Full Text of SB2155 98th General Assembly
SB2155enr 98TH GENERAL ASSEMBLY |
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| 1 | | AN ACT concerning local government.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. If and only if Senate Bill 1715 of
the 98th | 5 | | General Assembly becomes law, then the Hydraulic Fracturing | 6 | | Regulatory Act is amended by changing Section 2-45 as follows: | 7 | | (09800SB1715ham001, Sec. 2-45)
| 8 | | Sec. 2-45. Purchaser's return and tax remittance. Each | 9 | | purchaser shall make a return to the Department showing the | 10 | | quantity of oil or gas purchased during the month for which the | 11 | | return is filed, the price paid therefore, total value, the | 12 | | name and address of the operator or other person from whom the | 13 | | same was purchased, a description of the production unit in the | 14 | | manner prescribed by the Department from which such oil or gas | 15 | | was severed and the amount of tax due from each production unit | 16 | | for each calendar month. All taxes due, or to be remitted, by | 17 | | the purchaser shall accompany this return. The return shall be | 18 | | filed on or before the last day of the month after the calendar | 19 | | month for which the return is required. The Department shall | 20 | | forward the necessary information to each Chief County | 21 | | Assessment Officer for the administration and application of ad | 22 | | valorem real property taxes at the county level. This | 23 | | information shall be forwarded to the Chief County Assessment |
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| 1 | | Officers in a yearly summary before March 1 of the following | 2 | | calendar year. The Department may require any additional report | 3 | | or information it may deem necessary for the proper | 4 | | administration of this Act. | 5 | | Such returns shall be filed electronically in the manner | 6 | | prescribed by the Department. Purchasers shall make all | 7 | | payments of that tax to the Department by electronic funds | 8 | | transfer unless, as provided by rule, the Department grants an | 9 | | exception upon petition of a purchaser. Purchasers' returns | 10 | | must be accompanied by appropriate computer generated magnetic | 11 | | media supporting schedule data in the format required by the | 12 | | Department, unless, as provided by rule, the Department grants | 13 | | an exception upon petition of a purchaser.
| 14 | | (Source: 09800SB1715ham001.)
| 15 | | Section 10. If and only if Senate Bill 1715 of
the 98th | 16 | | General Assembly becomes law, then the Property Tax Code is | 17 | | amended by changing Section 18-185 as follows: | 18 | | (35 ILCS 200/18-185)
| 19 | | Sec. 18-185. Short title; definitions. This Division 5 may | 20 | | be cited as the
Property Tax Extension Limitation Law. As used | 21 | | in this Division 5:
| 22 | | "Consumer Price Index" means the Consumer Price Index for | 23 | | All Urban
Consumers for all items published by the United | 24 | | States Department of Labor.
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| 1 | | "Extension limitation" means (a) the lesser of 5% or the | 2 | | percentage increase
in the Consumer Price Index during the | 3 | | 12-month calendar year preceding the
levy year or (b) the rate | 4 | | of increase approved by voters under Section 18-205.
| 5 | | "Affected county" means a county of 3,000,000 or more | 6 | | inhabitants or a
county contiguous to a county of 3,000,000 or | 7 | | more inhabitants.
| 8 | | "Taxing district" has the same meaning provided in Section | 9 | | 1-150, except as
otherwise provided in this Section. For the | 10 | | 1991 through 1994 levy years only,
"taxing district" includes | 11 | | only each non-home rule taxing district having the
majority of | 12 | | its
1990 equalized assessed value within any county or counties | 13 | | contiguous to a
county with 3,000,000 or more inhabitants. | 14 | | Beginning with the 1995 levy
year, "taxing district" includes | 15 | | only each non-home rule taxing district
subject to this Law | 16 | | before the 1995 levy year and each non-home rule
taxing | 17 | | district not subject to this Law before the 1995 levy year | 18 | | having the
majority of its 1994 equalized assessed value in an | 19 | | affected county or
counties. Beginning with the levy year in
| 20 | | which this Law becomes applicable to a taxing district as
| 21 | | provided in Section 18-213, "taxing district" also includes | 22 | | those taxing
districts made subject to this Law as provided in | 23 | | Section 18-213.
| 24 | | "Aggregate extension" for taxing districts to which this | 25 | | Law applied before
the 1995 levy year means the annual | 26 | | corporate extension for the taxing
district and those special |
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| 1 | | purpose extensions that are made annually for
the taxing | 2 | | district, excluding special purpose extensions: (a) made for | 3 | | the
taxing district to pay interest or principal on general | 4 | | obligation bonds
that were approved by referendum; (b) made for | 5 | | any taxing district to pay
interest or principal on general | 6 | | obligation bonds issued before October 1,
1991; (c) made for | 7 | | any taxing district to pay interest or principal on bonds
| 8 | | issued to refund or continue to refund those bonds issued | 9 | | before October 1,
1991; (d)
made for any taxing district to pay | 10 | | interest or principal on bonds
issued to refund or continue to | 11 | | refund bonds issued after October 1, 1991 that
were approved by | 12 | | referendum; (e)
made for any taxing district to pay interest
or | 13 | | principal on revenue bonds issued before October 1, 1991 for | 14 | | payment of
which a property tax levy or the full faith and | 15 | | credit of the unit of local
government is pledged; however, a | 16 | | tax for the payment of interest or principal
on those bonds | 17 | | shall be made only after the governing body of the unit of | 18 | | local
government finds that all other sources for payment are | 19 | | insufficient to make
those payments; (f) made for payments | 20 | | under a building commission lease when
the lease payments are | 21 | | for the retirement of bonds issued by the commission
before | 22 | | October 1, 1991, to pay for the building project; (g) made for | 23 | | payments
due under installment contracts entered into before | 24 | | October 1, 1991;
(h) made for payments of principal and | 25 | | interest on bonds issued under the
Metropolitan Water | 26 | | Reclamation District Act to finance construction projects
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| 1 | | initiated before October 1, 1991; (i) made for payments of | 2 | | principal and
interest on limited bonds, as defined in Section | 3 | | 3 of the Local Government Debt
Reform Act, in an amount not to | 4 | | exceed the debt service extension base less
the amount in items | 5 | | (b), (c), (e), and (h) of this definition for
non-referendum | 6 | | obligations, except obligations initially issued pursuant to
| 7 | | referendum; (j) made for payments of principal and interest on | 8 | | bonds
issued under Section 15 of the Local Government Debt | 9 | | Reform Act; (k)
made
by a school district that participates in | 10 | | the Special Education District of
Lake County, created by | 11 | | special education joint agreement under Section
10-22.31 of the | 12 | | School Code, for payment of the school district's share of the
| 13 | | amounts required to be contributed by the Special Education | 14 | | District of Lake
County to the Illinois Municipal Retirement | 15 | | Fund under Article 7 of the
Illinois Pension Code; the amount | 16 | | of any extension under this item (k) shall be
certified by the | 17 | | school district to the county clerk; (l) made to fund
expenses | 18 | | of providing joint recreational programs for the handicapped | 19 | | under
Section 5-8 of
the
Park District Code or Section 11-95-14 | 20 | | of the Illinois Municipal Code; (m) made for temporary | 21 | | relocation loan repayment purposes pursuant to Sections 2-3.77 | 22 | | and 17-2.2d of the School Code; (n) made for payment of | 23 | | principal and interest on any bonds issued under the authority | 24 | | of Section 17-2.2d of the School Code; (o) made for | 25 | | contributions to a firefighter's pension fund created under | 26 | | Article 4 of the Illinois Pension Code, to the extent of the |
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| 1 | | amount certified under item (5) of Section 4-134 of the | 2 | | Illinois Pension Code; and (p) made for road purposes in the | 3 | | first year after a township assumes the rights, powers, duties, | 4 | | assets, property, liabilities, obligations, and
| 5 | | responsibilities of a road district abolished under the | 6 | | provisions of Section 6-133 of the Illinois Highway Code.
| 7 | | "Aggregate extension" for the taxing districts to which | 8 | | this Law did not
apply before the 1995 levy year (except taxing | 9 | | districts subject to this Law
in
accordance with Section | 10 | | 18-213) means the annual corporate extension for the
taxing | 11 | | district and those special purpose extensions that are made | 12 | | annually for
the taxing district, excluding special purpose | 13 | | extensions: (a) made for the
taxing district to pay interest or | 14 | | principal on general obligation bonds that
were approved by | 15 | | referendum; (b) made for any taxing district to pay interest
or | 16 | | principal on general obligation bonds issued before March 1, | 17 | | 1995; (c) made
for any taxing district to pay interest or | 18 | | principal on bonds issued to refund
or continue to refund those | 19 | | bonds issued before March 1, 1995; (d) made for any
taxing | 20 | | district to pay interest or principal on bonds issued to refund | 21 | | or
continue to refund bonds issued after March 1, 1995 that | 22 | | were approved by
referendum; (e) made for any taxing district | 23 | | to pay interest or principal on
revenue bonds issued before | 24 | | March 1, 1995 for payment of which a property tax
levy or the | 25 | | full faith and credit of the unit of local government is | 26 | | pledged;
however, a tax for the payment of interest or |
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| 1 | | principal on those bonds shall be
made only after the governing | 2 | | body of the unit of local government finds that
all other | 3 | | sources for payment are insufficient to make those payments; | 4 | | (f) made
for payments under a building commission lease when | 5 | | the lease payments are for
the retirement of bonds issued by | 6 | | the commission before March 1, 1995 to
pay for the building | 7 | | project; (g) made for payments due under installment
contracts | 8 | | entered into before March 1, 1995; (h) made for payments of
| 9 | | principal and interest on bonds issued under the Metropolitan | 10 | | Water Reclamation
District Act to finance construction | 11 | | projects initiated before October 1,
1991; (h-4) made for | 12 | | stormwater management purposes by the Metropolitan Water | 13 | | Reclamation District of Greater Chicago under Section 12 of the | 14 | | Metropolitan Water Reclamation District Act; (i) made for | 15 | | payments of principal and interest on limited bonds,
as defined | 16 | | in Section 3 of the Local Government Debt Reform Act, in an | 17 | | amount
not to exceed the debt service extension base less the | 18 | | amount in items (b),
(c), and (e) of this definition for | 19 | | non-referendum obligations, except
obligations initially | 20 | | issued pursuant to referendum and bonds described in
subsection | 21 | | (h) of this definition; (j) made for payments of
principal and | 22 | | interest on bonds issued under Section 15 of the Local | 23 | | Government
Debt Reform Act; (k) made for payments of principal | 24 | | and interest on bonds
authorized by Public Act 88-503 and | 25 | | issued under Section 20a of the Chicago
Park District Act for | 26 | | aquarium or
museum projects; (l) made for payments of principal |
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| 1 | | and interest on
bonds
authorized by Public Act 87-1191 or | 2 | | 93-601 and (i) issued pursuant to Section 21.2 of the Cook | 3 | | County Forest
Preserve District Act, (ii) issued under Section | 4 | | 42 of the Cook County
Forest Preserve District Act for | 5 | | zoological park projects, or (iii) issued
under Section 44.1 of | 6 | | the Cook County Forest Preserve District Act for
botanical | 7 | | gardens projects; (m) made
pursuant
to Section 34-53.5 of the | 8 | | School Code, whether levied annually or not;
(n) made to fund | 9 | | expenses of providing joint recreational programs for the
| 10 | | handicapped under Section 5-8 of the Park
District Code or | 11 | | Section 11-95-14 of the Illinois Municipal Code;
(o) made by | 12 | | the
Chicago Park
District for recreational programs for the | 13 | | handicapped under subsection (c) of
Section
7.06 of the Chicago | 14 | | Park District Act; (p) made for contributions to a | 15 | | firefighter's pension fund created under Article 4 of the | 16 | | Illinois Pension Code, to the extent of the amount certified | 17 | | under item (5) of Section 4-134 of the Illinois Pension Code; | 18 | | and (q) made by Ford Heights School District 169 under Section | 19 | | 17-9.02 of the School Code.
| 20 | | "Aggregate extension" for all taxing districts to which | 21 | | this Law applies in
accordance with Section 18-213, except for | 22 | | those taxing districts subject to
paragraph (2) of subsection | 23 | | (e) of Section 18-213, means the annual corporate
extension for | 24 | | the
taxing district and those special purpose extensions that | 25 | | are made annually for
the taxing district, excluding special | 26 | | purpose extensions: (a) made for the
taxing district to pay |
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| 1 | | interest or principal on general obligation bonds that
were | 2 | | approved by referendum; (b) made for any taxing district to pay | 3 | | interest
or principal on general obligation bonds issued before | 4 | | the date on which the
referendum making this
Law applicable to | 5 | | the taxing district is held; (c) made
for any taxing district | 6 | | to pay interest or principal on bonds issued to refund
or | 7 | | continue to refund those bonds issued before the date on which | 8 | | the
referendum making this Law
applicable to the taxing | 9 | | district is held;
(d) made for any
taxing district to pay | 10 | | interest or principal on bonds issued to refund or
continue to | 11 | | refund bonds issued after the date on which the referendum | 12 | | making
this Law
applicable to the taxing district is held if | 13 | | the bonds were approved by
referendum after the date on which | 14 | | the referendum making this Law
applicable to the taxing | 15 | | district is held; (e) made for any
taxing district to pay | 16 | | interest or principal on
revenue bonds issued before the date | 17 | | on which the referendum making this Law
applicable to the
| 18 | | taxing district is held for payment of which a property tax
| 19 | | levy or the full faith and credit of the unit of local | 20 | | government is pledged;
however, a tax for the payment of | 21 | | interest or principal on those bonds shall be
made only after | 22 | | the governing body of the unit of local government finds that
| 23 | | all other sources for payment are insufficient to make those | 24 | | payments; (f) made
for payments under a building commission | 25 | | lease when the lease payments are for
the retirement of bonds | 26 | | issued by the commission before the date on which the
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| 1 | | referendum making this
Law applicable to the taxing district is | 2 | | held to
pay for the building project; (g) made for payments due | 3 | | under installment
contracts entered into before the date on | 4 | | which the referendum making this Law
applicable to
the taxing | 5 | | district is held;
(h) made for payments
of principal and | 6 | | interest on limited bonds,
as defined in Section 3 of the Local | 7 | | Government Debt Reform Act, in an amount
not to exceed the debt | 8 | | service extension base less the amount in items (b),
(c), and | 9 | | (e) of this definition for non-referendum obligations, except
| 10 | | obligations initially issued pursuant to referendum; (i) made | 11 | | for payments
of
principal and interest on bonds issued under | 12 | | Section 15 of the Local Government
Debt Reform Act;
(j)
made | 13 | | for a qualified airport authority to pay interest or principal | 14 | | on
general obligation bonds issued for the purpose of paying | 15 | | obligations due
under, or financing airport facilities | 16 | | required to be acquired, constructed,
installed or equipped | 17 | | pursuant to, contracts entered into before March
1, 1996 (but | 18 | | not including any amendments to such a contract taking effect | 19 | | on
or after that date); (k) made to fund expenses of providing | 20 | | joint
recreational programs for the handicapped under Section | 21 | | 5-8 of
the
Park District Code or Section 11-95-14 of the | 22 | | Illinois Municipal Code; (l) made for contributions to a | 23 | | firefighter's pension fund created under Article 4 of the | 24 | | Illinois Pension Code, to the extent of the amount certified | 25 | | under item (5) of Section 4-134 of the Illinois Pension Code; | 26 | | and (m) made for the taxing district to pay interest or |
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| 1 | | principal on general obligation bonds issued pursuant to | 2 | | Section 19-3.10 of the School Code.
| 3 | | "Aggregate extension" for all taxing districts to which | 4 | | this Law applies in
accordance with paragraph (2) of subsection | 5 | | (e) of Section 18-213 means the
annual corporate extension for | 6 | | the
taxing district and those special purpose extensions that | 7 | | are made annually for
the taxing district, excluding special | 8 | | purpose extensions: (a) made for the
taxing district to pay | 9 | | interest or principal on general obligation bonds that
were | 10 | | approved by referendum; (b) made for any taxing district to pay | 11 | | interest
or principal on general obligation bonds issued before | 12 | | the effective date of
this amendatory Act of 1997;
(c) made
for | 13 | | any taxing district to pay interest or principal on bonds | 14 | | issued to refund
or continue to refund those bonds issued | 15 | | before the effective date
of this amendatory Act of 1997;
(d) | 16 | | made for any
taxing district to pay interest or principal on | 17 | | bonds issued to refund or
continue to refund bonds issued after | 18 | | the effective date of this amendatory Act
of 1997 if the bonds | 19 | | were approved by referendum after the effective date of
this | 20 | | amendatory Act of 1997;
(e) made for any
taxing district to pay | 21 | | interest or principal on
revenue bonds issued before the | 22 | | effective date of this amendatory Act of 1997
for payment of | 23 | | which a property tax
levy or the full faith and credit of the | 24 | | unit of local government is pledged;
however, a tax for the | 25 | | payment of interest or principal on those bonds shall be
made | 26 | | only after the governing body of the unit of local government |
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| 1 | | finds that
all other sources for payment are insufficient to | 2 | | make those payments; (f) made
for payments under a building | 3 | | commission lease when the lease payments are for
the retirement | 4 | | of bonds issued by the commission before the effective date
of | 5 | | this amendatory Act of 1997
to
pay for the building project; | 6 | | (g) made for payments due under installment
contracts entered | 7 | | into before the effective date of this amendatory Act of
1997;
| 8 | | (h) made for payments
of principal and interest on limited | 9 | | bonds,
as defined in Section 3 of the Local Government Debt | 10 | | Reform Act, in an amount
not to exceed the debt service | 11 | | extension base less the amount in items (b),
(c), and (e) of | 12 | | this definition for non-referendum obligations, except
| 13 | | obligations initially issued pursuant to referendum; (i) made | 14 | | for payments
of
principal and interest on bonds issued under | 15 | | Section 15 of the Local Government
Debt Reform Act;
(j)
made | 16 | | for a qualified airport authority to pay interest or principal | 17 | | on
general obligation bonds issued for the purpose of paying | 18 | | obligations due
under, or financing airport facilities | 19 | | required to be acquired, constructed,
installed or equipped | 20 | | pursuant to, contracts entered into before March
1, 1996 (but | 21 | | not including any amendments to such a contract taking effect | 22 | | on
or after that date); (k) made to fund expenses of providing | 23 | | joint
recreational programs for the handicapped under Section | 24 | | 5-8 of
the
Park District Code or Section 11-95-14 of the | 25 | | Illinois Municipal Code; and (l) made for contributions to a | 26 | | firefighter's pension fund created under Article 4 of the |
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| 1 | | Illinois Pension Code, to the extent of the amount certified | 2 | | under item (5) of Section 4-134 of the Illinois Pension Code.
| 3 | | "Debt service extension base" means an amount equal to that | 4 | | portion of the
extension for a taxing district for the 1994 | 5 | | levy year, or for those taxing
districts subject to this Law in | 6 | | accordance with Section 18-213, except for
those subject to | 7 | | paragraph (2) of subsection (e) of Section 18-213, for the
levy
| 8 | | year in which the referendum making this Law applicable to the | 9 | | taxing district
is held, or for those taxing districts subject | 10 | | to this Law in accordance with
paragraph (2) of subsection (e) | 11 | | of Section 18-213 for the 1996 levy year,
constituting an
| 12 | | extension for payment of principal and interest on bonds issued | 13 | | by the taxing
district without referendum, but not including | 14 | | excluded non-referendum bonds. For park districts (i) that were | 15 | | first
subject to this Law in 1991 or 1995 and (ii) whose | 16 | | extension for the 1994 levy
year for the payment of principal | 17 | | and interest on bonds issued by the park
district without | 18 | | referendum (but not including excluded non-referendum bonds)
| 19 | | was less than 51% of the amount for the 1991 levy year | 20 | | constituting an
extension for payment of principal and interest | 21 | | on bonds issued by the park
district without referendum (but | 22 | | not including excluded non-referendum bonds),
"debt service | 23 | | extension base" means an amount equal to that portion of the
| 24 | | extension for the 1991 levy year constituting an extension for | 25 | | payment of
principal and interest on bonds issued by the park | 26 | | district without referendum
(but not including excluded |
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| 1 | | non-referendum bonds). A debt service extension base | 2 | | established or increased at any time pursuant to any provision | 3 | | of this Law, except Section 18-212, shall be increased each | 4 | | year commencing with the later of (i) the 2009 levy year or | 5 | | (ii) the first levy year in which this Law becomes applicable | 6 | | to the taxing district, by the lesser of 5% or the percentage | 7 | | increase in the Consumer Price Index during the 12-month | 8 | | calendar year preceding the levy year. The debt service | 9 | | extension
base may be established or increased as provided | 10 | | under Section 18-212.
"Excluded non-referendum bonds" means | 11 | | (i) bonds authorized by Public
Act 88-503 and issued under | 12 | | Section 20a of the Chicago Park District Act for
aquarium and | 13 | | museum projects; (ii) bonds issued under Section 15 of the
| 14 | | Local Government Debt Reform Act; or (iii) refunding | 15 | | obligations issued
to refund or to continue to refund | 16 | | obligations initially issued pursuant to
referendum.
| 17 | | "Special purpose extensions" include, but are not limited | 18 | | to, extensions
for levies made on an annual basis for | 19 | | unemployment and workers'
compensation, self-insurance, | 20 | | contributions to pension plans, and extensions
made pursuant to | 21 | | Section 6-601 of the Illinois Highway Code for a road
| 22 | | district's permanent road fund whether levied annually or not. | 23 | | The
extension for a special service area is not included in the
| 24 | | aggregate extension.
| 25 | | "Aggregate extension base" means the taxing district's | 26 | | last preceding
aggregate extension as adjusted under Sections |
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| 1 | | 18-135, 18-215,
and 18-230.
An adjustment under Section 18-135 | 2 | | shall be made for the 2007 levy year and all subsequent levy | 3 | | years whenever one or more counties within which a taxing | 4 | | district is located (i) used estimated valuations or rates when | 5 | | extending taxes in the taxing district for the last preceding | 6 | | levy year that resulted in the over or under extension of | 7 | | taxes, or (ii) increased or decreased the tax extension for the | 8 | | last preceding levy year as required by Section 18-135(c). | 9 | | Whenever an adjustment is required under Section 18-135, the | 10 | | aggregate extension base of the taxing district shall be equal | 11 | | to the amount that the aggregate extension of the taxing | 12 | | district would have been for the last preceding levy year if | 13 | | either or both (i) actual, rather than estimated, valuations or | 14 | | rates had been used to calculate the extension of taxes for the | 15 | | last levy year, or (ii) the tax extension for the last | 16 | | preceding levy year had not been adjusted as required by | 17 | | subsection (c) of Section 18-135.
| 18 | | Notwithstanding any other provision of law, for levy year | 19 | | 2012, the aggregate extension base for West Northfield School | 20 | | District No. 31 in Cook County shall be $12,654,592. | 21 | | "Levy year" has the same meaning as "year" under Section
| 22 | | 1-155.
| 23 | | "New property" means (i) the assessed value, after final | 24 | | board of review or
board of appeals action, of new improvements | 25 | | or additions to existing
improvements on any parcel of real | 26 | | property that increase the assessed value of
that real property |
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| 1 | | during the levy year multiplied by the equalization factor
| 2 | | issued by the Department under Section 17-30, (ii) the assessed | 3 | | value, after
final board of review or board of appeals action, | 4 | | of real property not exempt
from real estate taxation, which | 5 | | real property was exempt from real estate
taxation for any | 6 | | portion of the immediately preceding levy year, multiplied by
| 7 | | the equalization factor issued by the Department under Section | 8 | | 17-30, including the assessed value, upon final stabilization | 9 | | of occupancy after new construction is complete, of any real | 10 | | property located within the boundaries of an otherwise or | 11 | | previously exempt military reservation that is intended for | 12 | | residential use and owned by or leased to a private corporation | 13 | | or other entity, and
(iii) in counties that classify in | 14 | | accordance with Section 4 of Article
IX of the
Illinois | 15 | | Constitution, an incentive property's additional assessed | 16 | | value
resulting from a
scheduled increase in the level of | 17 | | assessment as applied to the first year
final board of
review | 18 | | market value , and (iv) any increase in assessed value due to | 19 | | oil or gas production from an oil or gas well required to be | 20 | | permitted under the Hydraulic Fracturing Regulatory Act that | 21 | | was not produced in or accounted for during the previous levy | 22 | | year .
In addition, the county clerk in a county containing a | 23 | | population of
3,000,000 or more shall include in the 1997
| 24 | | recovered tax increment value for any school district, any | 25 | | recovered tax
increment value that was applicable to the 1995 | 26 | | tax year calculations.
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| 1 | | "Qualified airport authority" means an airport authority | 2 | | organized under
the Airport Authorities Act and located in a | 3 | | county bordering on the State of
Wisconsin and having a | 4 | | population in excess of 200,000 and not greater than
500,000.
| 5 | | "Recovered tax increment value" means, except as otherwise | 6 | | provided in this
paragraph, the amount of the current year's | 7 | | equalized assessed value, in the
first year after a | 8 | | municipality terminates
the designation of an area as a | 9 | | redevelopment project area previously
established under the | 10 | | Tax Increment Allocation Development Act in the Illinois
| 11 | | Municipal Code, previously established under the Industrial | 12 | | Jobs Recovery Law
in the Illinois Municipal Code, previously | 13 | | established under the Economic Development Project Area Tax | 14 | | Increment Act of 1995, or previously established under the | 15 | | Economic
Development Area Tax Increment Allocation Act, of each | 16 | | taxable lot, block,
tract, or parcel of real property in the | 17 | | redevelopment project area over and
above the initial equalized | 18 | | assessed value of each property in the
redevelopment project | 19 | | area.
For the taxes which are extended for the 1997 levy year, | 20 | | the recovered tax
increment value for a non-home rule taxing | 21 | | district that first became subject
to this Law for the 1995 | 22 | | levy year because a majority of its 1994 equalized
assessed | 23 | | value was in an affected county or counties shall be increased | 24 | | if a
municipality terminated the designation of an area in 1993 | 25 | | as a redevelopment
project area previously established under | 26 | | the Tax Increment Allocation
Development Act in the Illinois |
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| 1 | | Municipal Code, previously established under
the Industrial | 2 | | Jobs Recovery Law in the Illinois Municipal Code, or previously
| 3 | | established under the Economic Development Area Tax Increment | 4 | | Allocation Act,
by an amount equal to the 1994 equalized | 5 | | assessed value of each taxable lot,
block, tract, or parcel of | 6 | | real property in the redevelopment project area over
and above | 7 | | the initial equalized assessed value of each property in the
| 8 | | redevelopment project area.
In the first year after a | 9 | | municipality
removes a taxable lot, block, tract, or parcel of | 10 | | real property from a
redevelopment project area established | 11 | | under the Tax Increment Allocation
Development Act in the | 12 | | Illinois
Municipal Code, the Industrial Jobs Recovery Law
in | 13 | | the Illinois Municipal Code, or the Economic
Development Area | 14 | | Tax Increment Allocation Act, "recovered tax increment value"
| 15 | | means the amount of the current year's equalized assessed value | 16 | | of each taxable
lot, block, tract, or parcel of real property | 17 | | removed from the redevelopment
project area over and above the | 18 | | initial equalized assessed value of that real
property before | 19 | | removal from the redevelopment project area.
| 20 | | Except as otherwise provided in this Section, "limiting | 21 | | rate" means a
fraction the numerator of which is the last
| 22 | | preceding aggregate extension base times an amount equal to one | 23 | | plus the
extension limitation defined in this Section and the | 24 | | denominator of which
is the current year's equalized assessed | 25 | | value of all real property in the
territory under the | 26 | | jurisdiction of the taxing district during the prior
levy year. |
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| 1 | | For those taxing districts that reduced their aggregate
| 2 | | extension for the last preceding levy year, the highest | 3 | | aggregate extension
in any of the last 3 preceding levy years | 4 | | shall be used for the purpose of
computing the limiting rate. | 5 | | The denominator shall not include new
property or the recovered | 6 | | tax increment
value.
If a new rate, a rate decrease, or a | 7 | | limiting rate increase has been approved at an election held | 8 | | after March 21, 2006, then (i) the otherwise applicable | 9 | | limiting rate shall be increased by the amount of the new rate | 10 | | or shall be reduced by the amount of the rate decrease, as the | 11 | | case may be, or (ii) in the case of a limiting rate increase, | 12 | | the limiting rate shall be equal to the rate set forth
in the | 13 | | proposition approved by the voters for each of the years | 14 | | specified in the proposition, after
which the limiting rate of | 15 | | the taxing district shall be calculated as otherwise provided. | 16 | | In the case of a taxing district that obtained referendum | 17 | | approval for an increased limiting rate on March 20, 2012, the | 18 | | limiting rate for tax year 2012 shall be the rate that | 19 | | generates the approximate total amount of taxes extendable for | 20 | | that tax year, as set forth in the proposition approved by the | 21 | | voters; this rate shall be the final rate applied by the county | 22 | | clerk for the aggregate of all capped funds of the district for | 23 | | tax year 2012.
| 24 | | (Source: P.A. 97-611, eff. 1-1-12; 97-1154, eff. 1-25-13; 98-6, | 25 | | eff. 3-29-13; revised 4-8-13.)
| 26 | | Section 99. Effective date. This Act takes effect upon |
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| 1 | | becoming law. |
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