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| [ Introduced ] | [ House Amendment 001 ] |
90_HB1821ham002
LRB9005034MWmbam01
1 AMENDMENT TO HOUSE BILL 1821
2 AMENDMENT NO. . Amend House Bill 1821, AS AMENDED,
3 by replacing everything after the enacting clause with the
4 following:
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
-2- LRB9005034MWmbam01
1 maximum rate for that fund, the rate increase factor shall be
2 adjusted for 4 levy years after the year of the referendum by
3 a factor the numerator of which is the portion of the new or
4 increased rate for which taxes were not extended plus the
5 aggregate rate in effect for the levy year prior to the levy
6 year in which the referendum was passed and the denominator
7 of which is the aggregate rate in effect for the levy year
8 prior to the levy year in which the referendum was passed.
9 (Source: P.A. 87-17; 88-455.)".