State of Illinois
92^nd General Assembly
Legislation

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92_SB0573eng

 
SB573 Engrossed                                LRB9202627TAtm

 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  adding
 5    Section 27-93 as follows:

 6        (35 ILCS 200/27-93 new)
 7        Sec.  27-93.  Refunds; special service area fund.  If the
 8    corporate authorities determine that excess revenues exist in
 9    a special service area fund at the end of  the  life  of  the
10    special  service area and if the option to abate a portion of
11    the final tax levy for the special service area is no  longer
12    available,  then  the  excess  funds  must be refunded to the
13    taxpayers of  record  for  all  parcels  within  the  special
14    service area, as of the date the refund is declared, on a pro
15    rata  basis  based  upon each parcel's proportionate share of
16    the total equalized assessed valuation of all parcels  within
17    the  special  service  area.  In  processing  the refund, the
18    county or municipality may deduct not more  than  5%  of  the
19    amount  declared  to  be  refunded  to  cover  its  costs and
20    expenses relative to declaring and making the refund.

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