Full Text of HB3201 98th General Assembly
HB3201ham001 98TH GENERAL ASSEMBLY | Rep. Emanuel Chris Welch Filed: 3/19/2013
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| 1 | | AMENDMENT TO HOUSE BILL 3201
| 2 | | AMENDMENT NO. ______. Amend House Bill 3201 by replacing | 3 | | everything after the enacting clause with the following:
| 4 | | "Section 5. The Illinois Municipal Code is amended by | 5 | | changing Section 11-74.4-9 as follows:
| 6 | | (65 ILCS 5/11-74.4-9)
(from Ch. 24, par. 11-74.4-9)
| 7 | | Sec. 11-74.4-9. Equalized assessed value of property.
| 8 | | (a) If a municipality by ordinance provides for tax
| 9 | | increment allocation financing pursuant to Section 11-74.4-8, | 10 | | the county clerk
immediately thereafter shall determine (1) the | 11 | | most recently ascertained
equalized assessed value of each lot, | 12 | | block, tract or parcel of real property
within such | 13 | | redevelopment project area from which shall be deducted the
| 14 | | homestead exemptions under Article 15 of the Property
Tax Code, | 15 | | which value shall be the "initial equalized assessed value" of | 16 | | each
such piece of property, and (2) the total equalized |
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| 1 | | assessed value of all
taxable real property within such | 2 | | redevelopment project area by adding together
the most recently | 3 | | ascertained equalized assessed value of each taxable lot,
| 4 | | block, tract, or parcel of real property within such project | 5 | | area, from which
shall be deducted the homestead exemptions | 6 | | provided by Sections 15-170,
15-175, and 15-176 of the Property | 7 | | Tax Code, and shall certify such amount
as the "total
initial | 8 | | equalized assessed value" of the taxable real property within | 9 | | such
project area. | 10 | | Notwithstanding any other provision of law, in the case of | 11 | | any redevelopment project area established by the Village of | 12 | | Bellwood on or after January 1, 2005 and prior to the effective | 13 | | date of this amendatory Act of the 98th General Assembly, if | 14 | | each taxing district located in whole or in part within the | 15 | | redevelopment project area submits a letter to the Clerk of the | 16 | | House of Representatives, the Secretary of the Senate, and the | 17 | | county clerk on or before December 31, 2013 supporting the | 18 | | change in "total initial equalized assessed value", as provided | 19 | | in this paragraph, then the "total initial equalized assessed | 20 | | value" shall be the equalized assessed value of each taxable | 21 | | lot,
block, tract, or parcel of real property within that | 22 | | redevelopment project area for the 2012 levy year. As soon as | 23 | | possible after the last letter of support is received, the | 24 | | county clerk shall recertify the "total initial equalized | 25 | | assessed value" of those redevelopment project areas in | 26 | | accordance with the provisions of this amendatory Act of the |
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| 1 | | 98th General Assembly.
| 2 | | (b) In reference to any municipality which has adopted tax | 3 | | increment
financing after January 1, 1978, and in respect to | 4 | | which the county clerk
has certified the "total initial | 5 | | equalized assessed value" of the property
in the redevelopment | 6 | | area, the municipality may thereafter request the clerk
in | 7 | | writing to adjust the initial equalized value of all taxable | 8 | | real property
within the redevelopment project area by | 9 | | deducting therefrom the exemptions under Article 15 of the
| 10 | | Property Tax Code applicable
to each lot, block, tract or | 11 | | parcel of real property within such redevelopment
project area. | 12 | | The county clerk shall immediately after the written request to
| 13 | | adjust the total initial equalized value is received determine | 14 | | the total
homestead exemptions in the redevelopment project | 15 | | area provided by Sections
15-170, 15-175, and 15-176 of the | 16 | | Property Tax Code by adding
together the homestead
exemptions | 17 | | provided by said Sections
on each lot, block, tract or parcel | 18 | | of real property within such redevelopment
project area and | 19 | | then shall deduct the total of said exemptions from the total
| 20 | | initial equalized assessed value. The county clerk shall then | 21 | | promptly certify
such amount as the "total initial equalized | 22 | | assessed value as adjusted" of the
taxable real property within | 23 | | such redevelopment project area.
| 24 | | (c) After the county clerk has certified the "total initial
| 25 | | equalized assessed value" of the taxable real property in such | 26 | | area, then
in respect to every taxing district containing a |
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| 1 | | redevelopment project area,
the county clerk or any other | 2 | | official required by law to ascertain the amount
of the | 3 | | equalized assessed value of all taxable property within such | 4 | | district
for the purpose of computing the rate per cent of tax | 5 | | to be extended upon
taxable property within such district, | 6 | | shall in every year that tax increment
allocation financing is | 7 | | in effect ascertain the amount of value of taxable
property in | 8 | | a redevelopment project area by including in such amount the | 9 | | lower
of the current equalized assessed value or the certified | 10 | | "total initial
equalized assessed value" of all taxable real | 11 | | property in such area, except
that after he has certified the | 12 | | "total initial equalized assessed value as
adjusted" he shall | 13 | | in the year of said certification if tax rates have not been
| 14 | | extended and in every year thereafter that tax increment | 15 | | allocation financing
is in effect ascertain the amount of value | 16 | | of taxable property in a
redevelopment project area by | 17 | | including in such amount the lower of the current
equalized | 18 | | assessed value or the certified "total initial equalized | 19 | | assessed
value as adjusted" of all taxable real property in | 20 | | such area. The rate per cent
of tax determined shall be | 21 | | extended to the current equalized assessed value of
all | 22 | | property in the redevelopment project area in the same manner | 23 | | as the rate
per cent of tax is extended to all other taxable | 24 | | property in the taxing
district. The method of extending taxes | 25 | | established under this Section shall
terminate when the | 26 | | municipality adopts an ordinance dissolving the special tax
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| 1 | | allocation fund for the redevelopment project area. This | 2 | | Division shall not be
construed as relieving property owners | 3 | | within a redevelopment project area from
paying a uniform rate | 4 | | of taxes upon the current equalized assessed value of
their | 5 | | taxable property as provided in the Property Tax Code.
| 6 | | (Source: P.A. 95-644, eff. 10-12-07.)
| 7 | | Section 99. Effective date. This Act takes effect upon | 8 | | becoming law.".
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