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90_HB182135 ILCS 200/18-230 Amends the Property Tax Extension Limitation Law in the Property Tax Code to provide that if a new rate or rate increase was approved by referendum, the taxing district may increase its rate to that allowed by referendum and the taxing district shall not be subject to the extension limitation. LRB9005034DNcc LRB9005034DNcc 1 AN ACT to amend the Property Tax Code by changing Section 2 18-230. 3 Be it enacted by the People of the State of Illinois, 4 represented in the General Assembly: 5 Section 5. The Property Tax Code is amended by changing 6 Section 18-230 as follows: 7 (35 ILCS 200/18-230) 8 Sec. 18-230. Rate increase or decrease factor. When a 9 new rate or a rate increase or decrease first effective for 10 the current levy year has been approved by referendum, the 11 aggregate extension base, as adjusted in Sections 18-215 and 12 18-220, shall be multiplied by a rate increase (or decrease) 13 factor. The numerator of the rate increase (or decrease) 14 factor is the total combined rate for the funds that made up 15 the aggregate extension for the taxing district for the prior 16 year plus the rate increase approved or minus the rate 17 decrease approved. The denominator of the rate increase or 18 decrease factor is the total combined rate for the funds that 19 made up the aggregate extension for the prior year. For 20 those taxing districts for which a new rate or a rate 21 increase has been approved by referendum held after December 22 31, 1988, and that did not increase their rate to the new 23 maximum rate for that fund,those taxing districts shall, at24any time thereafter and without further referendum or25authority, be allowed to levy taxes at any rate that is26greater than that allowed before December 31, 1988, but equal27to or less than the maximum rate so allowed in the28referendum. Any such taxing district may vary the increased29rate from one year to another provided that the rate does not30exceed the maximum rate allowed by referendum. The amount of31any such increase in the rate over the rate existing before-2- LRB9005034DNcc 1the referendum levied in any particular levy year shall be2exempt from all calculations of the extension limitation and3limiting rate under this Law and shall not be considered as4part of the aggregate extension nor as a part of the5aggregate extension base~~the rate increase factor shall be~~6~~adjusted for 4 levy years after the year of the referendum by~~7~~a factor the numerator of which is the portion of the new or~~8~~increased rate for which taxes were not extended plus the~~9~~aggregate rate in effect for the levy year prior to the levy~~10~~year in which the referendum was passed and the denominator~~11~~of which is the aggregate rate in effect for the levy year~~12~~prior to the levy year in which the referendum was passed~~. 13 (Source: P.A. 87-17; 88-455.)