Full Text of HB3201 98th General Assembly
HB3201 98TH GENERAL ASSEMBLY |
| | 98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014 HB3201 Introduced , by Rep. Emanuel Chris Welch SYNOPSIS AS INTRODUCED: |
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65 ILCS 5/11-74.4-9 |
from Ch. 24, par. 11-74.4-9 |
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Amends the Tax Increment Allocation Redevelopment Act in the Illinois Municipal Code. Provides that, notwithstanding any other provision of law, in the case of any redevelopment project area established by the Village of Bellwood on or after January 1, 2005 and prior to the effective date of the amendatory Act, the "total initial equalized assessed value" shall be the equalized assessed value of each taxable lot,
block, tract, or parcel of real property within that redevelopment project area for the 2012 levy year. Effective immediately.
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| | FISCAL NOTE ACT MAY APPLY | | HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY |
| | A BILL FOR |
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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. The Illinois Municipal Code is amended by | 5 | | changing Section 11-74.4-9 as follows:
| 6 | | (65 ILCS 5/11-74.4-9)
(from Ch. 24, par. 11-74.4-9)
| 7 | | Sec. 11-74.4-9. Equalized assessed value of property.
| 8 | | (a) If a municipality by ordinance provides for tax
| 9 | | increment allocation financing pursuant to Section 11-74.4-8, | 10 | | the county clerk
immediately thereafter shall determine (1) the | 11 | | most recently ascertained
equalized assessed value of each lot, | 12 | | block, tract or parcel of real property
within such | 13 | | redevelopment project area from which shall be deducted the
| 14 | | homestead exemptions under Article 15 of the Property
Tax Code, | 15 | | which value shall be the "initial equalized assessed value" of | 16 | | each
such piece of property, and (2) the total equalized | 17 | | assessed value of all
taxable real property within such | 18 | | redevelopment project area by adding together
the most recently | 19 | | ascertained equalized assessed value of each taxable lot,
| 20 | | block, tract, or parcel of real property within such project | 21 | | area, from which
shall be deducted the homestead exemptions | 22 | | provided by Sections 15-170,
15-175, and 15-176 of the Property | 23 | | Tax Code, and shall certify such amount
as the "total
initial |
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| 1 | | equalized assessed value" of the taxable real property within | 2 | | such
project area. | 3 | | Notwithstanding any other provision of law, in the case of | 4 | | any redevelopment project area established by the Village of | 5 | | Bellwood on or after January 1, 2005 and prior to the effective | 6 | | date of this amendatory Act of the 98th General Assembly, the | 7 | | "total initial equalized assessed value" shall be the equalized | 8 | | assessed value of each taxable lot,
block, tract, or parcel of | 9 | | real property within that redevelopment project area for the | 10 | | 2012 levy year. As soon as possible after the effective date of | 11 | | this amendatory Act of the 98th General Assembly, the county | 12 | | clerk shall recertify the "total initial equalized assessed | 13 | | value" of those redevelopment project areas in accordance with | 14 | | the provisions of this amendatory Act of the 98th General | 15 | | Assembly.
| 16 | | (b) In reference to any municipality which has adopted tax | 17 | | increment
financing after January 1, 1978, and in respect to | 18 | | which the county clerk
has certified the "total initial | 19 | | equalized assessed value" of the property
in the redevelopment | 20 | | area, the municipality may thereafter request the clerk
in | 21 | | writing to adjust the initial equalized value of all taxable | 22 | | real property
within the redevelopment project area by | 23 | | deducting therefrom the exemptions under Article 15 of the
| 24 | | Property Tax Code applicable
to each lot, block, tract or | 25 | | parcel of real property within such redevelopment
project area. | 26 | | The county clerk shall immediately after the written request to
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| 1 | | adjust the total initial equalized value is received determine | 2 | | the total
homestead exemptions in the redevelopment project | 3 | | area provided by Sections
15-170, 15-175, and 15-176 of the | 4 | | Property Tax Code by adding
together the homestead
exemptions | 5 | | provided by said Sections
on each lot, block, tract or parcel | 6 | | of real property within such redevelopment
project area and | 7 | | then shall deduct the total of said exemptions from the total
| 8 | | initial equalized assessed value. The county clerk shall then | 9 | | promptly certify
such amount as the "total initial equalized | 10 | | assessed value as adjusted" of the
taxable real property within | 11 | | such redevelopment project area.
| 12 | | (c) After the county clerk has certified the "total initial
| 13 | | equalized assessed value" of the taxable real property in such | 14 | | area, then
in respect to every taxing district containing a | 15 | | redevelopment project area,
the county clerk or any other | 16 | | official required by law to ascertain the amount
of the | 17 | | equalized assessed value of all taxable property within such | 18 | | district
for the purpose of computing the rate per cent of tax | 19 | | to be extended upon
taxable property within such district, | 20 | | shall in every year that tax increment
allocation financing is | 21 | | in effect ascertain the amount of value of taxable
property in | 22 | | a redevelopment project area by including in such amount the | 23 | | lower
of the current equalized assessed value or the certified | 24 | | "total initial
equalized assessed value" of all taxable real | 25 | | property in such area, except
that after he has certified the | 26 | | "total initial equalized assessed value as
adjusted" he shall |
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| 1 | | in the year of said certification if tax rates have not been
| 2 | | extended and in every year thereafter that tax increment | 3 | | allocation financing
is in effect ascertain the amount of value | 4 | | of taxable property in a
redevelopment project area by | 5 | | including in such amount the lower of the current
equalized | 6 | | assessed value or the certified "total initial equalized | 7 | | assessed
value as adjusted" of all taxable real property in | 8 | | such area. The rate per cent
of tax determined shall be | 9 | | extended to the current equalized assessed value of
all | 10 | | property in the redevelopment project area in the same manner | 11 | | as the rate
per cent of tax is extended to all other taxable | 12 | | property in the taxing
district. The method of extending taxes | 13 | | established under this Section shall
terminate when the | 14 | | municipality adopts an ordinance dissolving the special tax
| 15 | | allocation fund for the redevelopment project area. This | 16 | | Division shall not be
construed as relieving property owners | 17 | | within a redevelopment project area from
paying a uniform rate | 18 | | of taxes upon the current equalized assessed value of
their | 19 | | taxable property as provided in the Property Tax Code.
| 20 | | (Source: P.A. 95-644, eff. 10-12-07.)
| 21 | | Section 99. Effective date. This Act takes effect upon | 22 | | becoming law.
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