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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 | Sections 18-185 and 18-205 as follows: | ||||||||||||||||||||||||||
6 | (35 ILCS 200/18-185)
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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:
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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.
| ||||||||||||||||||||||||||
17 | Notwithstanding any other provision of law, if (i) the total | ||||||||||||||||||||||||||
18 | equalized assessed value of all taxable property in the taxing | ||||||||||||||||||||||||||
19 | district for the current levy year is less than the total | ||||||||||||||||||||||||||
20 | equalized assessed value of all taxable property in the taxing | ||||||||||||||||||||||||||
21 | district for the previous levy year, or (ii) the median | ||||||||||||||||||||||||||
22 | equalized assessed value of all taxable property in the taxing | ||||||||||||||||||||||||||
23 | district for the current levy year and the 2 levy years |
| |||||||
| |||||||
1 | immediately preceding the current levy year is less than the | ||||||
2 | median equalized assessed value of all taxable property in the | ||||||
3 | taxing district for the 3 levy years immediately preceding that | ||||||
4 | 3-year period, then the extension limitation is (a) 0% or (b) | ||||||
5 | the rate of increase approved by voters under Section 18-205. | ||||||
6 | For the purposes of this paragraph, "equalized assessed value" | ||||||
7 | does not include new property, recovered tax increment value, | ||||||
8 | or property that is annexed to or disconnected from the taxing | ||||||
9 | district in the applicable levy year.
| ||||||
10 | "Affected county" means a county of 3,000,000 or more | ||||||
11 | inhabitants or a
county contiguous to a county of 3,000,000 or | ||||||
12 | more inhabitants.
| ||||||
13 | "Taxing district" has the same meaning provided in Section | ||||||
14 | 1-150, except as
otherwise provided in this Section. For the | ||||||
15 | 1991 through 1994 levy years only,
"taxing district" includes | ||||||
16 | only each non-home rule taxing district having the
majority of | ||||||
17 | its
1990 equalized assessed value within any county or counties | ||||||
18 | contiguous to a
county with 3,000,000 or more inhabitants. | ||||||
19 | Beginning with the 1995 levy
year, "taxing district" includes | ||||||
20 | only each non-home rule taxing district
subject to this Law | ||||||
21 | before the 1995 levy year and each non-home rule
taxing | ||||||
22 | district not subject to this Law before the 1995 levy year | ||||||
23 | having the
majority of its 1994 equalized assessed value in an | ||||||
24 | affected county or
counties. Beginning with the levy year in
| ||||||
25 | which this Law becomes applicable to a taxing district as
| ||||||
26 | provided in Section 18-213, "taxing district" also includes |
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| |||||||
1 | those taxing
districts made subject to this Law as provided in | ||||||
2 | Section 18-213.
| ||||||
3 | "Aggregate extension" for taxing districts to which this | ||||||
4 | Law applied before
the 1995 levy year means the annual | ||||||
5 | corporate extension for the taxing
district and those special | ||||||
6 | purpose extensions that are made annually for
the taxing | ||||||
7 | district, excluding special purpose extensions: (a) made for | ||||||
8 | the
taxing district to pay interest or principal on general | ||||||
9 | obligation bonds
that were approved by referendum; (b) made for | ||||||
10 | any taxing district to pay
interest or principal on general | ||||||
11 | obligation bonds issued before October 1,
1991; (c) made for | ||||||
12 | any taxing district to pay interest or principal on bonds
| ||||||
13 | issued to refund or continue to refund those bonds issued | ||||||
14 | before October 1,
1991; (d)
made for any taxing district to pay | ||||||
15 | interest or principal on bonds
issued to refund or continue to | ||||||
16 | refund bonds issued after October 1, 1991 that
were approved by | ||||||
17 | referendum; (e)
made for any taxing district to pay interest
or | ||||||
18 | principal on revenue bonds issued before October 1, 1991 for | ||||||
19 | payment of
which a property tax levy or the full faith and | ||||||
20 | credit of the unit of local
government is pledged; however, a | ||||||
21 | tax for the payment of interest or principal
on those bonds | ||||||
22 | shall be made only after the governing body of the unit of | ||||||
23 | local
government finds that all other sources for payment are | ||||||
24 | insufficient to make
those payments; (f) made for payments | ||||||
25 | under a building commission lease when
the lease payments are | ||||||
26 | for the retirement of bonds issued by the commission
before |
| |||||||
| |||||||
1 | October 1, 1991, to pay for the building project; (g) made for | ||||||
2 | payments
due under installment contracts entered into before | ||||||
3 | October 1, 1991;
(h) made for payments of principal and | ||||||
4 | interest on bonds issued under the
Metropolitan Water | ||||||
5 | Reclamation District Act to finance construction projects
| ||||||
6 | initiated before October 1, 1991; (i) made for payments of | ||||||
7 | principal and
interest on limited bonds, as defined in Section | ||||||
8 | 3 of the Local Government Debt
Reform Act, in an amount not to | ||||||
9 | exceed the debt service extension base less
the amount in items | ||||||
10 | (b), (c), (e), and (h) of this definition for
non-referendum | ||||||
11 | obligations, except obligations initially issued pursuant to
| ||||||
12 | referendum; (j) made for payments of principal and interest on | ||||||
13 | bonds
issued under Section 15 of the Local Government Debt | ||||||
14 | Reform Act; (k)
made
by a school district that participates in | ||||||
15 | the Special Education District of
Lake County, created by | ||||||
16 | special education joint agreement under Section
10-22.31 of the | ||||||
17 | School Code, for payment of the school district's share of the
| ||||||
18 | amounts required to be contributed by the Special Education | ||||||
19 | District of Lake
County to the Illinois Municipal Retirement | ||||||
20 | Fund under Article 7 of the
Illinois Pension Code; the amount | ||||||
21 | of any extension under this item (k) shall be
certified by the | ||||||
22 | school district to the county clerk; (l) made to fund
expenses | ||||||
23 | of providing joint recreational programs for the handicapped | ||||||
24 | under
Section 5-8 of
the
Park District Code or Section 11-95-14 | ||||||
25 | of the Illinois Municipal Code; (m) made for temporary | ||||||
26 | relocation loan repayment purposes pursuant to Sections 2-3.77 |
| |||||||
| |||||||
1 | and 17-2.2d of the School Code; (n) made for payment of | ||||||
2 | principal and interest on any bonds issued under the authority | ||||||
3 | of Section 17-2.2d of the School Code; (o) made for | ||||||
4 | contributions to a firefighter's pension fund created under | ||||||
5 | Article 4 of the Illinois Pension Code, to the extent of the | ||||||
6 | amount certified under item (5) of Section 4-134 of the | ||||||
7 | Illinois Pension Code; and (p) made for road purposes in the | ||||||
8 | first year after a township assumes the rights, powers, duties, | ||||||
9 | assets, property, liabilities, obligations, and
| ||||||
10 | responsibilities of a road district abolished under the | ||||||
11 | provisions of Section 6-133 of the Illinois Highway Code.
| ||||||
12 | "Aggregate extension" for the taxing districts to which | ||||||
13 | this Law did not
apply before the 1995 levy year (except taxing | ||||||
14 | districts subject to this Law
in
accordance with Section | ||||||
15 | 18-213) means the annual corporate extension for the
taxing | ||||||
16 | district and those special purpose extensions that are made | ||||||
17 | annually for
the taxing district, excluding special purpose | ||||||
18 | extensions: (a) made for the
taxing district to pay interest or | ||||||
19 | principal on general obligation bonds that
were approved by | ||||||
20 | referendum; (b) made for any taxing district to pay interest
or | ||||||
21 | principal on general obligation bonds issued before March 1, | ||||||
22 | 1995; (c) made
for any taxing district to pay interest or | ||||||
23 | principal on bonds issued to refund
or continue to refund those | ||||||
24 | bonds issued before March 1, 1995; (d) made for any
taxing | ||||||
25 | district to pay interest or principal on bonds issued to refund | ||||||
26 | or
continue to refund bonds issued after March 1, 1995 that |
| |||||||
| |||||||
1 | were approved by
referendum; (e) made for any taxing district | ||||||
2 | to pay interest or principal on
revenue bonds issued before | ||||||
3 | March 1, 1995 for payment of which a property tax
levy or the | ||||||
4 | full faith and credit of the unit of local government is | ||||||
5 | pledged;
however, a tax for the payment of interest or | ||||||
6 | principal on those bonds shall be
made only after the governing | ||||||
7 | body of the unit of local government finds that
all other | ||||||
8 | sources for payment are insufficient to make those payments; | ||||||
9 | (f) made
for payments under a building commission lease when | ||||||
10 | the lease payments are for
the retirement of bonds issued by | ||||||
11 | the commission before March 1, 1995 to
pay for the building | ||||||
12 | project; (g) made for payments due under installment
contracts | ||||||
13 | entered into before March 1, 1995; (h) made for payments of
| ||||||
14 | principal and interest on bonds issued under the Metropolitan | ||||||
15 | Water Reclamation
District Act to finance construction | ||||||
16 | projects initiated before October 1,
1991; (h-4) made for | ||||||
17 | stormwater management purposes by the Metropolitan Water | ||||||
18 | Reclamation District of Greater Chicago under Section 12 of the | ||||||
19 | Metropolitan Water Reclamation District Act; (i) made for | ||||||
20 | payments of principal and interest on limited bonds,
as defined | ||||||
21 | in Section 3 of the Local Government Debt Reform Act, in an | ||||||
22 | amount
not to exceed the debt service extension base less the | ||||||
23 | amount in items (b),
(c), and (e) of this definition for | ||||||
24 | non-referendum obligations, except
obligations initially | ||||||
25 | issued pursuant to referendum and bonds described in
subsection | ||||||
26 | (h) of this definition; (j) made for payments of
principal and |
| |||||||
| |||||||
1 | interest on bonds issued under Section 15 of the Local | ||||||
2 | Government
Debt Reform Act; (k) made for payments of principal | ||||||
3 | and interest on bonds
authorized by Public Act 88-503 and | ||||||
4 | issued under Section 20a of the Chicago
Park District Act for | ||||||
5 | aquarium or
museum projects; (l) made for payments of principal | ||||||
6 | and interest on
bonds
authorized by Public Act 87-1191 or | ||||||
7 | 93-601 and (i) issued pursuant to Section 21.2 of the Cook | ||||||
8 | County Forest
Preserve District Act, (ii) issued under Section | ||||||
9 | 42 of the Cook County
Forest Preserve District Act for | ||||||
10 | zoological park projects, or (iii) issued
under Section 44.1 of | ||||||
11 | the Cook County Forest Preserve District Act for
botanical | ||||||
12 | gardens projects; (m) made
pursuant
to Section 34-53.5 of the | ||||||
13 | School Code, whether levied annually or not;
(n) made to fund | ||||||
14 | expenses of providing joint recreational programs for the
| ||||||
15 | handicapped under Section 5-8 of the Park
District Code or | ||||||
16 | Section 11-95-14 of the Illinois Municipal Code;
(o) made by | ||||||
17 | the
Chicago Park
District for recreational programs for the | ||||||
18 | handicapped under subsection (c) of
Section
7.06 of the Chicago | ||||||
19 | Park District Act; (p) made for contributions to a | ||||||
20 | firefighter's pension fund created under Article 4 of the | ||||||
21 | Illinois Pension Code, to the extent of the amount certified | ||||||
22 | under item (5) of Section 4-134 of the Illinois Pension Code; | ||||||
23 | and (q) made by Ford Heights School District 169 under Section | ||||||
24 | 17-9.02 of the School Code.
| ||||||
25 | "Aggregate extension" for all taxing districts to which | ||||||
26 | this Law applies in
accordance with Section 18-213, except for |
| |||||||
| |||||||
1 | those taxing districts subject to
paragraph (2) of subsection | ||||||
2 | (e) of Section 18-213, means the annual corporate
extension for | ||||||
3 | the
taxing district and those special purpose extensions that | ||||||
4 | are made annually for
the taxing district, excluding special | ||||||
5 | purpose extensions: (a) made for the
taxing district to pay | ||||||
6 | interest or principal on general obligation bonds that
were | ||||||
7 | approved by referendum; (b) made for any taxing district to pay | ||||||
8 | interest
or principal on general obligation bonds issued before | ||||||
9 | the date on which the
referendum making this
Law applicable to | ||||||
10 | the taxing district is held; (c) made
for any taxing district | ||||||
11 | to pay interest or principal on bonds issued to refund
or | ||||||
12 | continue to refund those bonds issued before the date on which | ||||||
13 | the
referendum making this Law
applicable to the taxing | ||||||
14 | district is held;
(d) made for any
taxing district to pay | ||||||
15 | interest or principal on bonds issued to refund or
continue to | ||||||
16 | refund bonds issued after the date on which the referendum | ||||||
17 | making
this Law
applicable to the taxing district is held if | ||||||
18 | the bonds were approved by
referendum after the date on which | ||||||
19 | the referendum making this Law
applicable to the taxing | ||||||
20 | district is held; (e) made for any
taxing district to pay | ||||||
21 | interest or principal on
revenue bonds issued before the date | ||||||
22 | on which the referendum making this Law
applicable to the
| ||||||
23 | taxing district is held for payment of which a property tax
| ||||||
24 | levy or the full faith and credit of the unit of local | ||||||
25 | government is pledged;
however, a tax for the payment of | ||||||
26 | interest or principal on those bonds shall be
made only after |
| |||||||
| |||||||
1 | the governing body of the unit of local government finds that
| ||||||
2 | all other sources for payment are insufficient to make those | ||||||
3 | payments; (f) made
for payments under a building commission | ||||||
4 | lease when the lease payments are for
the retirement of bonds | ||||||
5 | issued by the commission before the date on which the
| ||||||
6 | referendum making this
Law applicable to the taxing district is | ||||||
7 | held to
pay for the building project; (g) made for payments due | ||||||
8 | under installment
contracts entered into before the date on | ||||||
9 | which the referendum making this Law
applicable to
the taxing | ||||||
10 | district is held;
(h) made for payments
of principal and | ||||||
11 | interest on limited bonds,
as defined in Section 3 of the Local | ||||||
12 | Government Debt Reform Act, in an amount
not to exceed the debt | ||||||
13 | service extension base less the amount in items (b),
(c), and | ||||||
14 | (e) of this definition for non-referendum obligations, except
| ||||||
15 | obligations initially issued pursuant to referendum; (i) made | ||||||
16 | for payments
of
principal and interest on bonds issued under | ||||||
17 | Section 15 of the Local Government
Debt Reform Act;
(j)
made | ||||||
18 | for a qualified airport authority to pay interest or principal | ||||||
19 | on
general obligation bonds issued for the purpose of paying | ||||||
20 | obligations due
under, or financing airport facilities | ||||||
21 | required to be acquired, constructed,
installed or equipped | ||||||
22 | pursuant to, contracts entered into before March
1, 1996 (but | ||||||
23 | not including any amendments to such a contract taking effect | ||||||
24 | on
or after that date); (k) made to fund expenses of providing | ||||||
25 | joint
recreational programs for the handicapped under Section | ||||||
26 | 5-8 of
the
Park District Code or Section 11-95-14 of the |
| |||||||
| |||||||
1 | Illinois Municipal Code; (l) made for contributions to a | ||||||
2 | firefighter's pension fund created under Article 4 of the | ||||||
3 | Illinois Pension Code, to the extent of the amount certified | ||||||
4 | under item (5) of Section 4-134 of the Illinois Pension Code; | ||||||
5 | and (m) made for the taxing district to pay interest or | ||||||
6 | principal on general obligation bonds issued pursuant to | ||||||
7 | Section 19-3.10 of the School Code.
| ||||||
8 | "Aggregate extension" for all taxing districts to which | ||||||
9 | this Law applies in
accordance with paragraph (2) of subsection | ||||||
10 | (e) of Section 18-213 means the
annual corporate extension for | ||||||
11 | the
taxing district and those special purpose extensions that | ||||||
12 | are made annually for
the taxing district, excluding special | ||||||
13 | purpose extensions: (a) made for the
taxing district to pay | ||||||
14 | interest or principal on general obligation bonds that
were | ||||||
15 | approved by referendum; (b) made for any taxing district to pay | ||||||
16 | interest
or principal on general obligation bonds issued before | ||||||
17 | the effective date of
this amendatory Act of 1997;
(c) made
for | ||||||
18 | any taxing district to pay interest or principal on bonds | ||||||
19 | issued to refund
or continue to refund those bonds issued | ||||||
20 | before the effective date
of this amendatory Act of 1997;
(d) | ||||||
21 | made for any
taxing district to pay interest or principal on | ||||||
22 | bonds issued to refund or
continue to refund bonds issued after | ||||||
23 | the effective date of this amendatory Act
of 1997 if the bonds | ||||||
24 | were approved by referendum after the effective date of
this | ||||||
25 | amendatory Act of 1997;
(e) made for any
taxing district to pay | ||||||
26 | interest or principal on
revenue bonds issued before the |
| |||||||
| |||||||
1 | effective date of this amendatory Act of 1997
for payment of | ||||||
2 | which a property tax
levy or the full faith and credit of the | ||||||
3 | unit of local government is pledged;
however, a tax for the | ||||||
4 | payment of interest or principal on those bonds shall be
made | ||||||
5 | only after the governing body of the unit of local government | ||||||
6 | finds that
all other sources for payment are insufficient to | ||||||
7 | make those payments; (f) made
for payments under a building | ||||||
8 | commission lease when the lease payments are for
the retirement | ||||||
9 | of bonds issued by the commission before the effective date
of | ||||||
10 | this amendatory Act of 1997
to
pay for the building project; | ||||||
11 | (g) made for payments due under installment
contracts entered | ||||||
12 | into before the effective date of this amendatory Act of
1997;
| ||||||
13 | (h) made for payments
of principal and interest on limited | ||||||
14 | bonds,
as defined in Section 3 of the Local Government Debt | ||||||
15 | Reform Act, in an amount
not to exceed the debt service | ||||||
16 | extension base less the amount in items (b),
(c), and (e) of | ||||||
17 | this definition for non-referendum obligations, except
| ||||||
18 | obligations initially issued pursuant to referendum; (i) made | ||||||
19 | for payments
of
principal and interest on bonds issued under | ||||||
20 | Section 15 of the Local Government
Debt Reform Act;
(j)
made | ||||||
21 | for a qualified airport authority to pay interest or principal | ||||||
22 | on
general obligation bonds issued for the purpose of paying | ||||||
23 | obligations due
under, or financing airport facilities | ||||||
24 | required to be acquired, constructed,
installed or equipped | ||||||
25 | pursuant to, contracts entered into before March
1, 1996 (but | ||||||
26 | not including any amendments to such a contract taking effect |
| |||||||
| |||||||
1 | on
or after that date); (k) made to fund expenses of providing | ||||||
2 | joint
recreational programs for the handicapped under Section | ||||||
3 | 5-8 of
the
Park District Code or Section 11-95-14 of the | ||||||
4 | Illinois Municipal Code; and (l) made for contributions to a | ||||||
5 | firefighter's pension fund created under Article 4 of the | ||||||
6 | Illinois Pension Code, to the extent of the amount certified | ||||||
7 | under item (5) of Section 4-134 of the Illinois Pension Code.
| ||||||
8 | "Debt service extension base" means an amount equal to that | ||||||
9 | portion of the
extension for a taxing district for the 1994 | ||||||
10 | levy year, or for those taxing
districts subject to this Law in | ||||||
11 | accordance with Section 18-213, except for
those subject to | ||||||
12 | paragraph (2) of subsection (e) of Section 18-213, for the
levy
| ||||||
13 | year in which the referendum making this Law applicable to the | ||||||
14 | taxing district
is held, or for those taxing districts subject | ||||||
15 | to this Law in accordance with
paragraph (2) of subsection (e) | ||||||
16 | of Section 18-213 for the 1996 levy year,
constituting an
| ||||||
17 | extension for payment of principal and interest on bonds issued | ||||||
18 | by the taxing
district without referendum, but not including | ||||||
19 | excluded non-referendum bonds. For park districts (i) that were | ||||||
20 | first
subject to this Law in 1991 or 1995 and (ii) whose | ||||||
21 | extension for the 1994 levy
year for the payment of principal | ||||||
22 | and interest on bonds issued by the park
district without | ||||||
23 | referendum (but not including excluded non-referendum bonds)
| ||||||
24 | was less than 51% of the amount for the 1991 levy year | ||||||
25 | constituting an
extension for payment of principal and interest | ||||||
26 | on bonds issued by the park
district without referendum (but |
| |||||||
| |||||||
1 | not including excluded non-referendum bonds),
"debt service | ||||||
2 | extension base" means an amount equal to that portion of the
| ||||||
3 | extension for the 1991 levy year constituting an extension for | ||||||
4 | payment of
principal and interest on bonds issued by the park | ||||||
5 | district without referendum
(but not including excluded | ||||||
6 | non-referendum bonds). A debt service extension base | ||||||
7 | established or increased at any time pursuant to any provision | ||||||
8 | of this Law, except Section 18-212, shall be increased each | ||||||
9 | year commencing with the later of (i) the 2009 levy year or | ||||||
10 | (ii) the first levy year in which this Law becomes applicable | ||||||
11 | to the taxing district, by the lesser of 5% or the percentage | ||||||
12 | increase in the Consumer Price Index during the 12-month | ||||||
13 | calendar year preceding the levy year. The debt service | ||||||
14 | extension
base may be established or increased as provided | ||||||
15 | under Section 18-212.
"Excluded non-referendum bonds" means | ||||||
16 | (i) bonds authorized by Public
Act 88-503 and issued under | ||||||
17 | Section 20a of the Chicago Park District Act for
aquarium and | ||||||
18 | museum projects; (ii) bonds issued under Section 15 of the
| ||||||
19 | Local Government Debt Reform Act; or (iii) refunding | ||||||
20 | obligations issued
to refund or to continue to refund | ||||||
21 | obligations initially issued pursuant to
referendum.
| ||||||
22 | "Special purpose extensions" include, but are not limited | ||||||
23 | to, extensions
for levies made on an annual basis for | ||||||
24 | unemployment and workers'
compensation, self-insurance, | ||||||
25 | contributions to pension plans, and extensions
made pursuant to | ||||||
26 | Section 6-601 of the Illinois Highway Code for a road
|
| |||||||
| |||||||
1 | district's permanent road fund whether levied annually or not. | ||||||
2 | The
extension for a special service area is not included in the
| ||||||
3 | aggregate extension.
| ||||||
4 | "Aggregate extension base" means the taxing district's | ||||||
5 | last preceding
aggregate extension as adjusted under Sections | ||||||
6 | 18-135, 18-215,
and 18-230.
An adjustment under Section 18-135 | ||||||
7 | shall be made for the 2007 levy year and all subsequent levy | ||||||
8 | years whenever one or more counties within which a taxing | ||||||
9 | district is located (i) used estimated valuations or rates when | ||||||
10 | extending taxes in the taxing district for the last preceding | ||||||
11 | levy year that resulted in the over or under extension of | ||||||
12 | taxes, or (ii) increased or decreased the tax extension for the | ||||||
13 | last preceding levy year as required by Section 18-135(c). | ||||||
14 | Whenever an adjustment is required under Section 18-135, the | ||||||
15 | aggregate extension base of the taxing district shall be equal | ||||||
16 | to the amount that the aggregate extension of the taxing | ||||||
17 | district would have been for the last preceding levy year if | ||||||
18 | either or both (i) actual, rather than estimated, valuations or | ||||||
19 | rates had been used to calculate the extension of taxes for the | ||||||
20 | last levy year, or (ii) the tax extension for the last | ||||||
21 | preceding levy year had not been adjusted as required by | ||||||
22 | subsection (c) of Section 18-135.
| ||||||
23 | Notwithstanding any other provision of law, for levy year | ||||||
24 | 2012, the aggregate extension base for West Northfield School | ||||||
25 | District No. 31 in Cook County shall be $12,654,592. | ||||||
26 | "Levy year" has the same meaning as "year" under Section
|
| |||||||
| |||||||
1 | 1-155.
| ||||||
2 | "New property" means (i) the assessed value, after final | ||||||
3 | board of review or
board of appeals action, of new improvements | ||||||
4 | or additions to existing
improvements on any parcel of real | ||||||
5 | property that increase the assessed value of
that real property | ||||||
6 | during the levy year multiplied by the equalization factor
| ||||||
7 | issued by the Department under Section 17-30, (ii) the assessed | ||||||
8 | value, after
final board of review or board of appeals action, | ||||||
9 | of real property not exempt
from real estate taxation, which | ||||||
10 | real property was exempt from real estate
taxation for any | ||||||
11 | portion of the immediately preceding levy year, multiplied by
| ||||||
12 | the equalization factor issued by the Department under Section | ||||||
13 | 17-30, including the assessed value, upon final stabilization | ||||||
14 | of occupancy after new construction is complete, of any real | ||||||
15 | property located within the boundaries of an otherwise or | ||||||
16 | previously exempt military reservation that is intended for | ||||||
17 | residential use and owned by or leased to a private corporation | ||||||
18 | or other entity,
(iii) in counties that classify in accordance | ||||||
19 | with Section 4 of Article
IX of the
Illinois Constitution, an | ||||||
20 | incentive property's additional assessed value
resulting from | ||||||
21 | a
scheduled increase in the level of assessment as applied to | ||||||
22 | the first year
final board of
review market value, and (iv) any | ||||||
23 | increase in assessed value due to oil or gas production from an | ||||||
24 | oil or gas well required to be permitted under the Hydraulic | ||||||
25 | Fracturing Regulatory Act that was not produced in or accounted | ||||||
26 | for during the previous levy year.
In addition, the county |
| |||||||
| |||||||
1 | clerk in a county containing a population of
3,000,000 or more | ||||||
2 | shall include in the 1997
recovered tax increment value for any | ||||||
3 | school district, any recovered tax
increment value that was | ||||||
4 | applicable to the 1995 tax year calculations.
| ||||||
5 | "Qualified airport authority" means an airport authority | ||||||
6 | organized under
the Airport Authorities Act and located in a | ||||||
7 | county bordering on the State of
Wisconsin and having a | ||||||
8 | population in excess of 200,000 and not greater than
500,000.
| ||||||
9 | "Recovered tax increment value" means, except as otherwise | ||||||
10 | provided in this
paragraph, the amount of the current year's | ||||||
11 | equalized assessed value, in the
first year after a | ||||||
12 | municipality terminates
the designation of an area as a | ||||||
13 | redevelopment project area previously
established under the | ||||||
14 | Tax Increment Allocation Development Act in the Illinois
| ||||||
15 | Municipal Code, previously established under the Industrial | ||||||
16 | Jobs Recovery Law
in the Illinois Municipal Code, previously | ||||||
17 | established under the Economic Development Project Area Tax | ||||||
18 | Increment Act of 1995, or previously established under the | ||||||
19 | Economic
Development Area Tax Increment Allocation Act, of each | ||||||
20 | taxable lot, block,
tract, or parcel of real property in the | ||||||
21 | redevelopment project area over and
above the initial equalized | ||||||
22 | assessed value of each property in the
redevelopment project | ||||||
23 | area.
For the taxes which are extended for the 1997 levy year, | ||||||
24 | the recovered tax
increment value for a non-home rule taxing | ||||||
25 | district that first became subject
to this Law for the 1995 | ||||||
26 | levy year because a majority of its 1994 equalized
assessed |
| |||||||
| |||||||
1 | value was in an affected county or counties shall be increased | ||||||
2 | if a
municipality terminated the designation of an area in 1993 | ||||||
3 | as a redevelopment
project area previously established under | ||||||
4 | the 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, or previously
| ||||||
7 | established under the Economic Development Area Tax Increment | ||||||
8 | Allocation Act,
by an amount equal to the 1994 equalized | ||||||
9 | assessed value of each taxable lot,
block, tract, or parcel of | ||||||
10 | real property in the redevelopment project area over
and above | ||||||
11 | the initial equalized assessed value of each property in the
| ||||||
12 | redevelopment project area.
In the first year after a | ||||||
13 | municipality
removes a taxable lot, block, tract, or parcel of | ||||||
14 | real property from a
redevelopment project area established | ||||||
15 | under the Tax Increment Allocation
Development Act in the | ||||||
16 | Illinois
Municipal Code, the Industrial Jobs Recovery Law
in | ||||||
17 | the Illinois Municipal Code, or the Economic
Development Area | ||||||
18 | Tax Increment Allocation Act, "recovered tax increment value"
| ||||||
19 | means the amount of the current year's equalized assessed value | ||||||
20 | of each taxable
lot, block, tract, or parcel of real property | ||||||
21 | removed from the redevelopment
project area over and above the | ||||||
22 | initial equalized assessed value of that real
property before | ||||||
23 | removal from the redevelopment project area.
| ||||||
24 | Except as otherwise provided in this Section, "limiting | ||||||
25 | rate" means a
fraction the numerator of which is the last
| ||||||
26 | preceding aggregate extension base times an amount equal to one |
| |||||||
| |||||||
1 | plus the
extension limitation defined in this Section and the | ||||||
2 | denominator of which
is the current year's equalized assessed | ||||||
3 | value of all real property in the
territory under the | ||||||
4 | jurisdiction of the taxing district during the prior
levy year. | ||||||
5 | For those taxing districts that reduced their aggregate
| ||||||
6 | extension for the last preceding levy year, the highest | ||||||
7 | aggregate extension
in any of the last 3 preceding levy years | ||||||
8 | shall be used for the purpose of
computing the limiting rate. | ||||||
9 | The denominator shall not include new
property or the recovered | ||||||
10 | tax increment
value.
If a new rate, a rate decrease, or a | ||||||
11 | limiting rate increase has been approved at an election held | ||||||
12 | after March 21, 2006, then (i) the otherwise applicable | ||||||
13 | limiting rate shall be increased by the amount of the new rate | ||||||
14 | or shall be reduced by the amount of the rate decrease, as the | ||||||
15 | case may be, or (ii) in the case of a limiting rate increase, | ||||||
16 | the limiting rate shall be equal to the rate set forth
in the | ||||||
17 | proposition approved by the voters for each of the years | ||||||
18 | specified in the proposition, after
which the limiting rate of | ||||||
19 | the taxing district shall be calculated as otherwise provided. | ||||||
20 | In the case of a taxing district that obtained referendum | ||||||
21 | approval for an increased limiting rate on March 20, 2012, the | ||||||
22 | limiting rate for tax year 2012 shall be the rate that | ||||||
23 | generates the approximate total amount of taxes extendable for | ||||||
24 | that tax year, as set forth in the proposition approved by the | ||||||
25 | voters; this rate shall be the final rate applied by the county | ||||||
26 | clerk for the aggregate of all capped funds of the district for |
| |||||||
| |||||||
1 | tax year 2012.
| ||||||
2 | (Source: P.A. 97-611, eff. 1-1-12; 97-1154, eff. 1-25-13; 98-6, | ||||||
3 | eff. 3-29-13; 98-23, eff. 6-17-13.)
| ||||||
4 | (35 ILCS 200/18-205)
| ||||||
5 | Sec. 18-205. Referendum to increase the extension | ||||||
6 | limitation. A taxing
district is limited to an extension | ||||||
7 | limitation as defined in Section 18-185 of 5% or the percentage | ||||||
8 | increase
in the Consumer Price Index during the 12-month | ||||||
9 | calendar year preceding the
levy year, whichever is less . A | ||||||
10 | taxing district may increase its extension
limitation for one | ||||||
11 | or more levy years if that taxing district holds a referendum
| ||||||
12 | before the levy date for the first levy year at which a | ||||||
13 | majority of voters voting on the issue approves
adoption of a | ||||||
14 | higher extension limitation. Referenda shall be conducted at a
| ||||||
15 | regularly scheduled election in accordance with the Election | ||||||
16 | Code. The question shall be presented in
substantially the | ||||||
17 | following manner for all elections held after March 21, 2006:
| ||||||
18 | Shall the extension limitation under the Property Tax | ||||||
19 | Extension Limitation Law for (insert the legal name, | ||||||
20 | number, if any, and county or counties of the taxing | ||||||
21 | district and geographic or other common name by which a | ||||||
22 | school or community college district is known and referred | ||||||
23 | to), Illinois, be increased from (applicable extension | ||||||
24 | limitation) the lesser of 5% or the percentage increase in | ||||||
25 | the Consumer Price Index over the prior levy year to |
| |||||||
| |||||||
1 | (insert the percentage of the proposed increase)% per year | ||||||
2 | for (insert each levy year for which the increased | ||||||
3 | extension limitation will apply)? | ||||||
4 | The votes must be recorded as "Yes" or "No".
| ||||||
5 | If a majority of voters voting on the issue approves the | ||||||
6 | adoption of
the increase, the increase shall be applicable for | ||||||
7 | each
levy year specified.
| ||||||
8 | The ballot for any question submitted pursuant to this | ||||||
9 | Section shall have printed thereon, but not as a part of the | ||||||
10 | question submitted, only the following supplemental | ||||||
11 | information (which shall be supplied to the election authority | ||||||
12 | by the taxing district) in substantially the following form: | ||||||
13 | (1) For the (insert the first levy year for which the | ||||||
14 | increased extension
limitation will be applicable) levy | ||||||
15 | year the approximate amount of the additional tax
| ||||||
16 | extendable against property containing a single family | ||||||
17 | residence and having a fair market
value at the time of the | ||||||
18 | referendum of $100,000 is estimated to be $.... | ||||||
19 | (2) Based upon an average annual percentage increase | ||||||
20 | (or decrease) in the
market value of such property of ...% | ||||||
21 | (insert percentage equal to the average
annual percentage | ||||||
22 | increase or decrease for the prior 3 levy years, at the | ||||||
23 | time the
submission of the question is initiated by the | ||||||
24 | taxing district, in the amount of (A) the
equalized | ||||||
25 | assessed value of the taxable property in the taxing | ||||||
26 | district less (B) the new
property included in the |
| |||||||
| |||||||
1 | equalized assessed value), the approximate amount of the
| ||||||
2 | additional tax extendable against such property for the ... | ||||||
3 | levy year is estimated to be
$... and for the ... levy year | ||||||
4 | is estimated to be $.... | ||||||
5 | Paragraph (2) shall be included only if the increased | ||||||
6 | extension limitation will be applicable for more than one year | ||||||
7 | and shall list each levy year for which the increased extension | ||||||
8 | limitation will be applicable. The additional tax shown for | ||||||
9 | each levy year shall be the approximate dollar amount of the | ||||||
10 | increase over the amount of the most recently completed | ||||||
11 | extension at the time the submission of the question is | ||||||
12 | initiated by the taxing district. The approximate amount of the | ||||||
13 | additional tax extendable shown in paragraphs (1) and (2) shall | ||||||
14 | be calculated by multiplying $100,000 (the fair market value of | ||||||
15 | the property without regard to any property tax exemptions) by | ||||||
16 | (i) the percentage level of assessment prescribed for that | ||||||
17 | property by statute, or by ordinance of the county board in | ||||||
18 | counties that classify property for purposes of taxation in | ||||||
19 | accordance with Section 4 of Article IX of the Illinois | ||||||
20 | Constitution; (ii) the most recent final equalization factor | ||||||
21 | certified to the county clerk by the Department of Revenue at | ||||||
22 | the time the taxing district initiates the submission of the | ||||||
23 | proposition to the electors; (iii) the last known aggregate | ||||||
24 | extension base of the taxing district at the time the | ||||||
25 | submission of the question is initiated by the taxing district; | ||||||
26 | and (iv) the difference between the percentage increase |
| |||||||
| |||||||
1 | proposed in the question and either (i) the lesser of 5% or the | ||||||
2 | percentage increase in the Consumer Price Index for the prior | ||||||
3 | levy year (or an estimate of the percentage increase for the | ||||||
4 | prior levy year if the increase is unavailable at the time the | ||||||
5 | submission of the question is initiated by the taxing district) | ||||||
6 | or (ii) 0%, as applicable ; and dividing the result by the last | ||||||
7 | known equalized assessed value of the taxing district at the | ||||||
8 | time the submission of the question is initiated by the taxing | ||||||
9 | district. This amendatory Act of the 97th General Assembly is | ||||||
10 | intended to clarify the existing requirements of this Section, | ||||||
11 | and shall not be construed to validate any prior non-compliant | ||||||
12 | referendum language. Any notice required to be published in | ||||||
13 | connection with the submission of the question shall also | ||||||
14 | contain this supplemental information and shall not contain any | ||||||
15 | other supplemental information. Any error, miscalculation, or | ||||||
16 | inaccuracy in computing any amount set forth on the ballot or | ||||||
17 | in the notice that is not deliberate shall not invalidate or | ||||||
18 | affect the validity of any proposition approved. Notice of the | ||||||
19 | referendum shall be published and posted as otherwise required | ||||||
20 | by law, and the submission of the question shall be initiated | ||||||
21 | as provided by law.
| ||||||
22 | (Source: P.A. 97-1087, eff. 8-24-12.)
| ||||||
23 | Section 99. Effective date. This Act takes effect upon | ||||||
24 | becoming law.
|