local
2 Government Debt Reform Act, in an amount not to exceed the debt
3 service extension base less the amount in items (b), (c), and
4 (e) of this definition for non-referendum obligations, except
5 obligations initially issued pursuant to referendum; (i) made
6 for payments of principal and interest on bonds issued under
7 Section 15 of the Local Government Debt Reform Act; (j) made
8 for a qualified airport authority to pay interest or principal
9 on general obligation bonds issued for the purpose of paying
10 obligations due under, or financing airport facilities
11 required to be acquired, constructed, installed or equipped
12 pursuant to, contracts entered into before March 1, 1996 (but
13 not including any amendments to such a contract taking effect
14 on or after that date); (k) made to fund expenses of providing
15 joint recreational programs for the handicapped under Section
16 5-8 of the Park District Code or Section 11-95-14 of the
17 Illinois Municipal Code; (l) made for contributions to a
18 firefighter's pension fund created under Article 4 of the
19 Illinois Pension Code, to the extent of the amount certified
20 under item (5) of Section 4-134 of the Illinois Pension Code;
21 and (m) made for the taxing district to pay interest or
22 principal on general obligation bonds issued pursuant to
23 Section 19-3.10 of the School Code.
24     "Aggregate extension" for all taxing districts to which
25 this Law applies in accordance with paragraph (2) of subsection
26 (e) of Section 18-213 means the annual corporate extension for

 

 

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1 the taxing district and those special purpose extensions that
2 are made annually for the taxing district, excluding special
3 purpose extensions: (a) made for the taxing district to pay
4 interest or principal on general obligation bonds that were
5 approved by referendum; (b) made for any taxing district to pay
6 interest or principal on general obligation bonds issued before
7 the effective date of this amendatory Act of 1997; (c) made for
8 any taxing district to pay interest or principal on bonds
9 issued to refund or continue to refund those bonds issued
10 before the effective date of this amendatory Act of 1997; (d)
11 made for any taxing district to pay interest or principal on
12 bonds issued to refund or continue to refund bonds issued after
13 the effective date of this amendatory Act of 1997 if the bonds
14 were approved by referendum after the effective date of this
15 amendatory Act of 1997; (e) made for any taxing district to pay
16 interest or principal on revenue bonds issued before the
17 effective date of this amendatory Act of 1997 for payment of
18 which a property tax levy or the full faith and credit of the
19 unit of local government is pledged; however, a tax for the
20 payment of interest or principal on those bonds shall be made
21 only after the governing body of the unit of local government
22 finds that all other sources for payment are insufficient to
23 make those payments; (f) made for payments under a building
24 commission lease when the lease payments are for the retirement
25 of bonds issued by the commission before the effective date of
26 this amendatory Act of 1997 to pay for the building project;

 

 

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1 (g) made for payments due under installment contracts entered
2 into before the effective date of this amendatory Act of 1997;
3 (h) made for payments of principal and interest on limited
4 bonds, as defined in Section 3 of the Local Government Debt
5 Reform Act, in an amount not to exceed the debt service
6 extension base less the amount in items (b), (c), and (e) of
7 this definition for non-referendum obligations, except
8 obligations initially issued pursuant to referendum; (i) made
9 for payments of principal and interest on bonds issued under
10 Section 15 of the Local Government Debt Reform Act; (j) made
11 for a qualified airport authority to pay interest or principal
12 on general obligation bonds issued for the purpose of paying
13 obligations due under, or financing airport facilities
14 required to be acquired, constructed, installed or equipped
15 pursuant to, contracts entered into before March 1, 1996 (but
16 not including any amendments to such a contract taking effect
17 on or after that date); (k) made to fund expenses of providing
18 joint recreational programs for the handicapped under Section
19 5-8 of the Park District Code or Section 11-95-14 of the
20 Illinois Municipal Code; and (l) made for contributions to a
21 firefighter's pension fund created under Article 4 of the
22 Illinois Pension Code, to the extent of the amount certified
23 under item (5) of Section 4-134 of the Illinois Pension Code.
24     "Debt service extension base" means an amount equal to that
25 portion of the extension for a taxing district for the 1994
26 levy year, or for those taxing districts subject to this Law in

 

 

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1 accordance with Section 18-213, except for those subject to
2 paragraph (2) of subsection (e) of Section 18-213, for the levy
3 year in which the referendum making this Law applicable to the
4 taxing district is held, or for those taxing districts subject
5 to this Law in accordance with paragraph (2) of subsection (e)
6 of Section 18-213 for the 1996 levy year, constituting an
7 extension for payment of principal and interest on bonds, other
8 than excluded non-referendum bonds, issued by the taxing
9 district without referendum, increased each year, commencing
10 with the 2009 levy year, by the lesser of 5% or the percentage
11 increase in the Consumer Price Index during the 12-month
12 calendar year preceding the levy year, except that, beginning
13 in levy year 2011, the percentage increase in the Consumer
14 Price Index for the 12-month calendar year preceding the levy
15 year may not (i) exceed the percentage increase in the Consumer
16 Price Index for the 12-month calendar year immediately
17 preceding the 12-month calendar year preceding the levy year by
18 more than 37.5% or (ii) be more than 37.5% less than the
19 percentage increase in the Consumer Price Index for the
20 12-month calendar year immediately preceding the 12-month
21 calendar year preceding the levy year but not including
22 excluded non-referendum bonds. For park districts (i) that were
23 first subject to this Law in 1991 or 1995 and (ii) whose
24 extension for the 1994 levy year for the payment of principal
25 and interest on bonds issued by the park district without
26 referendum (but not including excluded non-referendum bonds)

 

 

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1 was less than 51% of the amount for the 1991 levy year
2 constituting an extension for payment of principal and interest
3 on bonds issued by the park district without referendum (but
4 not including excluded non-referendum bonds), "debt service
5 extension base" means an amount equal to that portion of the
6 extension for the 1991 levy year constituting an extension for
7 payment of principal and interest on bonds issued by the park
8 district without referendum (but not including excluded
9 non-referendum bonds). The debt service extension base may be
10 established or increased as provided under Section 18-212.
11 "Excluded non-referendum bonds" means (i) bonds authorized by
12 Public Act 88-503 and issued under Section 20a of the Chicago
13 Park District Act for aquarium and museum projects; (ii) bonds
14 issued under Section 15 of the Local Government Debt Reform
15 Act; or (iii) refunding obligations issued to refund or to
16 continue to refund obligations initially issued pursuant to
17 referendum.
18     "Special purpose extensions" include, but are not limited
19 to, extensions for levies made on an annual basis for
20 unemployment and workers' compensation, self-insurance,
21 contributions to pension plans, and extensions made pursuant to
22 Section 6-601 of the Illinois Highway Code for a road
23 district's permanent road fund whether levied annually or not.
24 The extension for a special service area is not included in the
25 aggregate extension.
26     "Aggregate extension base" means the taxing district's

 

 

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1 last preceding aggregate extension as adjusted under Sections
2 18-135, 18-215, and 18-230. An adjustment under Section 18-135
3 shall be made for the 2007 levy year and all subsequent levy
4 years whenever one or more counties within which a taxing
5 district is located (i) used estimated valuations or rates when
6 extending taxes in the taxing district for the last preceding
7 levy year that resulted in the over or under extension of
8 taxes, or (ii) increased or decreased the tax extension for the
9 last preceding levy year as required by Section 18-135(c).
10 Whenever an adjustment is required under Section 18-135, the
11 aggregate extension base of the taxing district shall be equal
12 to the amount that the aggregate extension of the taxing
13 district would have been for the last preceding levy year if
14 either or both (i) actual, rather than estimated, valuations or
15 rates had been used to calculate the extension of taxes for the
16 last levy year, or (ii) the tax extension for the last
17 preceding levy year had not been adjusted as required by
18 subsection (c) of Section 18-135.
19     "Levy year" has the same meaning as "year" under Section
20 1-155.
21     "New property" means (i) the assessed value, after final
22 board of review or board of appeals action, of new improvements
23 or additions to existing improvements on any parcel of real
24 property that increase the assessed value of that real property
25 during the levy year multiplied by the equalization factor
26 issued by the Department under Section 17-30, (ii) the assessed

 

 

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1 value, after final board of review or board of appeals action,
2 of real property not exempt from real estate taxation, which
3 real property was exempt from real estate taxation for any
4 portion of the immediately preceding levy year, multiplied by
5 the equalization factor issued by the Department under Section
6 17-30, including the assessed value, upon final stabilization
7 of occupancy after new construction is complete, of any real
8 property located within the boundaries of an otherwise or
9 previously exempt military reservation that is intended for
10 residential use and owned by or leased to a private corporation
11 or other entity, and (iii) in counties that classify in
12 accordance with Section 4 of Article IX of the Illinois
13 Constitution, an incentive property's additional assessed
14 value resulting from a scheduled increase in the level of
15 assessment as applied to the first year final board of review
16 market value. In addition, the county clerk in a county
17 containing a population of 3,000,000 or more shall include in
18 the 1997 recovered tax increment value for any school district,
19 any recovered tax increment value that was applicable to the
20 1995 tax year calculations.
21     "Qualified airport authority" means an airport authority
22 organized under the Airport Authorities Act and located in a
23 county bordering on the State of Wisconsin and having a
24 population in excess of 200,000 and not greater than 500,000.
25     "Recovered tax increment value" means, except as otherwise
26 provided in this paragraph, the amount of the current year's

 

 

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1 equalized assessed value, in the first year after a
2 municipality terminates the designation of an area as a
3 redevelopment project area previously established under the
4 Tax Increment Allocation Development Act in the Illinois
5 Municipal Code, previously established under the Industrial
6 Jobs Recovery Law in the Illinois Municipal Code, previously
7 established under the Economic Development Project Area Tax
8 Increment Act of 1995, or previously established under the
9 Economic Development Area Tax Increment Allocation Act, of each
10 taxable lot, block, tract, or parcel of real property in the
11 redevelopment project area over and above the initial equalized
12 assessed value of each property in the redevelopment project
13 area. For the taxes which are extended for the 1997 levy year,
14 the recovered tax increment value for a non-home rule taxing
15 district that first became subject to this Law for the 1995
16 levy year because a majority of its 1994 equalized assessed
17 value was in an affected county or counties shall be increased
18 if a municipality terminated the designation of an area in 1993
19 as a redevelopment project area previously established under
20 the Tax Increment Allocation Development Act in the Illinois
21 Municipal Code, previously established under the Industrial
22 Jobs Recovery Law in the Illinois Municipal Code, or previously
23 established under the Economic Development Area Tax Increment
24 Allocation Act, by an amount equal to the 1994 equalized
25 assessed value of each taxable lot, block, tract, or parcel of
26 real property in the redevelopment project area over and above

 

 

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1 the initial equalized assessed value of each property in the
2 redevelopment project area. In the first year after a
3 municipality removes a taxable lot, block, tract, or parcel of
4 real property from a redevelopment project area established
5 under the Tax Increment Allocation Development Act in the
6 Illinois Municipal Code, the Industrial Jobs Recovery Law in
7 the Illinois Municipal Code, or the Economic Development Area
8 Tax Increment Allocation Act, "recovered tax increment value"
9 means the amount of the current year's equalized assessed value
10 of each taxable lot, block, tract, or parcel of real property
11 removed from the redevelopment project area over and above the
12 initial equalized assessed value of that real property before
13 removal from the redevelopment project area.
14     Except as otherwise provided in this Section, "limiting
15 rate" means a fraction the numerator of which is the last
16 preceding aggregate extension base times an amount equal to one
17 plus the extension limitation defined in this Section and the
18 denominator of which is the current year's equalized assessed
19 value of all real property in the territory under the
20 jurisdiction of the taxing district during the prior levy year.
21 For those taxing districts that reduced their aggregate
22 extension for the last preceding levy year, the highest
23 aggregate extension in any of the last 3 preceding levy years
24 shall be used for the purpose of computing the limiting rate.
25 The denominator shall not include new property or the recovered
26 tax increment value. If a new rate, a rate decrease, or a

 

 

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1 limiting rate increase has been approved at an election held
2 after March 21, 2006, then (i) the otherwise applicable
3 limiting rate shall be increased by the amount of the new rate
4 or shall be reduced by the amount of the rate decrease, as the
5 case may be, or (ii) in the case of a limiting rate increase,
6 the limiting rate shall be equal to the rate set forth in the
7 proposition approved by the voters for each of the years
8 specified in the proposition, after which the limiting rate of
9 the taxing district shall be calculated as otherwise provided.
10 (Source: P.A. 95-90, eff. 1-1-08; 95-331, eff. 8-21-07; 95-404,
11 eff. 1-1-08; 95-876, eff. 8-21-08; 96-501, eff. 8-14-09;
12 96-517, eff. 8-14-09; revised 9-15-09.)
 
13     (35 ILCS 200/18-205)
14     Sec. 18-205. Referendum to increase the extension
15 limitation. A taxing district is limited to an extension
16 limitation of 5% or the percentage increase in the Consumer
17 Price Index during the 12-month calendar year preceding the
18 levy year (subject to the 37.5% limitation on the percentage
19 increase in the Consumer Price Index set forth in Section
20 18-185 of this Code), whichever is less. A taxing district may
21 increase its extension limitation for one or more levy years if
22 that taxing district holds a referendum before the levy date
23 for the first levy year at which a majority of voters voting on
24 the issue approves adoption of a higher extension limitation.
25 Referenda shall be conducted at a regularly scheduled election

 

 

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1 in accordance with the Election Code. The question shall be
2 presented in substantially the following manner for all
3 elections held after March 21, 2006:
4         Shall the extension limitation under the Property Tax
5     Extension Limitation Law for (insert the legal name,
6     number, if any, and county or counties of the taxing
7     district and geographic or other common name by which a
8     school or community college district is known and referred
9     to), Illinois, be increased from the lesser of 5% or the
10     percentage increase in the Consumer Price Index over the
11     prior levy year to (insert the percentage of the proposed
12     increase)% per year for (insert each levy year for which
13     the increased extension limitation will apply)?
14 The votes must be recorded as "Yes" or "No".
15 If a majority of voters voting on the issue approves the
16 adoption of the increase, the increase shall be applicable for
17 each levy year specified.
18     The ballot for any question submitted pursuant to this
19 Section shall have printed thereon, but not as a part of the
20 question submitted, only the following supplemental
21 information (which shall be supplied to the election authority
22 by the taxing district) in substantially the following form:
23         (1) For the (insert the first levy year for which the
24     increased extension limitation will be applicable) levy
25     year the approximate amount of the additional tax
26     extendable against property containing a single family

 

 

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1     residence and having a fair market value at the time of the
2     referendum of $100,000 is estimated to be $....
3         (2) Based upon an average annual percentage increase
4     (or decrease) in the market value of such property of ...%
5     (insert percentage equal to the average annual percentage
6     increase or decrease for the prior 3 levy years, at the
7     time the submission of the question is initiated by the
8     taxing district, in the amount of (A) the equalized
9     assessed value of the taxable property in the taxing
10     district less (B) the new property included in the
11     equalized assessed value), the approximate amount of the
12     additional tax extendable against such property for the ...
13     levy year is estimated to be $... and for the ... levy year
14     is estimated to be $....
15     Paragraph (2) shall be included only if the increased
16 extension limitation will be applicable for more than one year
17 and shall list each levy year for which the increased extension
18 limitation will be applicable. The additional tax shown for
19 each levy year shall be the approximate dollar amount of the
20 increase over the amount of the most recently completed
21 extension at the time the submission of the question is
22 initiated by the taxing district. The approximate amount of the
23 additional tax extendable shall be calculated by using (A) the
24 lesser of 5% or the percentage increase in the Consumer Price
25 Index, subject to the 37.5% limitation set forth in Section
26 18-185 of this Code, for the prior levy year (or an estimate of

 

 

HB5179 - 21 - LRB096 18010 HLH 33382 b

1 the percentage increase for the prior levy year if the increase
2 is unavailable at the time the submission of the question is
3 initiated by the taxing district), (B) the percentage increase
4 proposed in the question, and (C) the last known equalized
5 assessed value and aggregate extension base of the taxing
6 district at the time the submission of the question is
7 initiated by the taxing district. The approximate amount of the
8 tax extendable shall be calculated (i) without regard to any
9 property tax exemptions and (ii) based upon the percentage
10 level of assessment prescribed for such property by statute or
11 by ordinance of the county board in counties which classify
12 property for purposes of taxation in accordance with Section 4
13 of Article IX of the Constitution. Any notice required to be
14 published in connection with the submission of the question
15 shall also contain this supplemental information and shall not
16 contain any other supplemental information. Any error,
17 miscalculation, or inaccuracy in computing any amount set forth
18 on the ballot or in the notice that is not deliberate shall not
19 invalidate or affect the validity of any proposition approved.
20 Notice of the referendum shall be published and posted as
21 otherwise required by law, and the submission of the question
22 shall be initiated as provided by law.
23 (Source: P.A. 94-976, eff. 6-30-06.)