Synopsis As Introduced Amends the Property Tax Extension Limitation Law in the Property Tax Code. Provides that, if the total equalized assessed value of all taxable property in the taxing district for the current levy year (excluding new property, recovered tax increment value, and property that is annexed to or disconnected from the taxing district in the current levy year) is less than the total equalized assessed value of all taxable property in the taxing district for the previous levy year, then the extension limitation is (a) 0% or (b) the rate of increase approved by voters (instead of the lesser of 5% or the percentage increase in the Consumer Price Index during the 12-month calendar year preceding the levy year or (b) the rate of increase approved by voters). Effective immediately.
Correctional Note (Dept of Corrections)
There are no penalty enhancements associated with this bill. The bill would have no fiscal or population impact on the Department.
Balanced Budget Note (Office of Management and Budget)
This bill does not have any fiscal impact on State revenues. This legislation may result in lost revenues for local governments impacted by the bill.
State Debt Impact Note (Government Forecasting & Accountability)
HB 89 would not change the amount of authorization for any type of State-issued or State-supported bond, and, therefore, would not affect the level of State indebtedness.
There is no discernible fiscal impact of any pension system associated with HB 89.
Judicial Note (Admin Office of the Illinois Courts)
This bill would neither increase nor decrease the number of judges needed in the State.
Home Rule Note (Dept. of Commerce & Economic Opportunity)
This legislation does not pre-empt home rule authority.
State Mandates Fiscal Note (Dept. of Commerce & Economic Opportunity)
This legislation does not create a State mandate.
Fiscal Note (Dept. of Revenue)
HB 89 will have no fiscal impact on State revenues. Based on changes in taxable equalized assessed value from tax year 2010 to 2011, the most recent tax years for which the Department of Revenue has data available, HB 3041 would have decreased revenues to local taxing jurisdictions in the following amounts: (1) 13 Counties with a loss of approximately $5 million; (2) 194 Municipalities with a loss of approximately $37 million; (3) 149 Townships with a loss of approximately $7 million; (4) 186 Special Districts with a loss of approximately $33 million; (5) 98 School Districts with a loss of approximately $46 million. The total impact to local taxing districts had this change been applied to the 2011 tax year would have been approximately $128 million spread across 640 taxing districts.