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Public Act 094-0558 |
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AN ACT concerning revenue.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Property Tax Code is amended by changing | ||||
Section 23-20 as follows:
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(35 ILCS 200/23-20)
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Sec. 23-20. Effect of protested payments; refunds. No | ||||
protest shall
prevent or be a cause of delay in the | ||||
distribution of
tax collections to the taxing districts of any | ||||
taxes collected which were
not paid under protest.
If the final | ||||
order of the Property Tax Appeal Board or of a court results
in | ||||
a refund to the taxpayer, refunds shall be made by the | ||||
collector from
funds
remaining in the Protest Fund until such | ||||
funds are exhausted and
thereafter from the next funds | ||||
collected after entry of the final order until
full payment of | ||||
the refund and interest thereon has been made. Interest from | ||||
the date of payment, regardless of whether the
payment was made | ||||
before the effective date of
this
amendatory Act of 1997, or | ||||
from the date payment is due,
whichever is
later, to the date | ||||
of refund shall also be paid
to
the taxpayer at the annual rate | ||||
of the lesser of (i) 5% or (ii) the percentage increase in the | ||||
Consumer Price Index For All Urban Consumers during the | ||||
12-month calendar year preceding the levy year for which the | ||||
refund was made, as published by the federal Bureau of Labor | ||||
Statistics
per year .
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(Source: P.A. 90-556, eff. 12-12-97.)
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Section 99. Effective date. This Act takes effect on | ||||
January 1, 2006.
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