Illinois General Assembly - Full Text of SB1498
Illinois General Assembly

Previous General Assemblies

Full Text of SB1498  93rd General Assembly

SB1498ham001 93rd General Assembly


                                     LRB093 06568 SJM 16486 a

 1                    AMENDMENT TO SENATE BILL 1498

 2        AMENDMENT NO.     .  Amend Senate Bill 1498 by  replacing
 3    everything after the enacting clause with the following:

 4        "Section 5.  The Property Tax Code is amended by changing
 5    Section 18-230 as follows:

 6        (35 ILCS 200/18-230)
 7        Sec.  18-230.   Rate  increase or decrease factor. When a
 8    new rate or a rate increase or decrease first  effective  for
 9    the  current  levy  year has been approved by referendum, the
10    aggregate extension base, as adjusted in Sections 18-215  and
11    18-220,  shall be multiplied by a rate increase (or decrease)
12    factor. The numerator of  the  rate  increase  (or  decrease)
13    factor  is the total combined rate for the funds that made up
14    the aggregate extension for the taxing district for the prior
15    year plus the  rate  increase  approved  or  minus  the  rate
16    decrease  approved.  The  denominator of the rate increase or
17    decrease factor is the total combined rate for the funds that
18    made up the aggregate extension  for  the  prior  year.   For
19    those  taxing  districts  for  which  a  new  rate  or a rate
20    increase has been approved by referendum held after  December
21    31,  1988,  and  that  did not increase their rate to the new
22    maximum rate for that fund, the rate increase factor shall be
                            -2-      LRB093 06568 SJM 16486 a
 1    adjusted for 4 levy years after the year of the referendum by
 2    a factor the numerator of which is the portion of the new  or
 3    increased  rate  for  which  taxes were not extended plus the
 4    aggregate rate in effect for the levy year prior to the  levy
 5    year  in  which the referendum was passed and the denominator
 6    of which is the aggregate rate in effect for  the  levy  year
 7    prior to the levy year in which the referendum was passed.
 8        For purposes of this Section, for all 2002 levies, as may
 9    be  amended, and as extended and collected in 2003, "the rate
10    increase approved" for school districts subject to Article 17
11    of the School Code includes the difference between the annual
12    rate at which the existing tax was most recently  levied  and
13    the  maximum  rate  at  which  that  tax was authorized to be
14    levied by referendum, to  the  extent  such  information  was
15    contained  in  the  form  of  the  ballot for that referendum
16    pursuant  to  Section  17-3.4  of  the  School  Code.    This
17    definition  of "rate increase approved", however, shall apply
18    only to school districts for which the  following  conditions
19    are met:
20             (i)  the   school   district   is  a  unit  district
21        maintaining grades K through 12;
22             (ii)  the school district has an equalized  assessed
23        valuation  for calendar year 2002 of between $500,000,000
24        and $1,000,000,000;
25             (iii)  the school district  has  an  enrollment  for
26        school year 2002-2003 of at least 5,000; and
27             (iv)  the  subject tax rate increase was approved at
28        the April 1, 2003, consolidated election by a vote of  at
29        least 54% of those voting on the public question.
30    (Source: P.A. 87-17; 88-455.)

31        Section  99.  Effective date.  This Act takes effect upon
32    becoming law.".