093_HB3900

                                     LRB093 13026 SJM 18260 b

 1        AN ACT in relation to taxes.

 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    Section 18-125 as follows:

 6        (35 ILCS 200/18-125)
 7        Sec.  18-125.  Rate  limit referenda. Referenda initiated
 8    under Section 18-120 shall be subject to the  provisions  and
 9    limitations of the general election law.
10        The question of adopting maximum tax rate other than that
11    applicable shall be in substantially the following form:
12    -------------------------------------------------------------
13        Shall the maximum tax rate for
14    the..... fund of.........
15    (identify taxing district) be
16    established, for the purpose of            YES
17    (state purpose specified in
18    resolution of the corporate
19    authorities of taxing district),
20    at........ percent
21    on the equalized assessed              ----------------------
22    value, as provided in (identify
23    resolution of the corporate
24    authorities of the taxing district),
25    instead of........... per                  NO
26    cent, the maximum rate otherwise
27    applicable to the next taxes to
28    be extended?
29    -------------------------------------------------------------
30        The  ballot shall have printed thereon, but not as a part
31    of the proposition submitted, an estimate of the  approximate
 
                            -2-      LRB093 13026 SJM 18260 b
 1    amount   extendable  under  the  proposed  rate  and  of  the
 2    approximate  amount  extendable  under   the   current   rate
 3    applicable  to  the  next  taxes extended, such amounts being
 4    computed upon the last known equalized  assessed  value.  Any
 5    error, miscalculation or inaccuracy in computing such amounts
 6    shall  not  invalidate  or affect the validity of any maximum
 7    tax rate so adopted.
 8        The ballot shall have printed thereon, but not as part of
 9    the proposition submitted, an  estimate  of  the  approximate
10    amount  to  be levied upon a residence in the taxing district
11    with a market value of $100,000 under the  current  rate  and
12    under  the  proposed  rate.  The corporate authorities of the
13    taxing district shall make the estimate and shall certify the
14    amount to the election authority as part of the certification
15    of the proposition as required by the general  election  law.
16    Any  error,  miscalculation,  or  inaccuracy in computing the
17    amounts shall not invalidate or affect the  validity  of  any
18    maximum tax rate so adopted.
19        If  a majority of all ballots cast on the proposition are
20    in  favor  of  the  proposition,  the  maximum  tax  rate  so
21    established  shall  become  effective  with  the  levy   next
22    following  the referendum. It is the duty of the county clerk
23    to reduce, if necessary,  the  amount  of  any  taxes  levied
24    thereafter.   Nothing  in  this Section shall be construed as
25    precluding the extension of taxes at  rates  less  than  that
26    authorized by the referendum.
27    (Source: P.A. 86-1253; 88-455.)

28        Section  99.  Effective date.  This Act takes effect upon
29    becoming law.