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90_SB0715enr
35 ILCS 200/18-45
Amends the Property Tax Code. Deletes a provision in the
Section concerning the computation of rates stating that the
equalized assessed value of all property for the computation
of the amount to be extended in a county of 3,000,000 or more
inhabitants shall be the equalized assessed value of the
property for the year immediately preceding the levy year as
established by the assessment and equalization process for
the year immediately prior to the levy year. Effective
immediately.
LRB9003243KDks
SB715 Enrolled LRB9003243KDks
1 AN ACT to amend the Property Tax Code by changing Section
2 18-45.
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 18-45 as follows:
7 (35 ILCS 200/18-45)
8 Sec. 18-45. Computation of rates. Except as provided
9 below, each county clerk shall estimate and determine the
10 rate per cent upon the equalized assessed valuation for the
11 levy year of the property in the county's taxing districts
12 and special service areas, as established under Article VII
13 of the Illinois Constitution, so that the rate will produce,
14 within the proper divisions of that county, not less than the
15 net amount that will be required by the county board or
16 certified to the county clerk according to law. Prior to
17 extension, the county clerk shall determine the maximum
18 amount of tax authorized to be levied by any statute. If the
19 amount of any tax certified to the county clerk for extension
20 exceeds the maximum, the clerk shall extend only the maximum
21 allowable levy.
22 The county clerk shall exclude from the total equalized
23 assessed valuation, whenever estimating and determining it
24 under this Section and Sections 18-50 through 18-105, the
25 equalized assessed valuation in the percentage which has been
26 agreed to by each taxing district, of any property or portion
27 thereof within an Enterprise Zone upon which an abatement of
28 taxes was made under Section 18-170. However, if a
29 municipality has adopted tax increment financing under
30 Division 74.4 of Article 11 of the Illinois Municipal Code,
31 the county clerk shall estimate and determine rates in
SB715 Enrolled -2- LRB9003243KDks
1 accordance with Sections 11-74.4-7 through 11-74.4-9 of that
2 Act. Beginning on January 1, 1998 and thereafter, the
3 equalized assessed value of all property for the computation
4 of the amount to be extended within a county with 3,000,000
5 or more inhabitants shall be the sum of (i) the equalized
6 assessed value of such property for the year immediately
7 preceding the levy year as established by the assessment and
8 equalization process for the year immediately prior to the
9 levy year, (ii) the equalized assessed value of any property
10 that qualifies as new property, as defined in Section 18-185,
11 or annexed property, as defined in Section 18-225, for the
12 current levy year, and (iii) any recovered tax increment
13 value, as defined in Section 18-185, for the current levy
14 year, less the equalized assessed value of any property that
15 qualifies as disconnected property, as defined in Section
16 18-225, for the current levy year.
17 (Source: P.A. 86-233; 86-953; 86-957; 86-1475; 87-17; 87-477;
18 87-895; 88-455.)