Full Text of HB1840 095th General Assembly
HB1840 95TH GENERAL ASSEMBLY
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95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008 HB1840
Introduced 2/23/2007, by Rep. Kevin Joyce SYNOPSIS AS INTRODUCED: |
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Amends the Property Tax Code. Awards an assessment freeze homestead exemption to retired police officers and firefighters who meet certain requirements. Provides that the amount of the exemption is the equalized assessed value of the residence in the taxable year for which application is made minus the equalized assessed value of the residence in the taxable year in which the applicant qualified for the exemption plus the first year's equalized assessed value of any added improvements that increased the assessed value of the residence after the base year. Makes corresponding changes to
cross-references in
the provisions concerning certification, certificate of errors, and delinquency
notices.
Amends various Acts concerning tax increment financing to deduct the exemption from assessed value
calculations for
entities that have adopted tax increment allocation financing under these
provisions.
Amends the State Mandates Act to require implementation without reimbursement.
Effective immediately.
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CORRECTIONAL BUDGET AND IMPACT NOTE ACT MAY APPLY |
FISCAL NOTE ACT MAY APPLY |
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY |
| STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT MAY APPLY
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A BILL FOR
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HB1840 |
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LRB095 09669 BDD 29869 b |
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| AN ACT concerning revenue.
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| Be it enacted by the People of the State of Illinois, | 3 |
| represented in the General Assembly:
| 4 |
| Section 5. The Economic Development Area Tax Increment | 5 |
| Allocation Act is
amended by changing Section 6 as follows:
| 6 |
| (20 ILCS 620/6)
(from Ch. 67 1/2, par. 1006)
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| Sec. 6. Filing with county clerk; certification of initial | 8 |
| equalized
assessed value.
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| (a) The municipality shall file a certified copy of any | 10 |
| ordinance
authorizing tax increment allocation financing for | 11 |
| an economic development
project area with the county clerk, and | 12 |
| the county clerk shall immediately
thereafter determine (1) the | 13 |
| most recently ascertained equalized assessed
value of each lot, | 14 |
| block, tract or parcel of real property within the economic
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| development project area from which shall be deducted the | 16 |
| homestead exemptions
provided by Sections 15-167, 15-170, | 17 |
| 15-175, and 15-176 of the Property
Tax Code, which value
shall | 18 |
| be the "initial equalized assessed value" of each such piece of | 19 |
| property,
and (2) the total equalized assessed value of all | 20 |
| taxable real property within
the economic development project | 21 |
| area by adding together the most recently
ascertained equalized | 22 |
| assessed value of each taxable lot, block, tract, or
parcel of | 23 |
| real property within such economic development project area, |
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| from
which shall be deducted the homestead exemptions provided | 2 |
| by Sections
15-167, 15-170, 15-175, and 15-176 of the Property | 3 |
| Tax Code, and shall certify such
amount as the
"total initial | 4 |
| equalized assessed value" of the taxable real property within
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| the economic development project area.
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| (b) After the county clerk has certified the "total initial | 7 |
| equalized
assessed value" of the taxable real property in the | 8 |
| economic development
project area, then in respect to every | 9 |
| taxing district containing an
economic development project | 10 |
| area, the county clerk or any other official
required by law to | 11 |
| ascertain the amount of the equalized assessed value of
all | 12 |
| taxable property within that taxing district for the purpose of
| 13 |
| computing the rate per cent of tax to be extended upon taxable | 14 |
| property
within that taxing district, shall in every year that | 15 |
| tax increment
allocation financing is in effect ascertain the | 16 |
| amount of value of taxable
property in an economic development | 17 |
| project area by including in that
amount the lower of the | 18 |
| current equalized assessed value or the certified
"total | 19 |
| initial equalized assessed value" of all taxable real property | 20 |
| in
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 economic development project
area in the same | 23 |
| manner as the rate per cent of tax is extended to all other
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| taxable property in the taxing district. The method of | 25 |
| allocating taxes
established under this Section shall | 26 |
| terminate when the municipality adopts an
ordinance dissolving |
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| the special tax allocation fund for the economic
development | 2 |
| project area, terminating the economic development project | 3 |
| area,
and terminating the use of tax increment allocation | 4 |
| financing for the economic
development project area. This Act | 5 |
| shall not be construed as relieving
property owners within an | 6 |
| economic development project area from paying a
uniform rate of | 7 |
| taxes upon the current equalized assessed value of their
| 8 |
| taxable property as provided in the Property Tax Code.
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| (Source: P.A. 93-715, eff. 7-12-04.)
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| Section 10. The Property Tax Code is amended by changing | 11 |
| Sections
15-10, 20-178, and 21-135 and adding Section 15-167 as | 12 |
| follows:
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| (35 ILCS 200/15-10)
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| Sec. 15-10. Exempt property; procedures for certification. | 15 |
| All property
granted an exemption by the Department pursuant to | 16 |
| the requirements of
Section 15-5 and
described in the Sections | 17 |
| following Section 15-30 and preceding Section 16-5,
to the | 18 |
| extent therein limited, is exempt from taxation.
In order to | 19 |
| maintain that exempt status, the titleholder or the owner of | 20 |
| the
beneficial interest of any property
that
is exempt must | 21 |
| file with the chief county assessment
officer, on or before | 22 |
| January 31 of each year (May 31 in the case of property
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| exempted by Section 15-167 or 15-170), an affidavit stating | 24 |
| whether there has been any
change in the ownership or use of |
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| the property or the status of the
owner-resident, or that a | 2 |
| disabled veteran who qualifies under Section 15-165
owned and | 3 |
| used the property as of January 1 of that year.
The nature of | 4 |
| any
change shall be stated in the affidavit. Failure to file an | 5 |
| affidavit shall,
in the discretion of the assessment officer, | 6 |
| constitute cause to terminate the
exemption of that property, | 7 |
| notwithstanding any other provision of this Code.
Owners of 5 | 8 |
| or more such exempt parcels within a county may file a single
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| annual affidavit in lieu of an affidavit for each parcel. The | 10 |
| assessment
officer, upon request, shall furnish an affidavit | 11 |
| form to the owners, in which
the owner may state whether there | 12 |
| has been any change in the ownership or use
of the property or | 13 |
| status of the owner or resident as of January 1 of that
year. | 14 |
| The owner of 5 or more exempt parcels shall list all the | 15 |
| properties
giving the same information for each parcel as | 16 |
| required of owners who file
individual affidavits.
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| However, titleholders or owners of the beneficial interest | 18 |
| in any property
exempted under any of the following provisions | 19 |
| are not required to
submit an annual filing under this Section:
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| (1) Section 15-45 (burial grounds) in counties of less | 21 |
| than 3,000,000
inhabitants and owned by a not-for-profit
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| organization.
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| (2) Section 15-40.
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| (3) Section 15-50 (United States property).
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| If there is a change in use or ownership, however, notice | 26 |
| must be filed
pursuant to Section 15-20.
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| An application for homestead exemptions shall be filed as | 2 |
| provided in
Section 15-167 (retired police and firefighter | 3 |
| assessment freeze homestead exemption), Section 15-170 (senior | 4 |
| citizens homestead exemption), Section 15-172 (senior
citizens | 5 |
| assessment freeze homestead exemption), and Sections
15-175 | 6 |
| and 15-176
(general
homestead exemption), respectively.
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| (Source: P.A. 92-333, eff. 8-10-01; 92-729, eff. 7-25-02; | 8 |
| 93-715, eff. 7-12-04.)
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| (35 ILCS 200/15-167 new)
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| Sec. 15-167. Retired police and firefighter assessment | 11 |
| freeze homestead exemption.
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| (a) This Section may be cited as the Senior Citizens | 13 |
| Assessment Freeze Homestead Exemption. | 14 |
| (b) As used in this Section: | 15 |
| "Applicant" means a qualified retired police officer or | 16 |
| firefighter or the spouse or unmarried surviving spouse of a | 17 |
| qualified retired police officer or firefighter.
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| "Base amount" means the base year equalized assessed value | 19 |
| of the residence plus the first year's equalized assessed value | 20 |
| of any added improvements that increased the assessed value of | 21 |
| the residence after the base year. | 22 |
| "Base year" means the taxable year prior to the taxable | 23 |
| year for which the applicant first qualifies and applies for | 24 |
| the exemption if, in the prior taxable year, the property was | 25 |
| improved with a permanent structure that was occupied as a |
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| residence by the applicant who was liable for paying real | 2 |
| property taxes on the property and who was either (i) an owner | 3 |
| of record of the property or had legal or equitable interest in | 4 |
| the property as evidenced by a written instrument or (ii) had a | 5 |
| legal or equitable interest as a lessee in the parcel of | 6 |
| property that was single family residence. If, in any | 7 |
| subsequent taxable year for which the applicant applies and | 8 |
| qualifies for the exemption, the equalized assessed value of | 9 |
| the residence is less than the equalized assessed value in the | 10 |
| existing base year, then that subsequent taxable year becomes | 11 |
| the base year unless that lower equalized assessed value is | 12 |
| based on an assessed value that results from a temporary | 13 |
| irregularity in the property that reduces the assessed value | 14 |
| for one or more taxable years. The selected year is the base | 15 |
| year for taxable year 2007 and thereafter until a new base year | 16 |
| is established under the terms of this paragraph. | 17 |
| "Life care facility that qualifies as a cooperative" means | 18 |
| a facility as defined in Section 2 of the Life Care Facilities | 19 |
| Act. | 20 |
| "Firefighter" means a person who qualfies as a firefighter | 21 |
| under Section 4-106 or as a fireman under Section 6-106 of the | 22 |
| Illinois Pension Code.
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| "Police officer" means a person who qualfies as a police | 24 |
| officer under Section 3-106 or as a policeman under Section | 25 |
| 5-106 of the Illinois Pension Code.
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| "Qualified retired police officer or firefighter" means an |
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| individual who: (i) is retired and (ii) was required to reside | 2 |
| within a certain unit of local government as a condition of his | 3 |
| or her employment as a police officer or firefighter.
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| "Retired" means (i) withdrawn from service as a police | 5 |
| officer or firefighter after at least 20 years of continuous | 6 |
| service or (ii) eligible to receive benefits under Article 3, | 7 |
| 4, 5, or 6 of the Illinois Penion Code.
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| "Residence" has the meaning set forth under Section 15-172. | 9 |
| (c) Beginning in taxable year 2007, an assessment freeze | 10 |
| homestead exemption is granted for real property that is | 11 |
| improved with a permanent structure that is occupied as a | 12 |
| residence by an applicant who is liable for paying real | 13 |
| property taxes on the property and who is an owner of record of | 14 |
| the property or has a legal or equitable interest in the | 15 |
| property as evidenced by a written instrument. This homestead | 16 |
| exemption also applies to a leasehold interest in a parcel of | 17 |
| property improved with a permanent structure that is a single | 18 |
| family residence that is occupied as a residence by an | 19 |
| applicant who has a legal or equitable ownership interest in | 20 |
| the property as lessee and who is liable for the payment of | 21 |
| real property taxes on that property. | 22 |
| The amount of this exemption is the equalized assessed | 23 |
| value of the residence in the taxable year for which | 24 |
| application is made minus the base amount. If the applicant is | 25 |
| an unmarried surviving spouse of qualified retired police or | 26 |
| firefighter for a prior year for the same residence for which |
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| an exemption under this Section has been granted, then the base | 2 |
| year and base amount for that residence are the same as for the | 3 |
| applicant for the prior year. | 4 |
| Each year, at the time the assessment books are certified | 5 |
| to the county clerk, the board of review or board of appeals | 6 |
| shall give to the county clerk a list of the assessed values of | 7 |
| improvements on each parcel qualifying for this exemption that | 8 |
| were added after the base year for this parcel and that | 9 |
| increased the assessed value of the property. | 10 |
| In the case of land improved with an apartment building | 11 |
| owned and operated as a cooperative or a building that is a | 12 |
| life-care facility that qualifies as a cooperative, the maximum | 13 |
| reduction from the equalized assessed value of the property is | 14 |
| limited to the sum of the reductions calculated for each unit | 15 |
| occupied as a residence by an applicant who is liable, by | 16 |
| contract with the owner or owners of record, for paying real | 17 |
| property taxes on the property and who is an owner of record of | 18 |
| a legal or equitable interest in the cooperative apartment | 19 |
| building, other than a leasehold interest. In the instance of a | 20 |
| cooperative where a homestead exemption has been granted under | 21 |
| this Section, the cooperative association or its management | 22 |
| firm shall credit the savings resulting from that exemption | 23 |
| only to the apportioned tax liability of the owner who | 24 |
| qualified for the exemption. Any person who willfully refuses | 25 |
| to credit that savings to an owner who qualifies for the | 26 |
| exemption is guilty of a Class B misdemeanor. |
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| If a homestead exemption has been granted under this | 2 |
| Section and an applicant then becomes a resident of a facility | 3 |
| licensed under the Nursing Home Care Act, then the exemption is | 4 |
| granted in subsequent years so long as the residence (i) | 5 |
| continues to be occupied by the applicant or (ii) if remaining | 6 |
| unoccupied, is still owned by the qualified retired police or | 7 |
| firefighter for the homestead exemption. | 8 |
| If married applicants, maintain separate residences, then | 9 |
| the exemption provided for in this Section may be claimed by | 10 |
| only one of such persons and for only one residence. | 11 |
| To receive the exemption, an applicant must submit an | 12 |
| application by July 1 of each taxable year to the chief county | 13 |
| assessment officer of the county in which the property is | 14 |
| located. A county may, by ordinance, establish a date for | 15 |
| submission of applications that is different than July 1. The | 16 |
| chief county assessment officer shall, annually, give notice of | 17 |
| the application period by mail or by publication. The | 18 |
| Department shall establish, by rule, a method for verifying the | 19 |
| accuracy of applications filed by applicants under this | 20 |
| Section. The applications must be clearly marked as | 21 |
| applications for the retired police and firefighter assessment | 22 |
| freeze homestead exemption. | 23 |
| If an applicant fails to file the application required by | 24 |
| this Section in a timely manner and this failure to file is due | 25 |
| to a mental or physical condition sufficiently severe so as to | 26 |
| render the applicant incapable of filing the application in a |
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| timely manner, the chief county assessment officer may extend | 2 |
| the filing deadline for a period of 30 days after the applicant | 3 |
| regains the capability to file the application, but in no case | 4 |
| may the filing deadline be extended beyond 3 months of the | 5 |
| original filing deadline. In order to receive the extension | 6 |
| provided in this paragraph, the applicant must provide the | 7 |
| chief county assessment officer with a signed statement from | 8 |
| the applicant's physician stating the nature and extent of the | 9 |
| condition, that, in the physician's opinion, the condition was | 10 |
| so severe that it rendered the applicant incapable of filing | 11 |
| the application in a timely manner, and the date on which the | 12 |
| applicant regained the capability to file the application. | 13 |
| For purposes of this Section, a person who will be retired | 14 |
| during the current taxable year is eligible to apply for the | 15 |
| homestead exemption during that taxable year. The application | 16 |
| must be made during the application period in effect for the | 17 |
| county of his or her residence. | 18 |
| The chief county assessment officer may determine the | 19 |
| eligibility of a life care facility that qualifies as a | 20 |
| cooperative to receive the benefits provided by this Section by | 21 |
| use of an affidavit, application, visual inspection, | 22 |
| questionnaire, or other reasonable method in order to insure | 23 |
| that the tax savings resulting from the exemption are credited | 24 |
| by the management firm to the apportioned tax liability of each | 25 |
| qualifying resident. The chief county assessment officer may | 26 |
| request reasonable proof that the management firm has so |
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| credited that exemption. | 2 |
| Except as provided in this Section, all information | 3 |
| received by the chief county assessment officer or the | 4 |
| Department from applications filed under this Section, or from | 5 |
| any investigation conducted under the provisions of this | 6 |
| Section, shall be confidential, except for official purposes or | 7 |
| pursuant to official procedures for collection of any State or | 8 |
| local tax or enforcement of any civil or criminal penalty or | 9 |
| sanction imposed by this Act or by any statute or ordinance | 10 |
| imposing a State or local tax. Any person who divulges any such | 11 |
| information in any manner, except in accordance with a proper | 12 |
| judicial order, is guilty of a Class A misdemeanor.
Nothing | 13 |
| contained in this Section shall prevent the Director or chief | 14 |
| county assessment officer from publishing or making available | 15 |
| reasonable statistics concerning the operation of the | 16 |
| exemption contained in this Section in which the contents of | 17 |
| claims are grouped into aggregates in such a way that | 18 |
| information contained in any individual claim shall not be | 19 |
| disclosed.
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| (35 ILCS 200/20-178)
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| Sec. 20-178. Certificate of error; refund; interest. When | 22 |
| the county
collector
makes any refunds
due on certificates of | 23 |
| error issued under Sections 14-15 through 14-25
that have been | 24 |
| either
certified or adjudicated, the county collector shall pay | 25 |
| the taxpayer interest
on the amount of the refund
at the rate |
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| of 0.5% per month.
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| No interest shall be due under this Section for any time | 3 |
| prior to 60 days
after
the effective date of
this amendatory | 4 |
| Act of the 91st General Assembly. For certificates of error
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| issued prior to
the
effective date of this amendatory
Act of | 6 |
| the 91st General Assembly, the county collector shall
pay the | 7 |
| taxpayer interest from 60 days after the effective date of this
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| amendatory Act of the 91st General Assembly
until the date the | 9 |
| refund is
paid. For certificates of error issued on or after | 10 |
| the effective date of this
amendatory Act of the 91st General | 11 |
| Assembly,
interest shall be paid from 60
days after the | 12 |
| certificate of error is issued by the chief county assessment
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| officer to the
date the refund is made.
To cover the cost of | 14 |
| interest, the county collector shall proportionately
reduce | 15 |
| the distribution of
taxes collected for each taxing district in | 16 |
| which the property is situated.
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| This Section shall not apply to any certificate of error | 18 |
| granting a homestead
exemption under
Section 15-167, 15-170, | 19 |
| 15-172,
15-175, or 15-176.
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| (Source: P.A. 93-715, eff. 7-12-04.)
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| (35 ILCS 200/21-135)
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| Sec. 21-135. Mailed notice of application for judgment and | 23 |
| sale. Not less
than 15 days before the date of application for | 24 |
| judgment and sale of delinquent
properties, the county | 25 |
| collector shall mail, by registered or certified mail, a
notice |
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| of the forthcoming application for judgment and sale to the | 2 |
| person shown
by the current collector's warrant book to be the | 3 |
| party in whose name the taxes
were last assessed or to the | 4 |
| current owner of record and, if applicable, to the party | 5 |
| specified under Section
15-167 or 15-170. The notice shall | 6 |
| include the intended dates of application for judgment
and sale | 7 |
| and commencement of the sale, and a description of the | 8 |
| properties. The
county collector must present proof of the | 9 |
| mailing to the court along with the
application for judgement.
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| In counties with less than 3,000,000 inhabitants, a copy of | 11 |
| this notice shall
also be mailed by the county collector by | 12 |
| registered or certified mail to any
lienholder of record who | 13 |
| annually requests a copy of the notice. The failure of
the | 14 |
| county collector to mail a notice or its non-delivery to the | 15 |
| lienholder
shall not affect the validity of the judgment.
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| In counties with 3,000,000 or more inhabitants, notice | 17 |
| shall not be mailed to
any person when, under Section 14-15, a | 18 |
| certificate of error has been executed
by the county assessor | 19 |
| or by both the
county assessor and board of
appeals (until the | 20 |
| first Monday in December 1998 and the board of
review
beginning
| 21 |
| the first Monday in December 1998 and thereafter),
except as | 22 |
| provided by court order under Section 21-120.
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| The collector shall collect $10 from the proceeds of each | 24 |
| sale to cover
the costs of registered or certified mailing and | 25 |
| the costs of advertisement
and publication.
If a taxpayer pays | 26 |
| the taxes on the property after the notice of the
forthcoming |
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| application for judgment and sale is mailed but before the sale | 2 |
| is
made, then the collector shall collect $10 from the taxpayer | 3 |
| to cover the costs
of registered or certified mailing and the | 4 |
| costs of advertisement and
publication.
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| (Source: P.A. 93-899, eff. 8-10-04.)
| 6 |
| Section 15. The County Economic Development Project Area | 7 |
| Property
Tax Allocation Act is amended by changing Section 6 as | 8 |
| follows:
| 9 |
| (55 ILCS 85/6)
(from Ch. 34, par. 7006)
| 10 |
| Sec. 6. Filing with county clerk; certification of initial | 11 |
| equalized
assessed value.
| 12 |
| (a) The county shall file a certified copy of any ordinance
| 13 |
| authorizing property tax allocation financing for an economic | 14 |
| development
project area with the county clerk, and the county | 15 |
| clerk shall immediately
thereafter determine (1) the most | 16 |
| recently ascertained equalized assessed
value of each lot, | 17 |
| block, tract or parcel of real property within the
economic | 18 |
| development project area from which shall be deducted the
| 19 |
| homestead exemptions provided by Sections 15-167, 15-170, | 20 |
| 15-175, and
15-176 of the Property
Tax Code, which value shall | 21 |
| be the "initial equalized assessed value" of each
such piece of | 22 |
| property, and (2) the total equalized assessed value of all
| 23 |
| taxable real property within the economic development project | 24 |
| area by adding
together the most recently ascertained equalized |
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| assessed value of each taxable
lot, block, tract, or parcel of | 2 |
| real property within such economic development
project area, | 3 |
| from which shall be deducted the homestead exemptions provided | 4 |
| by
Sections 15-167, 15-170, 15-175, and 15-176 of the Property | 5 |
| Tax Code.
Upon receiving written
notice from the Department of | 6 |
| its approval
and certification of such economic development | 7 |
| project area, the county clerk
shall immediately certify such | 8 |
| amount as the "total initial equalized assessed
value" of the | 9 |
| taxable property within the economic development project area.
| 10 |
| (b) After the county clerk has certified the "total initial | 11 |
| equalized
assessed value" of the taxable real property in the | 12 |
| economic development
project area, then in respect to every | 13 |
| taxing district containing an
economic development project | 14 |
| area, the county clerk or any other official
required by law to | 15 |
| ascertain the amount of the equalized assessed value of
all | 16 |
| taxable property within that taxing district for the purpose of
| 17 |
| computing the rate percent of tax to be extended upon taxable | 18 |
| property
within the taxing district, shall in every year that | 19 |
| property tax
allocation financing is in effect ascertain the | 20 |
| amount of value of taxable
property in an economic development | 21 |
| project area by including in that
amount the lower of the | 22 |
| current equalized assessed value or the certified
"total | 23 |
| initial equalized assessed value" of all taxable real property | 24 |
| in
such area. The rate percent of tax determined shall be | 25 |
| extended to the
current equalized assessed value of all | 26 |
| property in the economic development
project area in the same |
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| manner as the rate percent of tax is extended to
all other | 2 |
| taxable property in the taxing district. The method of
| 3 |
| allocating taxes established under this Section shall | 4 |
| terminate when the
county adopts an ordinance dissolving the | 5 |
| special tax allocation fund for
the economic development | 6 |
| project area. This Act shall not be construed as
relieving | 7 |
| property owners within an economic development project area | 8 |
| from
paying a uniform rate of taxes upon the current equalized | 9 |
| assessed value of
their taxable property as provided in the | 10 |
| Property Tax Code.
| 11 |
| (Source: P.A. 93-715, eff. 7-12-04.)
| 12 |
| Section 20. The County Economic Development Project Area | 13 |
| Tax Increment
Allocation Act of 1991 is amended by changing | 14 |
| Section 45 as follows:
| 15 |
| (55 ILCS 90/45)
(from Ch. 34, par. 8045)
| 16 |
| Sec. 45. Filing with county clerk; certification of initial
| 17 |
| equalized assessed value.
| 18 |
| (a) A county that has by ordinance approved an economic | 19 |
| development plan,
established an economic development project | 20 |
| area, and adopted tax increment
allocation financing for that | 21 |
| area shall file certified copies of the ordinance
or ordinances | 22 |
| with the county clerk. Upon receiving the ordinance or
| 23 |
| ordinances, the county clerk shall immediately determine (i) | 24 |
| the most recently
ascertained equalized assessed value of each |
|
|
|
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| 1 |
| lot, block, tract, or parcel of
real property within the | 2 |
| economic development project area from which shall be
deducted | 3 |
| the homestead exemptions provided by Sections 15-167, 15-170,
| 4 |
| 15-175, and 15-176 of
the Property Tax Code (that value being | 5 |
| the "initial equalized assessed value"
of each such piece of | 6 |
| property) and (ii) the total equalized assessed value of
all | 7 |
| taxable real property within the economic development project | 8 |
| area by
adding together the most recently ascertained equalized | 9 |
| assessed value of each
taxable lot, block, tract, or parcel of | 10 |
| real property within the economic
development project area, | 11 |
| from which shall be deducted the homestead exemptions
provided | 12 |
| by Sections 15-167, 15-170, 15-175, and 15-176 of the Property | 13 |
| Tax Code, and shall
certify that amount as the "total initial | 14 |
| equalized assessed value" of the
taxable real property within | 15 |
| the economic development project area.
| 16 |
| (b) After the county clerk has certified the "total initial | 17 |
| equalized
assessed value" of the taxable real property in the | 18 |
| economic development
project area, then in respect to every | 19 |
| taxing district containing an
economic development project | 20 |
| area, the county clerk or any other official
required by law to | 21 |
| ascertain the amount of the equalized assessed value of
all | 22 |
| taxable property within the taxing district for the purpose of
| 23 |
| computing the rate per cent of tax to be extended upon taxable | 24 |
| property
within the taxing district shall, in every year that | 25 |
| tax increment
allocation financing is in effect, ascertain the | 26 |
| amount of value of taxable
property in an economic development |
|
|
|
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|
| 1 |
| project area by including in that
amount the lower of the | 2 |
| current equalized assessed value or the certified
"total | 3 |
| initial equalized assessed value" of all taxable real property | 4 |
| in
the area. The rate per cent of tax determined shall be | 5 |
| extended to the
current equalized assessed value of all | 6 |
| property in the economic
development project area in the same | 7 |
| manner as the rate per cent of tax is
extended to all other | 8 |
| taxable property in the taxing district. The method
of | 9 |
| extending taxes established under this Section shall terminate | 10 |
| when the
county adopts an ordinance dissolving the special tax | 11 |
| allocation fund for
the economic development project area. This | 12 |
| Act shall not be construed as
relieving property owners within | 13 |
| an economic development project area from
paying a uniform rate | 14 |
| of taxes upon the current equalized assessed value of
their | 15 |
| taxable property as provided in the Property Tax Code.
| 16 |
| (Source: P.A. 93-715, eff. 7-12-04.)
| 17 |
| Section 25. The Illinois Municipal Code is amended by | 18 |
| changing Sections
11-74.4-8, 11-74.4-9, and 11-74.6-40 as | 19 |
| follows:
| 20 |
| (65 ILCS 5/11-74.4-8)
(from Ch. 24, par. 11-74.4-8)
| 21 |
| Sec. 11-74.4-8. Tax increment allocation financing. A | 22 |
| municipality may
not adopt tax increment financing in a
| 23 |
| redevelopment
project area after the effective date of this | 24 |
| amendatory Act of 1997 that will
encompass an area that is |
|
|
|
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|
| 1 |
| currently included in an enterprise zone created
under the | 2 |
| Illinois Enterprise Zone Act unless that municipality, | 3 |
| pursuant to
Section 5.4 of the Illinois Enterprise Zone Act, | 4 |
| amends the enterprise zone
designating ordinance to limit the | 5 |
| eligibility for tax abatements as provided
in Section 5.4.1 of | 6 |
| the Illinois Enterprise Zone Act.
A municipality, at the time a | 7 |
| redevelopment project area
is designated, may adopt tax | 8 |
| increment allocation financing by passing an
ordinance | 9 |
| providing that the ad valorem taxes, if any, arising from the
| 10 |
| levies upon taxable real property in such redevelopment project
| 11 |
| area by taxing districts and tax rates determined in the manner | 12 |
| provided
in paragraph (c) of Section 11-74.4-9 each year after | 13 |
| the effective
date of the ordinance until redevelopment project | 14 |
| costs and all municipal
obligations financing redevelopment | 15 |
| project costs incurred under this Division
have been paid shall | 16 |
| be divided as follows:
| 17 |
| (a) That portion of taxes levied upon each taxable lot, | 18 |
| block, tract or
parcel of real property which is attributable | 19 |
| to the lower of the current
equalized assessed value or the | 20 |
| initial equalized assessed
value of each such taxable lot, | 21 |
| block, tract or parcel of real property
in the redevelopment | 22 |
| project area shall be allocated to and when collected
shall be | 23 |
| paid by the county collector to the respective affected taxing
| 24 |
| districts in the manner required by law in the absence of the | 25 |
| adoption of
tax increment allocation financing.
| 26 |
| (b) Except from a tax levied by a township to retire bonds |
|
|
|
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|
| 1 |
| issued to satisfy
court-ordered damages, that portion, if any, | 2 |
| of such taxes which is
attributable to the
increase in the | 3 |
| current equalized assessed valuation of each taxable lot,
| 4 |
| block, tract or parcel of real property in the redevelopment | 5 |
| project area
over and above the initial equalized assessed | 6 |
| value of each property in the
project area shall be allocated | 7 |
| to and when collected shall be paid to the
municipal treasurer | 8 |
| who shall deposit said taxes into a special fund called
the | 9 |
| special tax allocation fund of the municipality for the purpose | 10 |
| of
paying redevelopment project costs and obligations incurred | 11 |
| in the payment
thereof. In any county with a population of | 12 |
| 3,000,000 or more that has adopted
a procedure for collecting | 13 |
| taxes that provides for one or more of the
installments of the | 14 |
| taxes to be billed and collected on an estimated basis,
the | 15 |
| municipal treasurer shall be paid for deposit in the special | 16 |
| tax
allocation fund of the municipality, from the taxes | 17 |
| collected from
estimated bills issued for property in the | 18 |
| redevelopment project area, the
difference between the amount | 19 |
| actually collected from each taxable lot,
block, tract, or | 20 |
| parcel of real property within the redevelopment project
area | 21 |
| and an amount determined by multiplying the rate at which taxes | 22 |
| were
last extended against the taxable lot, block, track, or | 23 |
| parcel of real
property in the manner provided in subsection | 24 |
| (c) of Section 11-74.4-9 by
the initial equalized assessed | 25 |
| value of the property divided by the number
of installments in | 26 |
| which real estate taxes are billed and collected within
the |
|
|
|
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|
| 1 |
| county; provided that the payments on or before December 31,
| 2 |
| 1999 to a municipal treasurer shall be made only if each of the | 3 |
| following
conditions are met:
| 4 |
| (1) The total equalized assessed value of the | 5 |
| redevelopment project
area as last determined was not less | 6 |
| than 175% of the total initial
equalized assessed value.
| 7 |
| (2) Not more than 50% of the total equalized assessed | 8 |
| value of the
redevelopment project area as last determined | 9 |
| is attributable to a piece of
property assigned a single | 10 |
| real estate index number.
| 11 |
| (3) The municipal clerk has certified to the county | 12 |
| clerk that the
municipality has issued its obligations to | 13 |
| which there has been pledged
the incremental property taxes | 14 |
| of the redevelopment project area or taxes
levied and | 15 |
| collected on any or all property in the municipality or
the | 16 |
| full faith and credit of the municipality to pay or secure | 17 |
| payment for
all or a portion of the redevelopment project | 18 |
| costs. The certification
shall be filed annually no later | 19 |
| than September 1 for the estimated taxes
to be distributed | 20 |
| in the following year; however, for the year 1992 the
| 21 |
| certification shall be made at any time on or before March | 22 |
| 31, 1992.
| 23 |
| (4) The municipality has not requested that the total | 24 |
| initial
equalized assessed value of real property be | 25 |
| adjusted as provided in
subsection (b) of Section | 26 |
| 11-74.4-9.
|
|
|
|
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LRB095 09669 BDD 29869 b |
|
| 1 |
| The conditions of paragraphs (1) through (4) do not apply | 2 |
| after December
31, 1999 to payments to a municipal treasurer
| 3 |
| made by a county with 3,000,000 or more inhabitants that has | 4 |
| adopted an
estimated billing procedure for collecting taxes.
If | 5 |
| a county that has adopted the estimated billing
procedure makes | 6 |
| an erroneous overpayment of tax revenue to the municipal
| 7 |
| treasurer, then the county may seek a refund of that | 8 |
| overpayment.
The county shall send the municipal treasurer a | 9 |
| notice of liability for the
overpayment on or before the | 10 |
| mailing date of the next real estate tax bill
within the | 11 |
| county. The refund shall be limited to the amount of the
| 12 |
| overpayment.
| 13 |
| It is the intent of this Division that after the effective | 14 |
| date of this
amendatory Act of 1988 a municipality's own ad | 15 |
| valorem
tax arising from levies on taxable real property be | 16 |
| included in the
determination of incremental revenue in the | 17 |
| manner provided in paragraph
(c) of Section 11-74.4-9. If the | 18 |
| municipality does not extend such a tax,
it shall annually | 19 |
| deposit in the municipality's Special Tax Increment Fund
an | 20 |
| amount equal to 10% of the total contributions to the fund from | 21 |
| all
other taxing districts in that year. The annual 10% deposit | 22 |
| required by
this paragraph shall be limited to the actual | 23 |
| amount of municipally
produced incremental tax revenues | 24 |
| available to the municipality from
taxpayers located in the | 25 |
| redevelopment project area in that year if:
(a) the plan for | 26 |
| the area restricts the use of the property primarily to
|
|
|
|
HB1840 |
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LRB095 09669 BDD 29869 b |
|
| 1 |
| industrial purposes, (b) the municipality establishing the | 2 |
| redevelopment
project area is a home-rule community with a 1990 | 3 |
| population of between
25,000 and 50,000, (c) the municipality | 4 |
| is wholly located within a county
with a 1990 population of | 5 |
| over 750,000 and (d) the redevelopment project
area was | 6 |
| established by the municipality prior to June 1, 1990. This
| 7 |
| payment shall be in lieu of a contribution of ad valorem taxes | 8 |
| on real
property. If no such payment is made, any redevelopment | 9 |
| project area of the
municipality shall be dissolved.
| 10 |
| If a municipality has adopted tax increment allocation | 11 |
| financing by ordinance
and the County Clerk thereafter | 12 |
| certifies the "total initial equalized assessed
value as | 13 |
| adjusted" of the taxable real property within such | 14 |
| redevelopment
project area in the manner provided in paragraph | 15 |
| (b) of Section 11-74.4-9,
each year after the date of the | 16 |
| certification of the total initial equalized
assessed value as | 17 |
| adjusted until redevelopment project costs and all
municipal | 18 |
| obligations financing redevelopment project costs have been | 19 |
| paid
the ad valorem taxes, if any, arising from the levies upon | 20 |
| the taxable real
property in such redevelopment project area by | 21 |
| taxing districts and tax
rates determined in the manner | 22 |
| provided in paragraph (c) of Section
11-74.4-9 shall be divided | 23 |
| as follows:
| 24 |
| (1) That portion of the taxes levied upon each taxable | 25 |
| lot, block, tract
or parcel of real property which is | 26 |
| attributable to the lower of the
current equalized assessed |
|
|
|
HB1840 |
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LRB095 09669 BDD 29869 b |
|
| 1 |
| value or "current equalized assessed value as
adjusted" or | 2 |
| the initial equalized assessed value of each such taxable | 3 |
| lot,
block, tract, or parcel of real property existing at | 4 |
| the time tax increment
financing was adopted, minus the | 5 |
| total current homestead exemptions
provided by Sections | 6 |
| 15-167, 15-170, 15-175, and 15-176 of the Property
Tax Code | 7 |
| in the
redevelopment project area shall be allocated to and | 8 |
| when collected shall be
paid by the county collector to the | 9 |
| respective affected taxing districts in the
manner | 10 |
| required by law in the absence of the adoption of tax | 11 |
| increment
allocation financing.
| 12 |
| (2) That portion, if any, of such taxes which is | 13 |
| attributable to the
increase in the current equalized | 14 |
| assessed valuation of each taxable lot,
block, tract, or | 15 |
| parcel of real property in the redevelopment project area,
| 16 |
| over and above the initial equalized assessed value of each | 17 |
| property
existing at the time tax increment financing was | 18 |
| adopted, minus the total
current homestead exemptions | 19 |
| pertaining to each piece of property provided
by Sections | 20 |
| 15-167, 15-170, 15-175, and 15-176 of the Property Tax Code
| 21 |
| in the redevelopment
project area, shall be allocated to | 22 |
| and when collected shall be paid to the
municipal | 23 |
| Treasurer, who shall deposit said taxes into a special fund | 24 |
| called
the special tax allocation fund of the municipality | 25 |
| for the purpose of paying
redevelopment project costs and | 26 |
| obligations incurred in the payment thereof.
|
|
|
|
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|
| 1 |
| The municipality may pledge in the ordinance the funds in | 2 |
| and to be
deposited in the special tax allocation fund for the | 3 |
| payment of such costs
and obligations. No part of the current | 4 |
| equalized assessed valuation of
each property in the | 5 |
| redevelopment project area attributable to any
increase above | 6 |
| the total initial equalized assessed value, or the total
| 7 |
| initial equalized assessed value as adjusted, of such | 8 |
| properties shall be
used in calculating the general State | 9 |
| school aid formula, provided for in
Section 18-8 of the School | 10 |
| Code, until such time as all redevelopment
project costs have | 11 |
| been paid as provided for in this Section.
| 12 |
| Whenever a municipality issues bonds for the purpose of | 13 |
| financing
redevelopment project costs, such municipality may | 14 |
| provide by ordinance for the
appointment of a trustee, which | 15 |
| may be any trust company within the State,
and for the | 16 |
| establishment of such funds or accounts to be maintained by
| 17 |
| such trustee as the municipality shall deem necessary to | 18 |
| provide for the
security and payment of the bonds. If such | 19 |
| municipality provides for
the appointment of a trustee, such | 20 |
| trustee shall be considered the assignee
of any payments | 21 |
| assigned by the municipality pursuant to such ordinance
and | 22 |
| this Section. Any amounts paid to such trustee as assignee | 23 |
| shall be
deposited in the funds or accounts established | 24 |
| pursuant to such trust
agreement, and shall be held by such | 25 |
| trustee in trust for the benefit of the
holders of the bonds, | 26 |
| and such holders shall have a lien on and a security
interest |
|
|
|
HB1840 |
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LRB095 09669 BDD 29869 b |
|
| 1 |
| in such funds or accounts so long as the bonds remain | 2 |
| outstanding and
unpaid. Upon retirement of the bonds, the | 3 |
| trustee shall pay over any excess
amounts held to the | 4 |
| municipality for deposit in the special tax allocation
fund.
| 5 |
| When such redevelopment projects costs, including without | 6 |
| limitation all
municipal obligations financing redevelopment | 7 |
| project costs incurred under
this Division, have been paid, all | 8 |
| surplus funds then remaining in the
special tax allocation fund | 9 |
| shall be distributed
by being paid by the
municipal treasurer | 10 |
| to the Department of Revenue, the municipality and the
county | 11 |
| collector; first to the Department of Revenue and the | 12 |
| municipality
in direct proportion to the tax incremental | 13 |
| revenue received from the State
and the municipality, but not | 14 |
| to exceed the total incremental revenue received
from the State | 15 |
| or the municipality less any annual surplus distribution
of | 16 |
| incremental revenue previously made; with any remaining funds | 17 |
| to be paid
to the County Collector who shall immediately | 18 |
| thereafter pay said funds to
the taxing districts in the | 19 |
| redevelopment project area in the same manner
and proportion as | 20 |
| the most recent distribution by the county collector to
the | 21 |
| affected districts of real property taxes from real property in | 22 |
| the
redevelopment project area.
| 23 |
| Upon the payment of all redevelopment project costs, the | 24 |
| retirement of
obligations, the distribution of any excess | 25 |
| monies pursuant to this
Section, and final closing of the books | 26 |
| and records of the redevelopment
project
area, the municipality |
|
|
|
HB1840 |
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LRB095 09669 BDD 29869 b |
|
| 1 |
| shall adopt an ordinance dissolving the special
tax allocation | 2 |
| fund for the redevelopment project area and terminating the
| 3 |
| designation of the redevelopment project area as a | 4 |
| redevelopment project
area.
Title to real or personal property | 5 |
| and public improvements
acquired
by or for
the
municipality as | 6 |
| a result of the redevelopment project and plan shall vest in
| 7 |
| the
municipality when acquired and shall continue to be held by | 8 |
| the municipality
after the redevelopment project area has been | 9 |
| terminated.
Municipalities shall notify affected taxing | 10 |
| districts prior to
November 1 if the redevelopment project area | 11 |
| is to be terminated by December 31
of
that same year. If a | 12 |
| municipality extends estimated dates of completion of a
| 13 |
| redevelopment project and retirement of obligations to finance | 14 |
| a
redevelopment project, as allowed by this amendatory Act of | 15 |
| 1993, that
extension shall not extend the property tax | 16 |
| increment allocation financing
authorized by this Section. | 17 |
| Thereafter the rates of the taxing districts
shall be extended | 18 |
| and taxes levied, collected and distributed in the manner
| 19 |
| applicable in the absence of the adoption of tax increment | 20 |
| allocation
financing.
| 21 |
| Nothing in this Section shall be construed as relieving | 22 |
| property in such
redevelopment project areas from being | 23 |
| assessed as provided in the Property
Tax Code or as relieving | 24 |
| owners of such property from paying a uniform rate of
taxes, as | 25 |
| required by Section 4 of Article 9 of the Illinois | 26 |
| Constitution.
|
|
|
|
HB1840 |
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LRB095 09669 BDD 29869 b |
|
| 1 |
| (Source: P.A. 92-16, eff. 6-28-01; 93-298, eff. 7-23-03; | 2 |
| 93-715, eff. 7-12-04.)
| 3 |
| (65 ILCS 5/11-74.4-9)
(from Ch. 24, par. 11-74.4-9)
| 4 |
| Sec. 11-74.4-9. Equalized assessed value of property.
| 5 |
| (a) If a municipality by ordinance provides for tax
| 6 |
| increment allocation financing pursuant to Section 11-74.4-8, | 7 |
| the county clerk
immediately thereafter shall determine (1) the | 8 |
| most recently ascertained
equalized assessed value of each lot, | 9 |
| block, tract or parcel of real property
within such | 10 |
| redevelopment project area from which shall be deducted the
| 11 |
| homestead exemptions provided by Sections 15-167, 15-170, | 12 |
| 15-175, and
15-176 of the Property
Tax Code, which value shall | 13 |
| be the "initial equalized assessed value" of each
such piece of | 14 |
| property, and (2) the total equalized assessed value of all
| 15 |
| taxable real property within such redevelopment project area by | 16 |
| adding together
the most recently ascertained equalized | 17 |
| assessed value of each taxable lot,
block, tract, or parcel of | 18 |
| real property within such project area, from which
shall be | 19 |
| deducted the homestead exemptions provided by Sections 15-167, | 20 |
| 15-170,
15-175, and 15-176 of the Property Tax Code, and shall | 21 |
| certify such amount
as the "total
initial equalized assessed | 22 |
| value" of the taxable real property within such
project area.
| 23 |
| (b) In reference to any municipality which has adopted tax | 24 |
| increment
financing after January 1, 1978, and in respect to | 25 |
| which the county clerk
has certified the "total initial |
|
|
|
HB1840 |
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LRB095 09669 BDD 29869 b |
|
| 1 |
| equalized assessed value" of the property
in the redevelopment | 2 |
| area, the municipality may thereafter request the clerk
in | 3 |
| writing to adjust the initial equalized value of all taxable | 4 |
| real property
within the redevelopment project area by | 5 |
| deducting therefrom the exemptions
provided for by Sections | 6 |
| 15-167, 15-170, 15-175, and 15-176 of the
Property Tax Code | 7 |
| applicable
to each lot, block, tract or parcel of real property | 8 |
| within such redevelopment
project area. The county clerk shall | 9 |
| immediately after the written request to
adjust the total | 10 |
| initial equalized value is received determine the total
| 11 |
| homestead exemptions in the redevelopment project area | 12 |
| provided by Sections
15-167, 15-170, 15-175, and 15-176 of the | 13 |
| Property Tax Code by adding
together the homestead
exemptions | 14 |
| provided by said Sections
on each lot, block, tract or parcel | 15 |
| of real property within such redevelopment
project area and | 16 |
| then shall deduct the total of said exemptions from the total
| 17 |
| initial equalized assessed value. The county clerk shall then | 18 |
| promptly certify
such amount as the "total initial equalized | 19 |
| assessed value as adjusted" of the
taxable real property within | 20 |
| such redevelopment project area.
| 21 |
| (c) After the county clerk has certified the "total initial
| 22 |
| equalized assessed value" of the taxable real property in such | 23 |
| area, then
in respect to every taxing district containing a | 24 |
| redevelopment project area,
the county clerk or any other | 25 |
| official required by law to ascertain the amount
of the | 26 |
| equalized assessed value of all taxable property within such |
|
|
|
HB1840 |
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LRB095 09669 BDD 29869 b |
|
| 1 |
| district
for the purpose of computing the rate per cent of tax | 2 |
| to be extended upon
taxable property within such district, | 3 |
| shall in every year that tax increment
allocation financing is | 4 |
| in effect ascertain the amount of value of taxable
property in | 5 |
| a redevelopment project area by including in such amount the | 6 |
| lower
of the current equalized assessed value or the certified | 7 |
| "total initial
equalized assessed value" of all taxable real | 8 |
| property in such area, except
that after he has certified the | 9 |
| "total initial equalized assessed value as
adjusted" he shall | 10 |
| in the year of said certification if tax rates have not been
| 11 |
| extended and in every year thereafter that tax increment | 12 |
| allocation financing
is in effect ascertain the amount of value | 13 |
| of taxable property in a
redevelopment project area by | 14 |
| including in such amount the lower of the current
equalized | 15 |
| assessed value or the certified "total initial equalized | 16 |
| assessed
value as adjusted" of all taxable real property in | 17 |
| such area. The rate per cent
of tax determined shall be | 18 |
| extended to the current equalized assessed value of
all | 19 |
| property in the redevelopment project area in the same manner | 20 |
| as the rate
per cent of tax is extended to all other taxable | 21 |
| property in the taxing
district. The method of extending taxes | 22 |
| established under this Section shall
terminate when the | 23 |
| municipality adopts an ordinance dissolving the special tax
| 24 |
| allocation fund for the redevelopment project area. This | 25 |
| Division shall not be
construed as relieving property owners | 26 |
| within a redevelopment project area from
paying a uniform rate |
|
|
|
HB1840 |
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LRB095 09669 BDD 29869 b |
|
| 1 |
| of taxes upon the current equalized assessed value of
their | 2 |
| taxable property as provided in the Property Tax Code.
| 3 |
| (Source: P.A. 93-715, eff. 7-12-04.)
| 4 |
| (65 ILCS 5/11-74.6-40)
| 5 |
| Sec. 11-74.6-40. Equalized assessed value determination; | 6 |
| property tax
extension.
| 7 |
| (a) If a municipality by ordinance provides for tax | 8 |
| increment allocation
financing under Section 11-74.6-35, the | 9 |
| county clerk immediately thereafter:
| 10 |
| (1) shall determine the initial equalized assessed | 11 |
| value of each
parcel of real property in the redevelopment | 12 |
| project area, which is the
most recently established | 13 |
| equalized assessed value of each lot, block,
tract or | 14 |
| parcel of taxable real property within the redevelopment | 15 |
| project
area, minus the homestead exemptions provided by | 16 |
| Sections
15-167, 15-170, 15-175, and 15-176 of the Property | 17 |
| Tax Code; and
| 18 |
| (2) shall certify to the municipality the total initial | 19 |
| equalized
assessed value of all taxable real property | 20 |
| within the redevelopment
project area.
| 21 |
| (b) Any municipality that has established a vacant | 22 |
| industrial
buildings conservation area may, by ordinance | 23 |
| passed after
the adoption of tax increment allocation | 24 |
| financing, provide that the county
clerk immediately | 25 |
| thereafter shall again determine:
|
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| (1) the updated initial equalized assessed value of | 2 |
| each lot, block,
tract or parcel of real property, which is | 3 |
| the most recently
ascertained equalized assessed value of | 4 |
| each lot, block, tract or parcel of
real property within | 5 |
| the vacant industrial buildings conservation area; and
| 6 |
| (2) the total updated initial equalized assessed value | 7 |
| of all
taxable real property within the redevelopment | 8 |
| project area,
which is the total of the updated initial | 9 |
| equalized assessed value of
all taxable real property | 10 |
| within the vacant industrial buildings
conservation area.
| 11 |
| The county clerk shall certify to the municipality the | 12 |
| total updated
initial equalized assessed value of all taxable | 13 |
| real property within the
industrial buildings conservation | 14 |
| area.
| 15 |
| (c) After the county clerk has certified the total initial
| 16 |
| equalized assessed value or the total updated initial equalized | 17 |
| assessed
value of the taxable real property in the area, for | 18 |
| each taxing district in
which a redevelopment project area is | 19 |
| situated, the county clerk or any
other official required by | 20 |
| law to determine the amount of the equalized
assessed value of | 21 |
| all taxable property within
the district for the purpose of | 22 |
| computing the percentage rate of tax to be
extended upon | 23 |
| taxable property within the district, shall in every year
that | 24 |
| tax increment allocation financing is in effect determine the | 25 |
| total
equalized assessed value of taxable property in a | 26 |
| redevelopment project area by
including in that amount the |
|
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| lower of the current equalized assessed value
or the certified | 2 |
| total initial equalized assessed value or, if the total of
| 3 |
| updated equalized assessed value has been certified, the total | 4 |
| updated
initial equalized assessed value of all taxable real | 5 |
| property in the
redevelopment project area. After he has | 6 |
| certified the total initial
equalized assessed value he shall | 7 |
| in the year of that
certification, if tax rates have not been | 8 |
| extended, and in every subsequent
year that tax increment | 9 |
| allocation financing is in effect, determine the
amount of | 10 |
| equalized assessed value of taxable property in a redevelopment
| 11 |
| project area by including in that amount the lower of the | 12 |
| current total
equalized assessed value or the certified total | 13 |
| initial equalized assessed
value or, if the total of updated | 14 |
| initial equalized assessed values have been
certified, the | 15 |
| total updated initial equalized assessed value of all taxable
| 16 |
| real property in the redevelopment project area.
| 17 |
| (d) The percentage rate of tax determined shall be extended | 18 |
| on the
current equalized assessed value of all property in the | 19 |
| redevelopment
project area in the same manner as the rate per | 20 |
| cent of tax is extended to
all other taxable property in the | 21 |
| taxing district. The method of extending
taxes established | 22 |
| under this Section shall terminate when the municipality
adopts | 23 |
| an ordinance dissolving the special tax allocation fund for the
| 24 |
| redevelopment project area. This Law shall not be construed as | 25 |
| relieving
property owners within a redevelopment project area | 26 |
| from paying a uniform
rate of taxes upon the current equalized |
|
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| assessed value of their taxable
property as provided in the | 2 |
| Property Tax Code.
| 3 |
| (Source: P.A. 93-715, eff. 7-12-04.)
| 4 |
| Section 30. The Economic Development Project Area Tax | 5 |
| Increment Allocation
Act of 1995 is amended by changing Section | 6 |
| 45 as follows:
| 7 |
| (65 ILCS 110/45)
| 8 |
| Sec. 45. Filing with county clerk; certification of initial | 9 |
| equalized
assessed value.
| 10 |
| (a) A municipality that has by ordinance approved an | 11 |
| economic development
plan, established an economic development | 12 |
| project area, and adopted tax
increment allocation financing | 13 |
| for that area shall file certified copies of the
ordinance or | 14 |
| ordinances with the county clerk. Upon receiving the ordinance | 15 |
| or
ordinances, the county clerk shall immediately determine (i) | 16 |
| the most recently
ascertained equalized assessed value of each | 17 |
| lot, block, tract, or parcel of
real property within the | 18 |
| economic development project area from which shall be
deducted | 19 |
| the homestead exemptions provided by Sections 15-167, 15-170,
| 20 |
| 15-175, and 15-176 of
the Property Tax Code
(that value being | 21 |
| the "initial equalized assessed value" of each such
piece of | 22 |
| property) and (ii) the total equalized assessed value of all | 23 |
| taxable
real property within the economic development project | 24 |
| area by adding together
the most recently ascertained equalized |
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| assessed value of each taxable lot,
block, tract, or parcel of | 2 |
| real property within the economic development
project area, | 3 |
| from which shall be deducted the homestead exemptions provided | 4 |
| by
Sections 15-167, 15-170, 15-175, and 15-176 of the Property | 5 |
| Tax Code,
and shall certify
that amount as the "total initial | 6 |
| equalized assessed value" of the taxable real
property within | 7 |
| the economic development project area.
| 8 |
| (b) After the county clerk has certified the "total initial | 9 |
| equalized
assessed value" of the taxable real property in the | 10 |
| economic development
project area, then in respect to every | 11 |
| taxing district containing an economic
development project | 12 |
| area, the county clerk or any other official required by
law to | 13 |
| ascertain the amount of the equalized assessed value of all | 14 |
| taxable
property within the taxing district for the purpose of | 15 |
| computing the rate per
cent of tax to be extended upon taxable | 16 |
| property within the taxing district
shall, in every year that | 17 |
| tax increment allocation financing is in effect,
ascertain the | 18 |
| amount of value of
taxable property in an economic development | 19 |
| project area by including in that
amount the lower of the | 20 |
| current equalized assessed value or the certified
"total | 21 |
| initial equalized assessed value" of all taxable real property | 22 |
| in the
area. The rate per cent of tax determined shall be | 23 |
| extended to the current
equalized assessed value of all | 24 |
| property in the economic development project
area in the same | 25 |
| manner as the rate per cent of tax is extended to all other
| 26 |
| taxable property in the taxing district. The method of |
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| extending taxes
established under this Section shall terminate | 2 |
| when the municipality adopts an
ordinance dissolving the | 3 |
| special tax allocation fund for the economic
development | 4 |
| project area. This Act shall not be construed as relieving | 5 |
| owners
or lessees of property within an economic development | 6 |
| project area from paying
a uniform rate of
taxes upon the | 7 |
| current equalized assessed value of their taxable property as
| 8 |
| provided in the Property Tax Code.
| 9 |
| (Source: P.A. 93-715, eff. 7-12-04.)
| 10 |
| Section 90. The State Mandates Act is amended by adding | 11 |
| Section 8.31 as
follows:
| 12 |
| (30 ILCS 805/8.31 new)
| 13 |
| Sec. 8.31. Exempt mandate. Notwithstanding Sections 6 and 8 | 14 |
| of this
Act, no reimbursement by the State is required for the | 15 |
| implementation of
any mandate created by this amendatory Act of | 16 |
| the 95th General Assembly.
| 17 |
| Section 99. Effective date. This Act takes effect upon | 18 |
| becoming law. |
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|
INDEX
| 2 |
|
Statutes amended in order of appearance
|
| 3 |
| 20 ILCS 620/6 |
from Ch. 67 1/2, par. 1006 |
| 4 |
| 35 ILCS 200/15-10 |
|
| 5 |
| 35 ILCS 200/15-167 new |
|
| 6 |
| 35 ILCS 200/20-178 |
|
| 7 |
| 35 ILCS 200/21-135 |
|
| 8 |
| 55 ILCS 85/6 |
from Ch. 34, par. 7006 |
| 9 |
| 55 ILCS 90/45 |
from Ch. 34, par. 8045 |
| 10 |
| 65 ILCS 5/11-74.4-8 |
from Ch. 24, par. 11-74.4-8 |
| 11 |
| 65 ILCS 5/11-74.4-9 |
from Ch. 24, par. 11-74.4-9 |
| 12 |
| 65 ILCS 5/11-74.6-40 |
|
| 13 |
| 65 ILCS 110/45 |
|
| 14 |
| 30 ILCS 805/8.31 new |
|
| |
|
|
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| 1 |
|
INDEX
| 2 |
|
Statutes amended in order of appearance
|
| 3 |
| See Index |
|
| |
|