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| | HB0189 Engrossed | | LRB098 02813 HLH 32821 b |
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1 | | AN ACT concerning revenue.
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2 | | Be it enacted by the People of the State of Illinois,
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3 | | represented in the General Assembly:
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4 | | Section 5. The Property Tax Code is amended by changing |
5 | | Section 18-140 as follows:
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6 | | (35 ILCS 200/18-140)
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7 | | Sec. 18-140.
Extension upon equalized assessment of |
8 | | current levy
year. All taxes shall be extended by each county |
9 | | clerk upon the valuation
produced by the equalization and |
10 | | assessment of property by the Department for
the levy year. In |
11 | | the computation of rates, a fraction of a mill shall be
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12 | | extended as the next higher mill. Rates may be calculated |
13 | | beyond 3 decimal points to allow the extension to be as close |
14 | | to the levy requested as possible; however, the extension may |
15 | | not exceed the levy requested, after all reductions required |
16 | | under the Property Tax Extension Limitation Law or any other |
17 | | applicable law are applied. Each installment of taxes shall be |
18 | | extended
in a separate column. Installments shall be equal and |
19 | | as to each installment a
fraction of a cent shall be extended |
20 | | as one cent.
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21 | | (Source: P.A. 87-17; 88-455.)
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22 | | Section 99. Effective date. This Act takes effect upon |