State of Illinois
92nd General Assembly
Legislation

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92_HB0695

 
                                               LRB9206723REmg

 1        AN ACT concerning taxes.

 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    Sections 18-235 and 18-248 as follows:

 6        (35 ILCS 200/18-235)
 7        Sec.  18-235.    Tax   increment   financing   districts.
 8    Extensions allocable to a special tax allocation fund and the
 9    amount  of  taxes abated under Sections 18-165 and 18-170 are
10    not to be included  in  the  aggregate  extension  base  when
11    computing the limiting rate.
12    (Source: P.A. 87-17; 88-455.)

13        (35 ILCS 200/18-248)
14        Sec. 18-248.  Adjustments to the limiting rate.
15        (a)  Merging and consolidating taxing districts.  For the
16    purposes purpose of this Law, when 2 or more taxing districts
17    merge or consolidate, the sum of the last preceding aggregate
18    extension  for each taxing district shall be combined for the
19    resulting merged or consolidated  taxing  district.   When  a
20    service  performed  by  one taxing district is transferred to
21    another taxing district, that part of the aggregate extension
22    base for that purpose shall be transferred and added  to  the
23    aggregate  extension  base  of the transferee taxing district
24    for purposes of this Law  and  shall  be  deducted  from  the
25    aggregate extension base of the transferor taxing district.
26        (b)  Annexed  or  disconnected  property.  If property is
27    annexed into the taxing district or is  disconnected  from  a
28    taxing district during the current levy year, the calculation
29    of  the  limiting  rate under Section 18-246 is not affected.
30    The rates as limited  under  this  Law  are  applied  to  all
 
                            -2-                LRB9206723REmg
 1    property  in  the  district for the 1994 levy year, excluding
 2    property that was annexed after the adoption of the levy  for
 3    the current levy year.
 4        (c)  Rate  increase  or decrease factor.  When a new rate
 5    or a rate increase or decrease that is  first  effective  for
 6    the  1994  levy  year  has  been  approved by referendum, the
 7    aggregate extension base,  as  adjusted  in  subsection  (a),
 8    shall  be  multiplied  by a rate increase or decrease factor.
 9    The numerator of the rate increase or decrease factor is  the
10    total  combined rate for the funds that made up the aggregate
11    extension for the taxing district for the 1993 levy year plus
12    the  rate  increase  approved  or  minus  the  rate  decrease
13    approved.  The denominator 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 1993 levy  year.   For  those
16    taxing  districts for which a new rate or a rate increase has
17    been approved by referendum held after December 31, 1989, and
18    that did not increase their rate to the new maximum rate  for
19    that  fund,  the  rate increase factor for the 1994 levy year
20    shall be adjusted by a factor the numerator of which  is  the
21    portion of the new or increased rate for which taxes were not
22    extended  plus the aggregate rate in effect for the levy year
23    prior to the levy year in which the referendum was passed and
24    the denominator of which is the aggregate rate in effect  for
25    the  levy year prior to the levy year in which the referendum
26    was passed.
27        (d)  Tax  increment  financing   districts.    Extensions
28    allocable  to a special tax allocation fund and the amount of
29    taxes  abated  under  Sections  18-165  and  18-170  are  not
30    included in the aggregate extension base when  computing  the
31    limiting rate.
32    (Source: P.A. 89-1, eff. 2-12-95.)

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