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Full Text of HB5552  98th General Assembly

HB5552 98TH GENERAL ASSEMBLY

  
  

 


 
98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB5552

 

Introduced , by Rep. Brad E. Halbrook

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 200/18-185
35 ILCS 200/18-205

    Amends the Property Tax Extension Limitation Law in the Property Tax Code. Provides that, for tax years 2014 through 2016, the extension limitation is (a) 0% or (b) the rate of increase approved by voters (instead of the lesser of 5% or the percentage increase in the Consumer Price Index during the 12-month calendar year preceding the levy year or (b) the rate of increase approved by voters). Effective immediately.


LRB098 19198 HLH 54350 b

FISCAL NOTE ACT MAY APPLY
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB5552LRB098 19198 HLH 54350 b

1    AN ACT concerning revenue.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Property Tax Code is amended by changing
5Sections 18-185 and 18-205 as follows:
 
6    (35 ILCS 200/18-185)
7    Sec. 18-185. Short title; definitions. This Division 5 may
8be cited as the Property Tax Extension Limitation Law. As used
9in this Division 5:
10    "Consumer Price Index" means the Consumer Price Index for
11All Urban Consumers for all items published by the United
12States Department of Labor.
13    "Extension limitation" means (a) the lesser of 5% or the
14percentage increase in the Consumer Price Index during the
1512-month calendar year preceding the levy year or (b) the rate
16of increase approved by voters under Section 18-205.
17Notwithstanding any other provision of law, for tax years 2014
18through 2016, the extension limitation shall be (a) 0% or (b)
19the rate of increase approved by voters under Section 18-205.
20    "Affected county" means a county of 3,000,000 or more
21inhabitants or a county contiguous to a county of 3,000,000 or
22more inhabitants.
23    "Taxing district" has the same meaning provided in Section

 

 

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11-150, except as otherwise provided in this Section. For the
21991 through 1994 levy years only, "taxing district" includes
3only each non-home rule taxing district having the majority of
4its 1990 equalized assessed value within any county or counties
5contiguous to a county with 3,000,000 or more inhabitants.
6Beginning with the 1995 levy year, "taxing district" includes
7only each non-home rule taxing district subject to this Law
8before the 1995 levy year and each non-home rule taxing
9district not subject to this Law before the 1995 levy year
10having the majority of its 1994 equalized assessed value in an
11affected county or counties. Beginning with the levy year in
12which this Law becomes applicable to a taxing district as
13provided in Section 18-213, "taxing district" also includes
14those taxing districts made subject to this Law as provided in
15Section 18-213.
16    "Aggregate extension" for taxing districts to which this
17Law applied before the 1995 levy year means the annual
18corporate extension for the taxing district and those special
19purpose extensions that are made annually for the taxing
20district, excluding special purpose extensions: (a) made for
21the taxing district to pay interest or principal on general
22obligation bonds that were approved by referendum; (b) made for
23any taxing district to pay interest or principal on general
24obligation bonds issued before October 1, 1991; (c) made for
25any taxing district to pay interest or principal on bonds
26issued to refund or continue to refund those bonds issued

 

 

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1before October 1, 1991; (d) made for any taxing district to pay
2interest or principal on bonds issued to refund or continue to
3refund bonds issued after October 1, 1991 that were approved by
4referendum; (e) made for any taxing district to pay interest or
5principal on revenue bonds issued before October 1, 1991 for
6payment of which a property tax levy or the full faith and
7credit of the unit of local government is pledged; however, a
8tax for the payment of interest or principal on those bonds
9shall be made only after the governing body of the unit of
10local government finds that all other sources for payment are
11insufficient to make those payments; (f) made for payments
12under a building commission lease when the lease payments are
13for the retirement of bonds issued by the commission before
14October 1, 1991, to pay for the building project; (g) made for
15payments due under installment contracts entered into before
16October 1, 1991; (h) made for payments of principal and
17interest on bonds issued under the Metropolitan Water
18Reclamation District Act to finance construction projects
19initiated before October 1, 1991; (i) made for payments of
20principal and interest on limited bonds, as defined in Section
213 of the Local Government Debt Reform Act, in an amount not to
22exceed the debt service extension base less the amount in items
23(b), (c), (e), and (h) of this definition for non-referendum
24obligations, except obligations initially issued pursuant to
25referendum; (j) made for payments of principal and interest on
26bonds issued under Section 15 of the Local Government Debt

 

 

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1Reform Act; (k) made by a school district that participates in
2the Special Education District of Lake County, created by
3special education joint agreement under Section 10-22.31 of the
4School Code, for payment of the school district's share of the
5amounts required to be contributed by the Special Education
6District of Lake County to the Illinois Municipal Retirement
7Fund under Article 7 of the Illinois Pension Code; the amount
8of any extension under this item (k) shall be certified by the
9school district to the county clerk; (l) made to fund expenses
10of providing joint recreational programs for the handicapped
11under Section 5-8 of the Park District Code or Section 11-95-14
12of the Illinois Municipal Code; (m) made for temporary
13relocation loan repayment purposes pursuant to Sections 2-3.77
14and 17-2.2d of the School Code; (n) made for payment of
15principal and interest on any bonds issued under the authority
16of Section 17-2.2d of the School Code; (o) made for
17contributions to a firefighter's pension fund created under
18Article 4 of the Illinois Pension Code, to the extent of the
19amount certified under item (5) of Section 4-134 of the
20Illinois Pension Code; and (p) made for road purposes in the
21first year after a township assumes the rights, powers, duties,
22assets, property, liabilities, obligations, and
23responsibilities of a road district abolished under the
24provisions of Section 6-133 of the Illinois Highway Code.
25    "Aggregate extension" for the taxing districts to which
26this Law did not apply before the 1995 levy year (except taxing

 

 

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1districts subject to this Law in accordance with Section
218-213) means the annual corporate extension for the taxing
3district and those special purpose extensions that are made
4annually for the taxing district, excluding special purpose
5extensions: (a) made for the taxing district to pay interest or
6principal on general obligation bonds that were approved by
7referendum; (b) made for any taxing district to pay interest or
8principal on general obligation bonds issued before March 1,
91995; (c) made for any taxing district to pay interest or
10principal on bonds issued to refund or continue to refund those
11bonds issued before March 1, 1995; (d) made for any taxing
12district to pay interest or principal on bonds issued to refund
13or continue to refund bonds issued after March 1, 1995 that
14were approved by referendum; (e) made for any taxing district
15to pay interest or principal on revenue bonds issued before
16March 1, 1995 for payment of which a property tax levy or the
17full faith and credit of the unit of local government is
18pledged; however, a tax for the payment of interest or
19principal on those bonds shall be made only after the governing
20body of the unit of local government finds that all other
21sources for payment are insufficient to make those payments;
22(f) made for payments under a building commission lease when
23the lease payments are for the retirement of bonds issued by
24the commission before March 1, 1995 to pay for the building
25project; (g) made for payments due under installment contracts
26entered into before March 1, 1995; (h) made for payments of

 

 

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1principal and interest on bonds issued under the Metropolitan
2Water Reclamation District Act to finance construction
3projects initiated before October 1, 1991; (h-4) made for
4stormwater management purposes by the Metropolitan Water
5Reclamation District of Greater Chicago under Section 12 of the
6Metropolitan Water Reclamation District Act; (i) made for
7payments of principal and interest on limited bonds, as defined
8in Section 3 of the Local Government Debt Reform Act, in an
9amount not to exceed the debt service extension base less the
10amount in items (b), (c), and (e) of this definition for
11non-referendum obligations, except obligations initially
12issued pursuant to referendum and bonds described in subsection
13(h) of this definition; (j) made for payments of principal and
14interest on bonds issued under Section 15 of the Local
15Government Debt Reform Act; (k) made for payments of principal
16and interest on bonds authorized by Public Act 88-503 and
17issued under Section 20a of the Chicago Park District Act for
18aquarium or museum projects; (l) made for payments of principal
19and interest on bonds authorized by Public Act 87-1191 or
2093-601 and (i) issued pursuant to Section 21.2 of the Cook
21County Forest Preserve District Act, (ii) issued under Section
2242 of the Cook County Forest Preserve District Act for
23zoological park projects, or (iii) issued under Section 44.1 of
24the Cook County Forest Preserve District Act for botanical
25gardens projects; (m) made pursuant to Section 34-53.5 of the
26School Code, whether levied annually or not; (n) made to fund

 

 

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1expenses of providing joint recreational programs for the
2handicapped under Section 5-8 of the Park District Code or
3Section 11-95-14 of the Illinois Municipal Code; (o) made by
4the Chicago Park District for recreational programs for the
5handicapped under subsection (c) of Section 7.06 of the Chicago
6Park District Act; (p) made for contributions to a
7firefighter's pension fund created under Article 4 of the
8Illinois Pension Code, to the extent of the amount certified
9under item (5) of Section 4-134 of the Illinois Pension Code;
10and (q) made by Ford Heights School District 169 under Section
1117-9.02 of the School Code.
12    "Aggregate extension" for all taxing districts to which
13this Law applies in accordance with Section 18-213, except for
14those taxing districts subject to paragraph (2) of subsection
15(e) of Section 18-213, means the annual corporate extension for
16the taxing district and those special purpose extensions that
17are made annually for the taxing district, excluding special
18purpose extensions: (a) made for the taxing district to pay
19interest or principal on general obligation bonds that were
20approved by referendum; (b) made for any taxing district to pay
21interest or principal on general obligation bonds issued before
22the date on which the referendum making this Law applicable to
23the taxing district is held; (c) made for any taxing district
24to pay interest or principal on bonds issued to refund or
25continue to refund those bonds issued before the date on which
26the referendum making this Law applicable to the taxing

 

 

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1district is held; (d) made for any taxing district to pay
2interest or principal on bonds issued to refund or continue to
3refund bonds issued after the date on which the referendum
4making this Law applicable to the taxing district is held if
5the bonds were approved by referendum after the date on which
6the referendum making this Law applicable to the taxing
7district is held; (e) made for any taxing district to pay
8interest or principal on revenue bonds issued before the date
9on which the referendum making this Law applicable to the
10taxing district is held for payment of which a property tax
11levy or the full faith and credit of the unit of local
12government is pledged; however, a tax for the payment of
13interest or principal on those bonds shall be made only after
14the governing body of the unit of local government finds that
15all other sources for payment are insufficient to make those
16payments; (f) made for payments under a building commission
17lease when the lease payments are for the retirement of bonds
18issued by the commission before the date on which the
19referendum making this Law applicable to the taxing district is
20held to pay for the building project; (g) made for payments due
21under installment contracts entered into before the date on
22which the referendum making this Law applicable to the taxing
23district is held; (h) made for payments of principal and
24interest on limited bonds, as defined in Section 3 of the Local
25Government Debt Reform Act, in an amount not to exceed the debt
26service extension base less the amount in items (b), (c), and

 

 

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1(e) of this definition for non-referendum obligations, except
2obligations initially issued pursuant to referendum; (i) made
3for payments of principal and interest on bonds issued under
4Section 15 of the Local Government Debt Reform Act; (j) made
5for a qualified airport authority to pay interest or principal
6on general obligation bonds issued for the purpose of paying
7obligations due under, or financing airport facilities
8required to be acquired, constructed, installed or equipped
9pursuant to, contracts entered into before March 1, 1996 (but
10not including any amendments to such a contract taking effect
11on or after that date); (k) made to fund expenses of providing
12joint recreational programs for the handicapped under Section
135-8 of the Park District Code or Section 11-95-14 of the
14Illinois Municipal Code; (l) made for contributions to a
15firefighter's pension fund created under Article 4 of the
16Illinois Pension Code, to the extent of the amount certified
17under item (5) of Section 4-134 of the Illinois Pension Code;
18and (m) made for the taxing district to pay interest or
19principal on general obligation bonds issued pursuant to
20Section 19-3.10 of the School Code.
21    "Aggregate extension" for all taxing districts to which
22this Law applies in accordance with paragraph (2) of subsection
23(e) of Section 18-213 means the annual corporate extension for
24the taxing district and those special purpose extensions that
25are made annually for the taxing district, excluding special
26purpose extensions: (a) made for the taxing district to pay

 

 

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1interest or principal on general obligation bonds that were
2approved by referendum; (b) made for any taxing district to pay
3interest or principal on general obligation bonds issued before
4the effective date of this amendatory Act of 1997; (c) made for
5any taxing district to pay interest or principal on bonds
6issued to refund or continue to refund those bonds issued
7before the effective date of this amendatory Act of 1997; (d)
8made for any taxing district to pay interest or principal on
9bonds issued to refund or continue to refund bonds issued after
10the effective date of this amendatory Act of 1997 if the bonds
11were approved by referendum after the effective date of this
12amendatory Act of 1997; (e) made for any taxing district to pay
13interest or principal on revenue bonds issued before the
14effective date of this amendatory Act of 1997 for payment of
15which a property tax levy or the full faith and credit of the
16unit of local government is pledged; however, a tax for the
17payment of interest or principal on those bonds shall be made
18only after the governing body of the unit of local government
19finds that all other sources for payment are insufficient to
20make those payments; (f) made for payments under a building
21commission lease when the lease payments are for the retirement
22of bonds issued by the commission before the effective date of
23this amendatory Act of 1997 to pay for the building project;
24(g) made for payments due under installment contracts entered
25into before the effective date of this amendatory Act of 1997;
26(h) made for payments of principal and interest on limited

 

 

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1bonds, as defined in Section 3 of the Local Government Debt
2Reform Act, in an amount not to exceed the debt service
3extension base less the amount in items (b), (c), and (e) of
4this definition for non-referendum obligations, except
5obligations initially issued pursuant to referendum; (i) made
6for payments of principal and interest on bonds issued under
7Section 15 of the Local Government Debt Reform Act; (j) made
8for a qualified airport authority to pay interest or principal
9on general obligation bonds issued for the purpose of paying
10obligations due under, or financing airport facilities
11required to be acquired, constructed, installed or equipped
12pursuant to, contracts entered into before March 1, 1996 (but
13not including any amendments to such a contract taking effect
14on or after that date); (k) made to fund expenses of providing
15joint recreational programs for the handicapped under Section
165-8 of the Park District Code or Section 11-95-14 of the
17Illinois Municipal Code; and (l) made for contributions to a
18firefighter's pension fund created under Article 4 of the
19Illinois Pension Code, to the extent of the amount certified
20under item (5) of Section 4-134 of the Illinois Pension Code.
21    "Debt service extension base" means an amount equal to that
22portion of the extension for a taxing district for the 1994
23levy year, or for those taxing districts subject to this Law in
24accordance with Section 18-213, except for those subject to
25paragraph (2) of subsection (e) of Section 18-213, for the levy
26year in which the referendum making this Law applicable to the

 

 

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1taxing district is held, or for those taxing districts subject
2to this Law in accordance with paragraph (2) of subsection (e)
3of Section 18-213 for the 1996 levy year, constituting an
4extension for payment of principal and interest on bonds issued
5by the taxing district without referendum, but not including
6excluded non-referendum bonds. For park districts (i) that were
7first subject to this Law in 1991 or 1995 and (ii) whose
8extension for the 1994 levy year for the payment of principal
9and interest on bonds issued by the park district without
10referendum (but not including excluded non-referendum bonds)
11was less than 51% of the amount for the 1991 levy year
12constituting an extension for payment of principal and interest
13on bonds issued by the park district without referendum (but
14not including excluded non-referendum bonds), "debt service
15extension base" means an amount equal to that portion of the
16extension for the 1991 levy year constituting an extension for
17payment of principal and interest on bonds issued by the park
18district without referendum (but not including excluded
19non-referendum bonds). A debt service extension base
20established or increased at any time pursuant to any provision
21of this Law, except Section 18-212, shall be increased each
22year commencing with the later of (i) the 2009 levy year or
23(ii) the first levy year in which this Law becomes applicable
24to the taxing district, by the lesser of 5% or the percentage
25increase in the Consumer Price Index during the 12-month
26calendar year preceding the levy year. The debt service

 

 

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1extension base may be established or increased as provided
2under Section 18-212. "Excluded non-referendum bonds" means
3(i) bonds authorized by Public Act 88-503 and issued under
4Section 20a of the Chicago Park District Act for aquarium and
5museum projects; (ii) bonds issued under Section 15 of the
6Local Government Debt Reform Act; or (iii) refunding
7obligations issued to refund or to continue to refund
8obligations initially issued pursuant to referendum.
9    "Special purpose extensions" include, but are not limited
10to, extensions for levies made on an annual basis for
11unemployment and workers' compensation, self-insurance,
12contributions to pension plans, and extensions made pursuant to
13Section 6-601 of the Illinois Highway Code for a road
14district's permanent road fund whether levied annually or not.
15The extension for a special service area is not included in the
16aggregate extension.
17    "Aggregate extension base" means the taxing district's
18last preceding aggregate extension as adjusted under Sections
1918-135, 18-215, and 18-230. An adjustment under Section 18-135
20shall be made for the 2007 levy year and all subsequent levy
21years whenever one or more counties within which a taxing
22district is located (i) used estimated valuations or rates when
23extending taxes in the taxing district for the last preceding
24levy year that resulted in the over or under extension of
25taxes, or (ii) increased or decreased the tax extension for the
26last preceding levy year as required by Section 18-135(c).

 

 

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1Whenever an adjustment is required under Section 18-135, the
2aggregate extension base of the taxing district shall be equal
3to the amount that the aggregate extension of the taxing
4district would have been for the last preceding levy year if
5either or both (i) actual, rather than estimated, valuations or
6rates had been used to calculate the extension of taxes for the
7last levy year, or (ii) the tax extension for the last
8preceding levy year had not been adjusted as required by
9subsection (c) of Section 18-135.
10    Notwithstanding any other provision of law, for levy year
112012, the aggregate extension base for West Northfield School
12District No. 31 in Cook County shall be $12,654,592.
13    "Levy year" has the same meaning as "year" under Section
141-155.
15    "New property" means (i) the assessed value, after final
16board of review or board of appeals action, of new improvements
17or additions to existing improvements on any parcel of real
18property that increase the assessed value of that real property
19during the levy year multiplied by the equalization factor
20issued by the Department under Section 17-30, (ii) the assessed
21value, after final board of review or board of appeals action,
22of real property not exempt from real estate taxation, which
23real property was exempt from real estate taxation for any
24portion of the immediately preceding levy year, multiplied by
25the equalization factor issued by the Department under Section
2617-30, including the assessed value, upon final stabilization

 

 

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1of occupancy after new construction is complete, of any real
2property located within the boundaries of an otherwise or
3previously exempt military reservation that is intended for
4residential use and owned by or leased to a private corporation
5or other entity, (iii) in counties that classify in accordance
6with Section 4 of Article IX of the Illinois Constitution, an
7incentive property's additional assessed value resulting from
8a scheduled increase in the level of assessment as applied to
9the first year final board of review market value, and (iv) any
10increase in assessed value due to oil or gas production from an
11oil or gas well required to be permitted under the Hydraulic
12Fracturing Regulatory Act that was not produced in or accounted
13for during the previous levy year. In addition, the county
14clerk in a county containing a population of 3,000,000 or more
15shall include in the 1997 recovered tax increment value for any
16school district, any recovered tax increment value that was
17applicable to the 1995 tax year calculations.
18    "Qualified airport authority" means an airport authority
19organized under the Airport Authorities Act and located in a
20county bordering on the State of Wisconsin and having a
21population in excess of 200,000 and not greater than 500,000.
22    "Recovered tax increment value" means, except as otherwise
23provided in this paragraph, the amount of the current year's
24equalized assessed value, in the first year after a
25municipality terminates the designation of an area as a
26redevelopment project area previously established under the

 

 

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1Tax Increment Allocation Development Act in the Illinois
2Municipal Code, previously established under the Industrial
3Jobs Recovery Law in the Illinois Municipal Code, previously
4established under the Economic Development Project Area Tax
5Increment Act of 1995, or previously established under the
6Economic Development Area Tax Increment Allocation Act, of each
7taxable lot, block, tract, or parcel of real property in the
8redevelopment project area over and above the initial equalized
9assessed value of each property in the redevelopment project
10area. For the taxes which are extended for the 1997 levy year,
11the recovered tax increment value for a non-home rule taxing
12district that first became subject to this Law for the 1995
13levy year because a majority of its 1994 equalized assessed
14value was in an affected county or counties shall be increased
15if a municipality terminated the designation of an area in 1993
16as a redevelopment project area previously established under
17the Tax Increment Allocation Development Act in the Illinois
18Municipal Code, previously established under the Industrial
19Jobs Recovery Law in the Illinois Municipal Code, or previously
20established under the Economic Development Area Tax Increment
21Allocation Act, by an amount equal to the 1994 equalized
22assessed value of each taxable lot, block, tract, or parcel of
23real property in the redevelopment project area over and above
24the initial equalized assessed value of each property in the
25redevelopment project area. In the first year after a
26municipality removes a taxable lot, block, tract, or parcel of

 

 

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1real property from a redevelopment project area established
2under the Tax Increment Allocation Development Act in the
3Illinois Municipal Code, the Industrial Jobs Recovery Law in
4the Illinois Municipal Code, or the Economic Development Area
5Tax Increment Allocation Act, "recovered tax increment value"
6means the amount of the current year's equalized assessed value
7of each taxable lot, block, tract, or parcel of real property
8removed from the redevelopment project area over and above the
9initial equalized assessed value of that real property before
10removal from the redevelopment project area.
11    Except as otherwise provided in this Section, "limiting
12rate" means a fraction the numerator of which is the last
13preceding aggregate extension base times an amount equal to one
14plus the extension limitation defined in this Section and the
15denominator of which is the current year's equalized assessed
16value of all real property in the territory under the
17jurisdiction of the taxing district during the prior levy year.
18For those taxing districts that reduced their aggregate
19extension for the last preceding levy year, the highest
20aggregate extension in any of the last 3 preceding levy years
21shall be used for the purpose of computing the limiting rate.
22The denominator shall not include new property or the recovered
23tax increment value. If a new rate, a rate decrease, or a
24limiting rate increase has been approved at an election held
25after March 21, 2006, then (i) the otherwise applicable
26limiting rate shall be increased by the amount of the new rate

 

 

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1or shall be reduced by the amount of the rate decrease, as the
2case may be, or (ii) in the case of a limiting rate increase,
3the limiting rate shall be equal to the rate set forth in the
4proposition approved by the voters for each of the years
5specified in the proposition, after which the limiting rate of
6the taxing district shall be calculated as otherwise provided.
7In the case of a taxing district that obtained referendum
8approval for an increased limiting rate on March 20, 2012, the
9limiting rate for tax year 2012 shall be the rate that
10generates the approximate total amount of taxes extendable for
11that tax year, as set forth in the proposition approved by the
12voters; this rate shall be the final rate applied by the county
13clerk for the aggregate of all capped funds of the district for
14tax year 2012.
15(Source: P.A. 97-611, eff. 1-1-12; 97-1154, eff. 1-25-13; 98-6,
16eff. 3-29-13; 98-23, eff. 6-17-13.)
 
17    (35 ILCS 200/18-205)
18    Sec. 18-205. Referendum to increase the extension
19limitation. A taxing district is limited to an extension
20limitation as defined in Section 18-185 of 5% or the percentage
21increase in the Consumer Price Index during the 12-month
22calendar year preceding the levy year, whichever is less. A
23taxing district may increase its extension limitation for one
24or more levy years if that taxing district holds a referendum
25before the levy date for the first levy year at which a

 

 

HB5552- 19 -LRB098 19198 HLH 54350 b

1majority of voters voting on the issue approves adoption of a
2higher extension limitation. Referenda shall be conducted at a
3regularly scheduled election in accordance with the Election
4Code. The question shall be presented in substantially the
5following manner for all elections held after March 21, 2006:
6        Shall the extension limitation under the Property Tax
7    Extension Limitation Law for (insert the legal name,
8    number, if any, and county or counties of the taxing
9    district and geographic or other common name by which a
10    school or community college district is known and referred
11    to), Illinois, be increased from (applicable extension
12    limitation) the lesser of 5% or the percentage increase in
13    the Consumer Price Index over the prior levy year to
14    (insert the percentage of the proposed increase)% per year
15    for (insert each levy year for which the increased
16    extension limitation will apply)?
17The votes must be recorded as "Yes" or "No".
18If a majority of voters voting on the issue approves the
19adoption of the increase, the increase shall be applicable for
20each levy year specified.
21    The ballot for any question submitted pursuant to this
22Section shall have printed thereon, but not as a part of the
23question submitted, only the following supplemental
24information (which shall be supplied to the election authority
25by the taxing district) in substantially the following form:
26        (1) For the (insert the first levy year for which the

 

 

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1    increased extension limitation will be applicable) levy
2    year the approximate amount of the additional tax
3    extendable against property containing a single family
4    residence and having a fair market value at the time of the
5    referendum of $100,000 is estimated to be $....
6        (2) Based upon an average annual percentage increase
7    (or decrease) in the market value of such property of ...%
8    (insert percentage equal to the average annual percentage
9    increase or decrease for the prior 3 levy years, at the
10    time the submission of the question is initiated by the
11    taxing district, in the amount of (A) the equalized
12    assessed value of the taxable property in the taxing
13    district less (B) the new property included in the
14    equalized assessed value), the approximate amount of the
15    additional tax extendable against such property for the ...
16    levy year is estimated to be $... and for the ... levy year
17    is estimated to be $....
18    Paragraph (2) shall be included only if the increased
19extension limitation will be applicable for more than one year
20and shall list each levy year for which the increased extension
21limitation will be applicable. The additional tax shown for
22each levy year shall be the approximate dollar amount of the
23increase over the amount of the most recently completed
24extension at the time the submission of the question is
25initiated by the taxing district. The approximate amount of the
26additional tax extendable shown in paragraphs (1) and (2) shall

 

 

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1be calculated by multiplying $100,000 (the fair market value of
2the property without regard to any property tax exemptions) by
3(i) the percentage level of assessment prescribed for that
4property by statute, or by ordinance of the county board in
5counties that classify property for purposes of taxation in
6accordance with Section 4 of Article IX of the Illinois
7Constitution; (ii) the most recent final equalization factor
8certified to the county clerk by the Department of Revenue at
9the time the taxing district initiates the submission of the
10proposition to the electors; (iii) the last known aggregate
11extension base of the taxing district at the time the
12submission of the question is initiated by the taxing district;
13and (iv) the difference between the percentage increase
14proposed in the question and (i) for tax years other than 2014,
152015, and 2016, the lesser of 5% or the percentage increase in
16the Consumer Price Index for the prior levy year (or an
17estimate of the percentage increase for the prior levy year if
18the increase is unavailable at the time the submission of the
19question is initiated by the taxing district) or (ii) for tax
20years 2014, 2015, and 2016, 0%; and dividing the result by the
21last known equalized assessed value of the taxing district at
22the time the submission of the question is initiated by the
23taxing district. This amendatory Act of the 97th General
24Assembly is intended to clarify the existing requirements of
25this Section, and shall not be construed to validate any prior
26non-compliant referendum language. Any notice required to be

 

 

HB5552- 22 -LRB098 19198 HLH 54350 b

1published in connection with the submission of the question
2shall also contain this supplemental information and shall not
3contain any other supplemental information. Any error,
4miscalculation, or inaccuracy in computing any amount set forth
5on the ballot or in the notice that is not deliberate shall not
6invalidate or affect the validity of any proposition approved.
7Notice of the referendum shall be published and posted as
8otherwise required by law, and the submission of the question
9shall be initiated as provided by law.
10(Source: P.A. 97-1087, eff. 8-24-12.)
 
11    Section 99. Effective date. This Act takes effect upon
12becoming law.