Full Text of HB4702 101st General Assembly
HB4702 101ST GENERAL ASSEMBLY |
| | 101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020 HB4702 Introduced 2/18/2020, by Rep. Grant Wehrli SYNOPSIS AS INTRODUCED: |
| 35 ILCS 200/18-185 | | 35 ILCS 200/18-233 new | |
|
Amends the Property Tax Extension Limitation Law in the Property Tax Code. Provides that a taxing district's aggregate extension base shall be adjusted whenever an assessment decrease due to the issuance of a certificate of error, a court order, or a final administrative decision of the Property Tax Appeal Board results in a refund from the taxing district of a portion of the property tax revenue distributed to the taxing district. Effective immediately.
|
| |
| | FISCAL NOTE ACT MAY APPLY | | HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY |
| | A BILL FOR |
|
| | | HB4702 | | LRB101 19689 HLH 69182 b |
|
| 1 | | AN ACT concerning revenue.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Property Tax Code is amended by changing | 5 | | Section 18-185 and by adding Section 18-233 as follows: | 6 | | (35 ILCS 200/18-185)
| 7 | | Sec. 18-185. Short title; definitions. This Division 5 may | 8 | | be cited as the
Property Tax Extension Limitation Law. As used | 9 | | in this Division 5:
| 10 | | "Consumer Price Index" means the Consumer Price Index for | 11 | | All Urban
Consumers for all items published by the United | 12 | | States Department of Labor.
| 13 | | "Extension limitation" means (a) the lesser of 5% or the | 14 | | percentage increase
in the Consumer Price Index during the | 15 | | 12-month calendar year preceding the
levy year or (b) the rate | 16 | | of increase approved by voters under Section 18-205.
| 17 | | "Affected county" means a county of 3,000,000 or more | 18 | | inhabitants or a
county contiguous to a county of 3,000,000 or | 19 | | more inhabitants.
| 20 | | "Taxing district" has the same meaning provided in Section | 21 | | 1-150, except as
otherwise provided in this Section. For the | 22 | | 1991 through 1994 levy years only,
"taxing district" includes | 23 | | only each non-home rule taxing district having the
majority of |
| | | HB4702 | - 2 - | LRB101 19689 HLH 69182 b |
|
| 1 | | its
1990 equalized assessed value within any county or counties | 2 | | contiguous to a
county with 3,000,000 or more inhabitants. | 3 | | Beginning with the 1995 levy
year, "taxing district" includes | 4 | | only each non-home rule taxing district
subject to this Law | 5 | | before the 1995 levy year and each non-home rule
taxing | 6 | | district not subject to this Law before the 1995 levy year | 7 | | having the
majority of its 1994 equalized assessed value in an | 8 | | affected county or
counties. Beginning with the levy year in
| 9 | | which this Law becomes applicable to a taxing district as
| 10 | | provided in Section 18-213, "taxing district" also includes | 11 | | those taxing
districts made subject to this Law as provided in | 12 | | Section 18-213.
| 13 | | "Aggregate extension" for taxing districts to which this | 14 | | Law applied before
the 1995 levy year means the annual | 15 | | corporate extension for the taxing
district and those special | 16 | | purpose extensions that are made annually for
the taxing | 17 | | district, excluding special purpose extensions: (a) made for | 18 | | the
taxing district to pay interest or principal on general | 19 | | obligation bonds
that were approved by referendum; (b) made for | 20 | | any taxing district to pay
interest or principal on general | 21 | | obligation bonds issued before October 1,
1991; (c) made for | 22 | | any taxing district to pay interest or principal on bonds
| 23 | | issued to refund or continue to refund those bonds issued | 24 | | before October 1,
1991; (d)
made for any taxing district to pay | 25 | | interest or principal on bonds
issued to refund or continue to | 26 | | refund bonds issued after October 1, 1991 that
were approved by |
| | | HB4702 | - 3 - | LRB101 19689 HLH 69182 b |
|
| 1 | | referendum; (e)
made for any taxing district to pay interest
or | 2 | | principal on revenue bonds issued before October 1, 1991 for | 3 | | payment of
which a property tax levy or the full faith and | 4 | | credit of the unit of local
government is pledged; however, a | 5 | | tax for the payment of interest or principal
on those bonds | 6 | | shall be made only after the governing body of the unit of | 7 | | local
government finds that all other sources for payment are | 8 | | insufficient to make
those payments; (f) made for payments | 9 | | under a building commission lease when
the lease payments are | 10 | | for the retirement of bonds issued by the commission
before | 11 | | October 1, 1991, to pay for the building project; (g) made for | 12 | | payments
due under installment contracts entered into before | 13 | | October 1, 1991;
(h) made for payments of principal and | 14 | | interest on bonds issued under the
Metropolitan Water | 15 | | Reclamation District Act to finance construction projects
| 16 | | initiated before October 1, 1991; (i) made for payments of | 17 | | principal and
interest on limited bonds, as defined in Section | 18 | | 3 of the Local Government Debt
Reform Act, in an amount not to | 19 | | exceed the debt service extension base less
the amount in items | 20 | | (b), (c), (e), and (h) of this definition for
non-referendum | 21 | | obligations, except obligations initially issued pursuant to
| 22 | | referendum; (j) made for payments of principal and interest on | 23 | | bonds
issued under Section 15 of the Local Government Debt | 24 | | Reform Act; (k)
made
by a school district that participates in | 25 | | the Special Education District of
Lake County, created by | 26 | | special education joint agreement under Section
10-22.31 of the |
| | | HB4702 | - 4 - | LRB101 19689 HLH 69182 b |
|
| 1 | | School Code, for payment of the school district's share of the
| 2 | | amounts required to be contributed by the Special Education | 3 | | District of Lake
County to the Illinois Municipal Retirement | 4 | | Fund under Article 7 of the
Illinois Pension Code; the amount | 5 | | of any extension under this item (k) shall be
certified by the | 6 | | school district to the county clerk; (l) made to fund
expenses | 7 | | of providing joint recreational programs for persons with | 8 | | disabilities under
Section 5-8 of
the
Park District Code or | 9 | | Section 11-95-14 of the Illinois Municipal Code; (m) made for | 10 | | temporary relocation loan repayment purposes pursuant to | 11 | | Sections 2-3.77 and 17-2.2d of the School Code; (n) made for | 12 | | payment of principal and interest on any bonds issued under the | 13 | | authority of Section 17-2.2d of the School Code; (o) made for | 14 | | contributions to a firefighter's pension fund created under | 15 | | Article 4 of the Illinois Pension Code, to the extent of the | 16 | | amount certified under item (5) of Section 4-134 of the | 17 | | Illinois Pension Code; and (p) made for road purposes in the | 18 | | first year after a township assumes the rights, powers, duties, | 19 | | assets, property, liabilities, obligations, and
| 20 | | responsibilities of a road district abolished under the | 21 | | provisions of Section 6-133 of the Illinois Highway Code.
| 22 | | "Aggregate extension" for the taxing districts to which | 23 | | this Law did not
apply before the 1995 levy year (except taxing | 24 | | districts subject to this Law
in
accordance with Section | 25 | | 18-213) means the annual corporate extension for the
taxing | 26 | | district and those special purpose extensions that are made |
| | | HB4702 | - 5 - | LRB101 19689 HLH 69182 b |
|
| 1 | | annually for
the taxing district, excluding special purpose | 2 | | extensions: (a) made for the
taxing district to pay interest or | 3 | | principal on general obligation bonds that
were approved by | 4 | | referendum; (b) made for any taxing district to pay interest
or | 5 | | principal on general obligation bonds issued before March 1, | 6 | | 1995; (c) made
for any taxing district to pay interest or | 7 | | principal on bonds issued to refund
or continue to refund those | 8 | | bonds issued before March 1, 1995; (d) made for any
taxing | 9 | | district to pay interest or principal on bonds issued to refund | 10 | | or
continue to refund bonds issued after March 1, 1995 that | 11 | | were approved by
referendum; (e) made for any taxing district | 12 | | to pay interest or principal on
revenue bonds issued before | 13 | | March 1, 1995 for payment of which a property tax
levy or the | 14 | | full faith and credit of the unit of local government is | 15 | | pledged;
however, a tax for the payment of interest or | 16 | | principal on those bonds shall be
made only after the governing | 17 | | body of the unit of local government finds that
all other | 18 | | sources for payment are insufficient to make those payments; | 19 | | (f) made
for payments under a building commission lease when | 20 | | the lease payments are for
the retirement of bonds issued by | 21 | | the commission before March 1, 1995 to
pay for the building | 22 | | project; (g) made for payments due under installment
contracts | 23 | | entered into before March 1, 1995; (h) made for payments of
| 24 | | principal and interest on bonds issued under the Metropolitan | 25 | | Water Reclamation
District Act to finance construction | 26 | | projects initiated before October 1,
1991; (h-4) made for |
| | | HB4702 | - 6 - | LRB101 19689 HLH 69182 b |
|
| 1 | | stormwater management purposes by the Metropolitan Water | 2 | | Reclamation District of Greater Chicago under Section 12 of the | 3 | | Metropolitan Water Reclamation District Act; (i) made for | 4 | | payments of principal and interest on limited bonds,
as defined | 5 | | in Section 3 of the Local Government Debt Reform Act, in an | 6 | | amount
not to exceed the debt service extension base less the | 7 | | amount in items (b),
(c), and (e) of this definition for | 8 | | non-referendum obligations, except
obligations initially | 9 | | issued pursuant to referendum and bonds described in
subsection | 10 | | (h) of this definition; (j) made for payments of
principal and | 11 | | interest on bonds issued under Section 15 of the Local | 12 | | Government
Debt Reform Act; (k) made for payments of principal | 13 | | and interest on bonds
authorized by Public Act 88-503 and | 14 | | issued under Section 20a of the Chicago
Park District Act for | 15 | | aquarium or
museum projects; (l) made for payments of principal | 16 | | and interest on
bonds
authorized by Public Act 87-1191 or | 17 | | 93-601 and (i) issued pursuant to Section 21.2 of the Cook | 18 | | County Forest
Preserve District Act, (ii) issued under Section | 19 | | 42 of the Cook County
Forest Preserve District Act for | 20 | | zoological park projects, or (iii) issued
under Section 44.1 of | 21 | | the Cook County Forest Preserve District Act for
botanical | 22 | | gardens projects; (m) made
pursuant
to Section 34-53.5 of the | 23 | | School Code, whether levied annually or not;
(n) made to fund | 24 | | expenses of providing joint recreational programs for persons | 25 | | with disabilities under Section 5-8 of the Park
District Code | 26 | | or Section 11-95-14 of the Illinois Municipal Code;
(o) made by |
| | | HB4702 | - 7 - | LRB101 19689 HLH 69182 b |
|
| 1 | | the
Chicago Park
District for recreational programs for persons | 2 | | with disabilities under subsection (c) of
Section
7.06 of the | 3 | | Chicago Park District Act; (p) made for contributions to a | 4 | | firefighter's pension fund created under Article 4 of the | 5 | | Illinois Pension Code, to the extent of the amount certified | 6 | | under item (5) of Section 4-134 of the Illinois Pension Code; | 7 | | (q) made by Ford Heights School District 169 under Section | 8 | | 17-9.02 of the School Code; and (r) made for the purpose of | 9 | | making employer contributions to the Public School Teachers' | 10 | | Pension and Retirement Fund of Chicago under Section 34-53 of | 11 | | the School Code.
| 12 | | "Aggregate extension" for all taxing districts to which | 13 | | this Law applies in
accordance with Section 18-213, except for | 14 | | those taxing districts subject to
paragraph (2) of subsection | 15 | | (e) of Section 18-213, means the annual corporate
extension for | 16 | | the
taxing district and those special purpose extensions that | 17 | | are made annually for
the taxing district, excluding special | 18 | | purpose extensions: (a) made for the
taxing district to pay | 19 | | interest or principal on general obligation bonds that
were | 20 | | approved by referendum; (b) made for any taxing district to pay | 21 | | interest
or principal on general obligation bonds issued before | 22 | | the date on which the
referendum making this
Law applicable to | 23 | | the taxing district is held; (c) made
for any taxing district | 24 | | to pay interest or principal on bonds issued to refund
or | 25 | | continue to refund those bonds issued before the date on which | 26 | | the
referendum making this Law
applicable to the taxing |
| | | HB4702 | - 8 - | LRB101 19689 HLH 69182 b |
|
| 1 | | district is held;
(d) made for any
taxing district to pay | 2 | | interest or principal on bonds issued to refund or
continue to | 3 | | refund bonds issued after the date on which the referendum | 4 | | making
this Law
applicable to the taxing district is held if | 5 | | the bonds were approved by
referendum after the date on which | 6 | | the referendum making this Law
applicable to the taxing | 7 | | district is held; (e) made for any
taxing district to pay | 8 | | interest or principal on
revenue bonds issued before the date | 9 | | on which the referendum making this Law
applicable to the
| 10 | | taxing district is held for payment of which a property tax
| 11 | | levy or the full faith and credit of the unit of local | 12 | | government is pledged;
however, a tax for the payment of | 13 | | interest or principal on those bonds shall be
made only after | 14 | | the governing body of the unit of local government finds that
| 15 | | all other sources for payment are insufficient to make those | 16 | | payments; (f) made
for payments under a building commission | 17 | | lease when the lease payments are for
the retirement of bonds | 18 | | issued by the commission before the date on which the
| 19 | | referendum making this
Law applicable to the taxing district is | 20 | | held to
pay for the building project; (g) made for payments due | 21 | | under installment
contracts entered into before the date on | 22 | | which the referendum making this Law
applicable to
the taxing | 23 | | district is held;
(h) made for payments
of principal and | 24 | | interest on limited bonds,
as defined in Section 3 of the Local | 25 | | Government Debt Reform Act, in an amount
not to exceed the debt | 26 | | service extension base less the amount in items (b),
(c), and |
| | | HB4702 | - 9 - | LRB101 19689 HLH 69182 b |
|
| 1 | | (e) of this definition for non-referendum obligations, except
| 2 | | obligations initially issued pursuant to referendum; (i) made | 3 | | for payments
of
principal and interest on bonds issued under | 4 | | Section 15 of the Local Government
Debt Reform Act;
(j)
made | 5 | | for a qualified airport authority to pay interest or principal | 6 | | on
general obligation bonds issued for the purpose of paying | 7 | | obligations due
under, or financing airport facilities | 8 | | required to be acquired, constructed,
installed or equipped | 9 | | pursuant to, contracts entered into before March
1, 1996 (but | 10 | | not including any amendments to such a contract taking effect | 11 | | on
or after that date); (k) made to fund expenses of providing | 12 | | joint
recreational programs for persons with disabilities | 13 | | under Section 5-8 of
the
Park District Code or Section 11-95-14 | 14 | | of the Illinois Municipal Code; (l) 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 (m) made for the taxing district to pay interest or | 19 | | principal on general obligation bonds issued pursuant to | 20 | | Section 19-3.10 of the School Code.
| 21 | | "Aggregate extension" for all taxing districts to which | 22 | | this Law applies in
accordance with 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 |
| | | HB4702 | - 10 - | LRB101 19689 HLH 69182 b |
|
| 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 | | March 7, 1997 ( the effective date of Public Act 89-718)
this | 5 | | amendatory Act of 1997 ;
(c) made
for any taxing district to pay | 6 | | interest or principal on bonds issued to refund
or continue to | 7 | | refund those bonds issued before March 7, 1997 ( the effective | 8 | | date
of Public Act 89-718) this amendatory Act of 1997 ;
(d) | 9 | | made for any
taxing district to pay interest or principal on | 10 | | bonds issued to refund or
continue to refund bonds issued after | 11 | | March 7, 1997 ( the effective date of Public Act 89-718) this | 12 | | amendatory Act
of 1997 if the bonds were approved by referendum | 13 | | after March 7, 1997 ( the effective date of Public Act 89-718)
| 14 | | this amendatory Act of 1997 ;
(e) made for any
taxing district | 15 | | to pay interest or principal on
revenue bonds issued before | 16 | | March 7, 1997 ( the effective date of Public Act 89-718) this | 17 | | amendatory Act of 1997
for payment of which a property tax
levy | 18 | | or the full faith and credit of the unit of local government is | 19 | | pledged;
however, a tax for the payment of interest or | 20 | | principal on those bonds shall be
made only after the governing | 21 | | body of the unit of local government finds that
all other | 22 | | sources for payment are insufficient to make those payments; | 23 | | (f) made
for payments under a building commission lease when | 24 | | the lease payments are for
the retirement of bonds issued by | 25 | | the commission before March 7, 1997 ( the effective date
of | 26 | | Public Act 89-718) this amendatory Act of 1997
to
pay for the |
| | | HB4702 | - 11 - | LRB101 19689 HLH 69182 b |
|
| 1 | | building project; (g) made for payments due under installment
| 2 | | contracts entered into before March 7, 1997 ( the effective date | 3 | | of Public Act 89-718) this amendatory Act of
1997 ;
(h) made for | 4 | | payments
of principal and interest on limited bonds,
as defined | 5 | | in Section 3 of the Local Government Debt Reform Act, in an | 6 | | amount
not to exceed the debt service extension base less the | 7 | | amount in items (b),
(c), and (e) of this definition for | 8 | | non-referendum obligations, except
obligations initially | 9 | | issued pursuant to referendum; (i) made for payments
of
| 10 | | principal and interest on bonds issued under Section 15 of the | 11 | | Local Government
Debt Reform Act;
(j)
made for a qualified | 12 | | airport authority to pay interest or principal on
general | 13 | | obligation bonds issued for the purpose of paying obligations | 14 | | due
under, or financing airport facilities required to be | 15 | | acquired, constructed,
installed or equipped pursuant to, | 16 | | contracts entered into before March
1, 1996 (but not including | 17 | | any amendments to such a contract taking effect on
or after | 18 | | that date); (k) made to fund expenses of providing joint
| 19 | | recreational programs for persons with disabilities under | 20 | | Section 5-8 of
the
Park District Code or Section 11-95-14 of | 21 | | the Illinois Municipal Code; and (l) made for contributions to | 22 | | a firefighter's pension fund created under Article 4 of the | 23 | | Illinois Pension Code, to the extent of the amount certified | 24 | | under item (5) of Section 4-134 of the Illinois Pension Code.
| 25 | | "Debt service extension base" means an amount equal to that | 26 | | portion of the
extension for a taxing district for the 1994 |
| | | HB4702 | - 12 - | LRB101 19689 HLH 69182 b |
|
| 1 | | levy year, or for those taxing
districts subject to this Law in | 2 | | accordance with Section 18-213, except for
those subject to | 3 | | paragraph (2) of subsection (e) of Section 18-213, for the
levy
| 4 | | year in which the referendum making this Law applicable to the | 5 | | taxing district
is held, or for those taxing districts subject | 6 | | to this Law in accordance with
paragraph (2) of subsection (e) | 7 | | of Section 18-213 for the 1996 levy year,
constituting an
| 8 | | extension for payment of principal and interest on bonds issued | 9 | | by the taxing
district without referendum, but not including | 10 | | excluded non-referendum bonds. For park districts (i) that were | 11 | | first
subject to this Law in 1991 or 1995 and (ii) whose | 12 | | extension for the 1994 levy
year for the payment of principal | 13 | | and interest on bonds issued by the park
district without | 14 | | referendum (but not including excluded non-referendum bonds)
| 15 | | was less than 51% of the amount for the 1991 levy year | 16 | | constituting an
extension for payment of principal and interest | 17 | | on bonds issued by the park
district without referendum (but | 18 | | not including excluded non-referendum bonds),
"debt service | 19 | | extension base" means an amount equal to that portion of the
| 20 | | extension for the 1991 levy year constituting an extension for | 21 | | payment of
principal and interest on bonds issued by the park | 22 | | district without referendum
(but not including excluded | 23 | | non-referendum bonds). A debt service extension base | 24 | | established or increased at any time pursuant to any provision | 25 | | of this Law, except Section 18-212, shall be increased each | 26 | | year commencing with the later of (i) the 2009 levy year or |
| | | HB4702 | - 13 - | LRB101 19689 HLH 69182 b |
|
| 1 | | (ii) the first levy year in which this Law becomes applicable | 2 | | to the taxing district, by the lesser of 5% or the percentage | 3 | | increase in the Consumer Price Index during the 12-month | 4 | | calendar year preceding the levy year. The debt service | 5 | | extension
base may be established or increased as provided | 6 | | under Section 18-212.
"Excluded non-referendum bonds" means | 7 | | (i) bonds authorized by Public
Act 88-503 and issued under | 8 | | Section 20a of the Chicago Park District Act for
aquarium and | 9 | | museum projects; (ii) bonds issued under Section 15 of the
| 10 | | Local Government Debt Reform Act; or (iii) refunding | 11 | | obligations issued
to refund or to continue to refund | 12 | | obligations initially issued pursuant to
referendum.
| 13 | | "Special purpose extensions" include, but are not limited | 14 | | to, extensions
for levies made on an annual basis for | 15 | | unemployment and workers'
compensation, self-insurance, | 16 | | contributions to pension plans, and extensions
made pursuant to | 17 | | Section 6-601 of the Illinois Highway Code for a road
| 18 | | district's permanent road fund whether levied annually or not. | 19 | | The
extension for a special service area is not included in the
| 20 | | aggregate extension.
| 21 | | "Aggregate extension base" means the taxing district's | 22 | | last preceding
aggregate extension , as adjusted under Sections | 23 | | 18-135, 18-215,
18-230, and 18-206 , and 18-233, plus the amount | 24 | | of any abatement granted in the last preceding levy year under | 25 | | subsection (c) of Section 18-165 .
An adjustment under Section | 26 | | 18-135 shall be made for the 2007 levy year and all subsequent |
| | | HB4702 | - 14 - | LRB101 19689 HLH 69182 b |
|
| 1 | | levy years whenever one or more counties within which a taxing | 2 | | district is located (i) used estimated valuations or rates when | 3 | | extending taxes in the taxing district for the last preceding | 4 | | levy year that resulted in the over or under extension of | 5 | | taxes, or (ii) increased or decreased the tax extension for the | 6 | | last preceding levy year as required by Section 18-135(c). | 7 | | Whenever an adjustment is required under Section 18-135, the | 8 | | aggregate extension base of the taxing district shall be equal | 9 | | to the amount that the aggregate extension of the taxing | 10 | | district would have been for the last preceding levy year if | 11 | | either or both (i) actual, rather than estimated, valuations or | 12 | | rates had been used to calculate the extension of taxes for the | 13 | | last levy year, or (ii) the tax extension for the last | 14 | | preceding levy year had not been adjusted as required by | 15 | | subsection (c) of Section 18-135. Whenever an adjustment is | 16 | | required under Section 18-233, the aggregate extension base of | 17 | | the taxing district shall be equal to the amount that the | 18 | | aggregate extension of the taxing district would have been for | 19 | | the last preceding levy year if the actual valuations and | 20 | | rates, as adjusted for the increases or reductions specified in | 21 | | Section 18-233, had been used to calculate the extension of | 22 | | taxes for the levy year in which the overextension or | 23 | | underextension occurred.
| 24 | | Notwithstanding any other provision of law, for levy year | 25 | | 2012, the aggregate extension base for West Northfield School | 26 | | District No. 31 in Cook County shall be $12,654,592. |
| | | HB4702 | - 15 - | LRB101 19689 HLH 69182 b |
|
| 1 | | "Levy year" has the same meaning as "year" under Section
| 2 | | 1-155.
| 3 | | "New property" means (i) the assessed value, after final | 4 | | board of review or
board of appeals action, of new improvements | 5 | | or additions to existing
improvements on any parcel of real | 6 | | property that increase the assessed value of
that real property | 7 | | during the levy year multiplied by the equalization factor
| 8 | | issued by the Department under Section 17-30, (ii) the assessed | 9 | | value, after
final board of review or board of appeals action, | 10 | | of real property not exempt
from real estate taxation, which | 11 | | real property was exempt from real estate
taxation for any | 12 | | portion of the immediately preceding levy year, multiplied by
| 13 | | the equalization factor issued by the Department under Section | 14 | | 17-30, including the assessed value, upon final stabilization | 15 | | of occupancy after new construction is complete, of any real | 16 | | property located within the boundaries of an otherwise or | 17 | | previously exempt military reservation that is intended for | 18 | | residential use and owned by or leased to a private corporation | 19 | | or other entity,
(iii) in counties that classify in accordance | 20 | | with Section 4 of Article
IX of the
Illinois Constitution, an | 21 | | incentive property's additional assessed value
resulting from | 22 | | a
scheduled increase in the level of assessment as applied to | 23 | | the first year
final board of
review market value, and (iv) any | 24 | | increase in assessed value due to oil or gas production from an | 25 | | oil or gas well required to be permitted under the Hydraulic | 26 | | Fracturing Regulatory Act that was not produced in or accounted |
| | | HB4702 | - 16 - | LRB101 19689 HLH 69182 b |
|
| 1 | | for during the previous levy year.
In addition, the county | 2 | | clerk in a county containing a population of
3,000,000 or more | 3 | | shall include in the 1997
recovered tax increment value for any | 4 | | school district, any recovered tax
increment value that was | 5 | | applicable to the 1995 tax year calculations.
| 6 | | "Qualified airport authority" means an airport authority | 7 | | organized under
the Airport Authorities Act and located in a | 8 | | county bordering on the State of
Wisconsin and having a | 9 | | population in excess of 200,000 and not greater than
500,000.
| 10 | | "Recovered tax increment value" means, except as otherwise | 11 | | provided in this
paragraph, the amount of the current year's | 12 | | equalized assessed value, in the
first year after a | 13 | | municipality terminates
the designation of an area as a | 14 | | redevelopment project area previously
established under the | 15 | | Tax Increment Allocation Redevelopment Development Act in the | 16 | | Illinois
Municipal Code, previously established under the | 17 | | Industrial Jobs Recovery Law
in the Illinois Municipal Code, | 18 | | previously established under the Economic Development Project | 19 | | Area Tax Increment Act of 1995, or previously established under | 20 | | the Economic
Development Area Tax Increment Allocation Act, of | 21 | | each taxable lot, block,
tract, or parcel of real property in | 22 | | the redevelopment project area over and
above the initial | 23 | | equalized assessed value of each property in the
redevelopment | 24 | | project area.
For the taxes which are extended for the 1997 | 25 | | levy year, the recovered tax
increment value for a non-home | 26 | | rule taxing district that first became subject
to this Law for |
| | | HB4702 | - 17 - | LRB101 19689 HLH 69182 b |
|
| 1 | | the 1995 levy year because a majority of its 1994 equalized
| 2 | | assessed value was in an affected county or counties shall be | 3 | | increased if a
municipality terminated the designation of an | 4 | | area in 1993 as a redevelopment
project area previously | 5 | | established under the Tax Increment Allocation Redevelopment
| 6 | | Development Act in the Illinois Municipal Code, previously | 7 | | established under
the Industrial Jobs Recovery Law in the | 8 | | Illinois Municipal Code, or previously
established under the | 9 | | Economic Development Area Tax Increment Allocation Act,
by an | 10 | | amount equal to the 1994 equalized assessed value of each | 11 | | taxable lot,
block, tract, or parcel of real property in the | 12 | | redevelopment project area over
and above the initial equalized | 13 | | assessed value of each property in the
redevelopment project | 14 | | area.
In the first year after a municipality
removes a taxable | 15 | | lot, block, tract, or parcel of real property from a
| 16 | | redevelopment project area established under the Tax Increment | 17 | | Allocation Redevelopment
Development Act in the Illinois
| 18 | | Municipal Code, the Industrial Jobs Recovery Law
in the | 19 | | Illinois Municipal Code, or the Economic
Development Area Tax | 20 | | Increment Allocation Act, "recovered tax increment value"
| 21 | | means the amount of the current year's equalized assessed value | 22 | | of each taxable
lot, block, tract, or parcel of real property | 23 | | removed from the redevelopment
project area over and above the | 24 | | initial equalized assessed value of that real
property before | 25 | | removal from the redevelopment project area.
| 26 | | Except as otherwise provided in this Section, "limiting |
| | | HB4702 | - 18 - | LRB101 19689 HLH 69182 b |
|
| 1 | | rate" means a
fraction the numerator of which is the last
| 2 | | preceding aggregate extension base times an amount equal to one | 3 | | plus the
extension limitation defined in this Section and the | 4 | | denominator of which
is the current year's equalized assessed | 5 | | value of all real property in the
territory under the | 6 | | jurisdiction of the taxing district during the prior
levy year. | 7 | | For those taxing districts that reduced their aggregate
| 8 | | extension for the last preceding levy year, except for school | 9 | | districts that reduced their extension for educational | 10 | | purposes pursuant to Section 18-206, the highest aggregate | 11 | | extension
in any of the last 3 preceding levy years shall be | 12 | | used for the purpose of
computing the limiting rate. The | 13 | | denominator shall not include new
property or the recovered tax | 14 | | increment
value.
If a new rate, a rate decrease, or a limiting | 15 | | rate increase has been approved at an election held after March | 16 | | 21, 2006, then (i) the otherwise applicable limiting rate shall | 17 | | be increased by the amount of the new rate or shall be reduced | 18 | | by the amount of the rate decrease, as the case may be, or (ii) | 19 | | in the case of a limiting rate increase, the limiting rate | 20 | | shall be equal to the rate set forth
in the proposition | 21 | | approved by the voters for each of the years specified in the | 22 | | proposition, after
which the limiting rate of the taxing | 23 | | district shall be calculated as otherwise provided. In the case | 24 | | of a taxing district that obtained referendum approval for an | 25 | | increased limiting rate on March 20, 2012, the limiting rate | 26 | | for tax year 2012 shall be the rate that generates the |
| | | HB4702 | - 19 - | LRB101 19689 HLH 69182 b |
|
| 1 | | approximate total amount of taxes extendable for that tax year, | 2 | | as set forth in the proposition approved by the voters; this | 3 | | rate shall be the final rate applied by the county clerk for | 4 | | the aggregate of all capped funds of the district for tax year | 5 | | 2012.
| 6 | | (Source: P.A. 99-143, eff. 7-27-15; 99-521, eff. 6-1-17; | 7 | | 100-465, eff. 8-31-17; revised 8-12-19.)
| 8 | | (35 ILCS 200/18-233 new) | 9 | | Sec. 18-233. Adjustments for certificates of error, | 10 | | certain court orders, or final administrative decisions of the | 11 | | Property Tax Appeal Board. Beginning in levy year 2020, a | 12 | | taxing district levy shall be increased by a prior year | 13 | | adjustment whenever an assessment decrease due to the issuance | 14 | | of a certificate of error, a court order issued pursuant to an | 15 | | assessment valuation complaint under Section 23-15, or a final | 16 | | administrative decision of the Property Tax Appeal Board | 17 | | results in a refund from the taxing district of a portion of | 18 | | the property tax revenue distributed to the taxing district. | 19 | | Whenever an adjustment is required under this Section, the | 20 | | aggregate levy of the taxing district shall be increased by a | 21 | | supplemental levy to recapture the property tax revenue lost by | 22 | | the refunds paid by the taxing district. The supplemental levy | 23 | | shall be applied by the county clerk annually to the taxing | 24 | | district's total levy in an amount determined by the county | 25 | | treasurer who shall certify to the county clerk the aggregate |
| | | HB4702 | - 20 - | LRB101 19689 HLH 69182 b |
|
| 1 | | refunds paid by a taxing district for purposes of this Section. | 2 | | The supplemental levy may not exceed an amount equal to the | 3 | | aggregate refunds paid by the taxing district for the 12-month | 4 | | period prior to November 1 of each year. On or before November | 5 | | 15 of each year, the county treasurer shall certify the | 6 | | aggregate refunds paid by a taxing district during such | 7 | | 12-month period for purposes of this Section. For purposes of | 8 | | this Division, the taxing district's aggregate extension base | 9 | | shall not include the supplemental levy authorized under this | 10 | | Section.
| 11 | | Section 99. Effective date. This Act takes effect upon | 12 | | becoming law.
|
|