Full Text of SB1937 98th General Assembly
SB1937ham001 98TH GENERAL ASSEMBLY | Rep. David McSweeney Filed: 5/8/2013
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| 1 | | AMENDMENT TO SENATE BILL 1937
| 2 | | AMENDMENT NO. ______. Amend Senate Bill 1937 on page 1, | 3 | | line 5, after "15-172", by inserting "and by adding Division 7 | 4 | | to Article 18"; and
| 5 | | on page 14, immediately below line 20, by inserting the | 6 | | following: | 7 | | "(35 ILCS 200/Art. 18 Div. 7 heading new) | 8 | | Division 7. Township Property Tax Extension Freeze. | 9 | | (35 ILCS 200/18-280 new) | 10 | | Sec. 18-280. Short title; definitions. This Division 7 may | 11 | | be cited as the Property Tax Extension Limitation Law. | 12 | | As used in this Division 7: | 13 | | "Aggregate extension" means the annual corporate extension | 14 | | for the township and those special purpose extensions that are | 15 | | made annually for the township, excluding the following special |
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| 1 | | purpose extensions: (1) extensions made for the township to pay | 2 | | interest or principal on general obligation bonds; (2) | 3 | | extensions made for the township to pay interest or principal | 4 | | on bonds issued to refund or continue to refund bonds; (3) | 5 | | extensions made for the township to pay interest or principal | 6 | | on revenue bonds for payment of which a property tax levy or | 7 | | the full faith and credit of the township is pledged; and (4) | 8 | | extensions made for payments due under installment contracts | 9 | | entered into before December 31, 2013. | 10 | | "Current year" means the 2013 or 2014 levy year, as | 11 | | applicable. | 12 | | "Special purpose extensions" include, but are not limited | 13 | | to, extensions for levies made on an annual basis for | 14 | | unemployment and workers' compensation, self-insurance, | 15 | | contributions to pension plans, whether levied annually or not. | 16 | | The extension for a special service area is not included in the | 17 | | aggregate extension. | 18 | | "Aggregate extension base" means the township's aggregate | 19 | | extension for the 2012 levy year. | 20 | | "New property" means (i) the assessed value, after final | 21 | | board of review or board of appeals action, of new improvements | 22 | | or additions to existing improvements on any parcel of real | 23 | | property that increase the assessed value of that real property | 24 | | during the levy year multiplied by the equalization factor | 25 | | issued by the Department under Section 17-30 and (ii) the | 26 | | assessed value, after final board of review or board of appeals |
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| 1 | | action, of real property not exempt from real estate taxation, | 2 | | which real property was exempt from real estate taxation for | 3 | | any portion of the immediately preceding levy year, multiplied | 4 | | by the equalization factor issued by the Department under | 5 | | Section 17-30. | 6 | | "Recovered tax increment value" means the amount of the | 7 | | current year's equalized assessed value, in the first year | 8 | | after a city terminates the designation of an area as a | 9 | | redevelopment project area previously established under the | 10 | | Tax Increment Allocation Development Act of the Illinois | 11 | | Municipal Code, previously established under the Industrial | 12 | | Jobs Recovery Law of the Illinois Municipal Code, or previously | 13 | | established under the Economic Development Area Tax Increment | 14 | | Allocation Act, of each taxable lot, block, tract, or parcel of | 15 | | real property in the redevelopment project area over and above | 16 | | the initial equalized assessed value of each property in the | 17 | | redevelopment project area. | 18 | | Except as otherwise provided in this Division, "limiting | 19 | | rate" means a fraction the numerator of which is the aggregate | 20 | | extension base and the denominator of which is the current | 21 | | year's equalized assessed value of all real property in the | 22 | | territory under the jurisdiction of the township during the | 23 | | 2012 levy year. The denominator shall not include new property | 24 | | and shall not include the recovered tax increment value. | 25 | | (35 ILCS 200/18-285 new) |
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| 1 | | Sec. 18-285. Township extensions. | 2 | | (a) Notwithstanding any other provision of law, in counties | 3 | | under township organization, for the 2013 and 2014 levy years, | 4 | | for those townships for which the county clerk extended taxes | 5 | | for any funds included in the aggregate extension base for the | 6 | | 2012 levy year, the county clerk shall extend a rate for the | 7 | | sum of the funds in the township's aggregate extension base | 8 | | that is no greater than the limiting rate. | 9 | | (b) If the township obtains referendum approval for an | 10 | | increased limiting rate under Section 18-290, then the county | 11 | | clerk shall extend a rate for the sum of the funds in the | 12 | | township's aggregate extension base that is no greater than the | 13 | | increased limiting rate. | 14 | | (c) If the county clerk is required to reduce the aggregate | 15 | | extension of a township under the provisions of this Division, | 16 | | then the county clerk shall proportionally reduce the extension | 17 | | for each fund, unless a different method of reduction is | 18 | | requested by the township. | 19 | | (35 ILCS 200/18-290 new) | 20 | | Sec. 18-290. Increased limiting rate. A township may | 21 | | increase its limiting rate for either the 2012 or 2013 levy | 22 | | year if the township submits the question at referendum before | 23 | | the levy date for the applicable year, and if a majority of | 24 | | voters voting on the issue approves adoption of the increased | 25 | | limiting rate. Referenda shall be conducted at a regularly |
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| 1 | | scheduled election in accordance with the Election Code. The | 2 | | question shall be presented in substantially the following | 3 | | manner: | 4 | | Shall the limiting rate under the Township Property Tax | 5 | | Extension Freeze Law for (township), Illinois, be | 6 | | increased to (increased limiting rate)? | 7 | | Votes shall be recorded as "Yes" or "No". ".
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