Full Text of HB6321 098th General Assembly
HB6321 98TH GENERAL ASSEMBLY |
| | 98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014 HB6321 Introduced , by Rep. Chad Hays SYNOPSIS AS INTRODUCED: |
| 35 ILCS 200/18-185 | | 35 ILCS 200/18-216 new | |
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Amends the Property Tax Extension Limitation Law in the Property Tax Code. Provides that the governing body of a taxing district that is affected by a tornado disaster may by ordinance suspend the applicability of the Property Tax Extension Limitation Law to that taxing district for a period of not more than 5 years after the tornado disaster occurs. Provides that, for the first levy year after the expiration of the suspension period, the district's aggregate extension base shall be the greater of (i) the district's aggregate extension in the previous levy year, subject to certain adjustments, or (ii) the district's aggregate extension for the levy year in which the natural disaster occurred, subject to those same adjustments. 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 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 18-216 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 |
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| 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 |
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| 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 |
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| 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 the handicapped | 8 | | under
Section 5-8 of
the
Park District Code or Section 11-95-14 | 9 | | of the Illinois Municipal Code; (m) made for temporary | 10 | | relocation loan repayment purposes pursuant to Sections 2-3.77 | 11 | | and 17-2.2d of the School Code; (n) made for payment of | 12 | | principal and interest on any bonds issued under the authority | 13 | | 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 |
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| 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 |
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| 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 the
| 25 | | handicapped under Section 5-8 of the Park
District Code or | 26 | | Section 11-95-14 of the Illinois Municipal Code;
(o) made by |
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| 1 | | the
Chicago Park
District for recreational programs for the | 2 | | handicapped under subsection (c) of
Section
7.06 of the Chicago | 3 | | 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 | | and (q) made by Ford Heights School District 169 under Section | 8 | | 17-9.02 of the School Code.
| 9 | | "Aggregate extension" for all taxing districts to which | 10 | | this Law applies in
accordance with Section 18-213, except for | 11 | | those taxing districts subject to
paragraph (2) of subsection | 12 | | (e) of Section 18-213, means the annual corporate
extension for | 13 | | the
taxing district and those special purpose extensions that | 14 | | are made annually for
the taxing district, excluding special | 15 | | purpose extensions: (a) made for the
taxing district to pay | 16 | | interest or principal on general obligation bonds that
were | 17 | | approved by referendum; (b) made for any taxing district to pay | 18 | | interest
or principal on general obligation bonds issued before | 19 | | the date on which the
referendum making this
Law applicable to | 20 | | the taxing district is held; (c) made
for any taxing district | 21 | | to pay interest or principal on bonds issued to refund
or | 22 | | continue to refund those bonds issued before the date on which | 23 | | the
referendum making this Law
applicable to the taxing | 24 | | district is held;
(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 the date on which the referendum |
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| 1 | | making
this Law
applicable to the taxing district is held if | 2 | | the bonds were approved by
referendum after the date on which | 3 | | the referendum making this Law
applicable to the taxing | 4 | | district is held; (e) made for any
taxing district to pay | 5 | | interest or principal on
revenue bonds issued before the date | 6 | | on which the referendum making this Law
applicable to the
| 7 | | taxing district is held for payment of which a property tax
| 8 | | levy or the full faith and credit of the unit of local | 9 | | government is pledged;
however, a tax for the payment of | 10 | | interest or principal on those bonds shall be
made only after | 11 | | the governing body of the unit of local government finds that
| 12 | | all other sources for payment are insufficient to make those | 13 | | payments; (f) made
for payments under a building commission | 14 | | lease when the lease payments are for
the retirement of bonds | 15 | | issued by the commission before the date on which the
| 16 | | referendum making this
Law applicable to the taxing district is | 17 | | held to
pay for the building project; (g) made for payments due | 18 | | under installment
contracts entered into before the date on | 19 | | which the referendum making this Law
applicable to
the taxing | 20 | | district is held;
(h) made for payments
of principal and | 21 | | interest on limited bonds,
as defined in Section 3 of the Local | 22 | | Government Debt Reform Act, in an amount
not to exceed the debt | 23 | | service extension base less the amount in items (b),
(c), and | 24 | | (e) of this definition for non-referendum obligations, except
| 25 | | obligations initially issued pursuant to referendum; (i) made | 26 | | for payments
of
principal and interest on bonds issued under |
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| 1 | | Section 15 of the Local Government
Debt Reform Act;
(j)
made | 2 | | for a qualified airport authority to pay interest or principal | 3 | | on
general obligation bonds issued for the purpose of paying | 4 | | obligations due
under, or financing airport facilities | 5 | | required to be acquired, constructed,
installed or equipped | 6 | | pursuant to, contracts entered into before March
1, 1996 (but | 7 | | not including any amendments to such a contract taking effect | 8 | | on
or after that date); (k) made to fund expenses of providing | 9 | | joint
recreational programs for the handicapped under Section | 10 | | 5-8 of
the
Park District Code or Section 11-95-14 of the | 11 | | Illinois Municipal Code; (l) made for contributions to a | 12 | | firefighter's pension fund created under Article 4 of the | 13 | | Illinois Pension Code, to the extent of the amount certified | 14 | | under item (5) of Section 4-134 of the Illinois Pension Code; | 15 | | and (m) made for the taxing district to pay interest or | 16 | | principal on general obligation bonds issued pursuant to | 17 | | Section 19-3.10 of the School Code.
| 18 | | "Aggregate extension" for all taxing districts to which | 19 | | this Law applies in
accordance with paragraph (2) of subsection | 20 | | (e) of Section 18-213 means the
annual corporate extension for | 21 | | the
taxing district and those special purpose extensions that | 22 | | are made annually for
the taxing district, excluding special | 23 | | purpose extensions: (a) made for the
taxing district to pay | 24 | | interest or principal on general obligation bonds that
were | 25 | | approved by referendum; (b) made for any taxing district to pay | 26 | | interest
or principal on general obligation bonds issued before |
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| 1 | | the effective date of
this amendatory Act of 1997;
(c) made
for | 2 | | any taxing district to pay interest or principal on bonds | 3 | | issued to refund
or continue to refund those bonds issued | 4 | | before the effective date
of this amendatory Act of 1997;
(d) | 5 | | made for any
taxing district to pay interest or principal on | 6 | | bonds issued to refund or
continue to refund bonds issued after | 7 | | the effective date of this amendatory Act
of 1997 if the bonds | 8 | | were approved by referendum after the effective date of
this | 9 | | amendatory Act of 1997;
(e) made for any
taxing district to pay | 10 | | interest or principal on
revenue bonds issued before the | 11 | | effective date of this amendatory Act of 1997
for payment of | 12 | | which a property tax
levy or the full faith and credit of the | 13 | | unit of local government is pledged;
however, a tax for the | 14 | | payment of interest or principal on those bonds shall be
made | 15 | | only after the governing body of the unit of local government | 16 | | finds that
all other sources for payment are insufficient to | 17 | | make those payments; (f) made
for payments under a building | 18 | | commission lease when the lease payments are for
the retirement | 19 | | of bonds issued by the commission before the effective date
of | 20 | | this amendatory Act of 1997
to
pay for the building project; | 21 | | (g) made for payments due under installment
contracts entered | 22 | | into before the effective date of this amendatory Act of
1997;
| 23 | | (h) made for payments
of principal and interest on limited | 24 | | bonds,
as defined in Section 3 of the Local Government Debt | 25 | | Reform Act, in an amount
not to exceed the debt service | 26 | | extension base less the amount in items (b),
(c), and (e) of |
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| 1 | | 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 the handicapped under Section | 13 | | 5-8 of
the
Park District Code or Section 11-95-14 of the | 14 | | Illinois Municipal Code; and (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 | | "Debt service extension base" means an amount equal to that | 19 | | portion of the
extension for a taxing district for the 1994 | 20 | | levy year, or for those taxing
districts subject to this Law in | 21 | | accordance with Section 18-213, except for
those subject to | 22 | | paragraph (2) of subsection (e) of Section 18-213, for the
levy
| 23 | | year in which the referendum making this Law applicable to the | 24 | | taxing district
is held, or for those taxing districts subject | 25 | | to this Law in accordance with
paragraph (2) of subsection (e) | 26 | | of Section 18-213 for the 1996 levy year,
constituting an
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| 1 | | extension for payment of principal and interest on bonds issued | 2 | | by the taxing
district without referendum, but not including | 3 | | excluded non-referendum bonds. For park districts (i) that were | 4 | | first
subject to this Law in 1991 or 1995 and (ii) whose | 5 | | extension for the 1994 levy
year for the payment of principal | 6 | | and interest on bonds issued by the park
district without | 7 | | referendum (but not including excluded non-referendum bonds)
| 8 | | was less than 51% of the amount for the 1991 levy year | 9 | | constituting an
extension for payment of principal and interest | 10 | | on bonds issued by the park
district without referendum (but | 11 | | not including excluded non-referendum bonds),
"debt service | 12 | | extension base" means an amount equal to that portion of the
| 13 | | extension for the 1991 levy year constituting an extension for | 14 | | payment of
principal and interest on bonds issued by the park | 15 | | district without referendum
(but not including excluded | 16 | | non-referendum bonds). A debt service extension base | 17 | | established or increased at any time pursuant to any provision | 18 | | of this Law, except Section 18-212, shall be increased each | 19 | | year commencing with the later of (i) the 2009 levy year or | 20 | | (ii) the first levy year in which this Law becomes applicable | 21 | | to the taxing district, by the lesser of 5% or the percentage | 22 | | increase in the Consumer Price Index during the 12-month | 23 | | calendar year preceding the levy year. The debt service | 24 | | extension
base may be established or increased as provided | 25 | | under Section 18-212.
"Excluded non-referendum bonds" means | 26 | | (i) bonds authorized by Public
Act 88-503 and issued under |
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| 1 | | Section 20a of the Chicago Park District Act for
aquarium and | 2 | | museum projects; (ii) bonds issued under Section 15 of the
| 3 | | Local Government Debt Reform Act; or (iii) refunding | 4 | | obligations issued
to refund or to continue to refund | 5 | | obligations initially issued pursuant to
referendum.
| 6 | | "Special purpose extensions" include, but are not limited | 7 | | to, extensions
for levies made on an annual basis for | 8 | | unemployment and workers'
compensation, self-insurance, | 9 | | contributions to pension plans, and extensions
made pursuant to | 10 | | Section 6-601 of the Illinois Highway Code for a road
| 11 | | district's permanent road fund whether levied annually or not. | 12 | | The
extension for a special service area is not included in the
| 13 | | aggregate extension.
| 14 | | "Aggregate extension base" means the taxing district's | 15 | | last preceding
aggregate extension as adjusted under Sections | 16 | | 18-135, 18-215,
and 18-230.
Notwithstanding any other | 17 | | provision of law, if a taxing district suspends the | 18 | | applicability of this Law under Section 18-216, then, for the | 19 | | first levy year after the expiration of the suspension period, | 20 | | the district's aggregate extension base shall be the greater of | 21 | | (i) the district's aggregate extension in the previous levy | 22 | | year as adjusted under Sections 18-135, 18-215,
and 18-230 or | 23 | | (ii) the district's aggregate extension for the levy year in | 24 | | which the natural disaster occurred as adjusted under Sections | 25 | | 18-135, 18-215,
and 18-230. An adjustment under Section 18-135 | 26 | | shall be made for the 2007 levy year and all subsequent levy |
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| 1 | | 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.
| 16 | | Notwithstanding any other provision of law, for levy year | 17 | | 2012, the aggregate extension base for West Northfield School | 18 | | District No. 31 in Cook County shall be $12,654,592. | 19 | | "Levy year" has the same meaning as "year" under Section
| 20 | | 1-155.
| 21 | | "New property" means (i) the assessed value, after final | 22 | | board of review or
board of appeals action, of new improvements | 23 | | or additions to existing
improvements on any parcel of real | 24 | | property that increase the assessed value of
that real property | 25 | | during the levy year multiplied by the equalization factor
| 26 | | issued by the Department under Section 17-30, (ii) the assessed |
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| 1 | | value, after
final board of review or board of appeals action, | 2 | | of real property not exempt
from real estate taxation, which | 3 | | real property was exempt from real estate
taxation for any | 4 | | portion of the immediately preceding levy year, multiplied by
| 5 | | the equalization factor issued by the Department under Section | 6 | | 17-30, including the assessed value, upon final stabilization | 7 | | of occupancy after new construction is complete, of any real | 8 | | property located within the boundaries of an otherwise or | 9 | | previously exempt military reservation that is intended for | 10 | | residential use and owned by or leased to a private corporation | 11 | | or other entity,
(iii) in counties that classify in accordance | 12 | | with Section 4 of Article
IX of the
Illinois Constitution, an | 13 | | incentive property's additional assessed value
resulting from | 14 | | a
scheduled increase in the level of assessment as applied to | 15 | | the first year
final board of
review market value, and (iv) any | 16 | | increase in assessed value due to oil or gas production from an | 17 | | oil or gas well required to be permitted under the Hydraulic | 18 | | Fracturing Regulatory Act that was not produced in or accounted | 19 | | for during the previous levy year.
In addition, the county | 20 | | clerk in a county containing a population of
3,000,000 or more | 21 | | shall include in the 1997
recovered tax increment value for any | 22 | | school district, any recovered tax
increment value that was | 23 | | applicable to the 1995 tax year calculations.
| 24 | | "Qualified airport authority" means an airport authority | 25 | | organized under
the Airport Authorities Act and located in a | 26 | | county bordering on the State of
Wisconsin and having a |
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| 1 | | population in excess of 200,000 and not greater than
500,000.
| 2 | | "Recovered tax increment value" means, except as otherwise | 3 | | provided in this
paragraph, the amount of the current year's | 4 | | equalized assessed value, in the
first year after a | 5 | | municipality terminates
the designation of an area as a | 6 | | redevelopment project area previously
established under the | 7 | | Tax Increment Allocation Development Act in the Illinois
| 8 | | Municipal Code, previously established under the Industrial | 9 | | Jobs Recovery Law
in the Illinois Municipal Code, previously | 10 | | established under the Economic Development Project Area Tax | 11 | | Increment Act of 1995, or previously established under the | 12 | | Economic
Development Area Tax Increment Allocation Act, of each | 13 | | taxable lot, block,
tract, or parcel of real property in the | 14 | | redevelopment project area over and
above the initial equalized | 15 | | assessed value of each property in the
redevelopment project | 16 | | area.
For the taxes which are extended for the 1997 levy year, | 17 | | the recovered tax
increment value for a non-home rule taxing | 18 | | district that first became subject
to this Law for the 1995 | 19 | | levy year because a majority of its 1994 equalized
assessed | 20 | | value was in an affected county or counties shall be increased | 21 | | if a
municipality terminated the designation of an area in 1993 | 22 | | as a redevelopment
project area previously established under | 23 | | the Tax Increment Allocation
Development Act in the Illinois | 24 | | Municipal Code, previously established under
the Industrial | 25 | | Jobs Recovery Law in the Illinois Municipal Code, or previously
| 26 | | established under the Economic Development Area Tax Increment |
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| 1 | | Allocation Act,
by an amount equal to the 1994 equalized | 2 | | assessed value of each taxable lot,
block, tract, or parcel of | 3 | | real property in the redevelopment project area over
and above | 4 | | the initial equalized assessed value of each property in the
| 5 | | redevelopment project area.
In the first year after a | 6 | | municipality
removes a taxable lot, block, tract, or parcel of | 7 | | real property from a
redevelopment project area established | 8 | | under the Tax Increment Allocation
Development Act in the | 9 | | Illinois
Municipal Code, the Industrial Jobs Recovery Law
in | 10 | | the Illinois Municipal Code, or the Economic
Development Area | 11 | | Tax Increment Allocation Act, "recovered tax increment value"
| 12 | | means the amount of the current year's equalized assessed value | 13 | | of each taxable
lot, block, tract, or parcel of real property | 14 | | removed from the redevelopment
project area over and above the | 15 | | initial equalized assessed value of that real
property before | 16 | | removal from the redevelopment project area.
| 17 | | Except as otherwise provided in this Section, "limiting | 18 | | rate" means a
fraction the numerator of which is the last
| 19 | | preceding aggregate extension base times an amount equal to one | 20 | | plus the
extension limitation defined in this Section and the | 21 | | denominator of which
is the current year's equalized assessed | 22 | | value of all real property in the
territory under the | 23 | | jurisdiction of the taxing district during the prior
levy year. | 24 | | For those taxing districts that reduced their aggregate
| 25 | | extension for the last preceding levy year, the highest | 26 | | aggregate extension
in any of the last 3 preceding levy years |
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| 1 | | shall be used for the purpose of
computing the limiting rate. | 2 | | The denominator shall not include new
property or the recovered | 3 | | tax increment
value.
If a new rate, a rate decrease, or a | 4 | | limiting rate increase has been approved at an election held | 5 | | after March 21, 2006, then (i) the otherwise applicable | 6 | | limiting rate shall be increased by the amount of the new rate | 7 | | or shall be reduced by the amount of the rate decrease, as the | 8 | | case may be, or (ii) in the case of a limiting rate increase, | 9 | | the limiting rate shall be equal to the rate set forth
in the | 10 | | proposition approved by the voters for each of the years | 11 | | specified in the proposition, after
which the limiting rate of | 12 | | the taxing district shall be calculated as otherwise provided. | 13 | | In the case of a taxing district that obtained referendum | 14 | | approval for an increased limiting rate on March 20, 2012, the | 15 | | limiting rate for tax year 2012 shall be the rate that | 16 | | generates the approximate total amount of taxes extendable for | 17 | | that tax year, as set forth in the proposition approved by the | 18 | | voters; this rate shall be the final rate applied by the county | 19 | | clerk for the aggregate of all capped funds of the district for | 20 | | tax year 2012.
| 21 | | (Source: P.A. 97-611, eff. 1-1-12; 97-1154, eff. 1-25-13; 98-6, | 22 | | eff. 3-29-13; 98-23, eff. 6-17-13.)
| 23 | | (35 ILCS 200/18-216 new) | 24 | | Sec. 18-216. Tornado disaster; suspend applicability. | 25 | | Notwithstanding any other provision of law, if a taxing |
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| 1 | | district that is subject to this Law is affected by a tornado | 2 | | disaster, then the governing body of that taxing district may | 3 | | by ordinance suspend the applicability of this Law to that | 4 | | taxing district for a period of not more than 5 years after the | 5 | | tornado disaster occurs. The governing body of the taxing | 6 | | district may, at any time during the suspension period, pass an | 7 | | ordinance changing the duration of the suspension, provided | 8 | | that the new suspension period may not exceed 5 years after the | 9 | | tornado disaster occurs. | 10 | | For the purposes of this Section, "tornado disaster" means | 11 | | an occurrence of widespread or severe damage or loss of | 12 | | property caused by one or more tornadoes resulting in a | 13 | | disaster or disaster area being proclaimed by the Governor or | 14 | | the President of the United States.
| 15 | | Section 99. Effective date. This Act takes effect upon | 16 | | becoming law.
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