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1 | AN ACT concerning taxes.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Property Tax Code is amended by changing | ||||||||||||||||||||||||||
5 | Section 18-185 as follows: | ||||||||||||||||||||||||||
6 | (35 ILCS 200/18-185)
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7 | Sec. 18-185. Short title; definitions. This Division 5 may | ||||||||||||||||||||||||||
8 | be cited as the
Property Tax Extension Limitation Law. As used | ||||||||||||||||||||||||||
9 | in this Division 5:
| ||||||||||||||||||||||||||
10 | "Consumer Price Index" means the Consumer Price Index for | ||||||||||||||||||||||||||
11 | All Urban
Consumers for all items published by the United | ||||||||||||||||||||||||||
12 | States Department of Labor.
| ||||||||||||||||||||||||||
13 | "Extension limitation" means (a) the lesser of 5% or the | ||||||||||||||||||||||||||
14 | percentage increase
in the Consumer Price Index during the | ||||||||||||||||||||||||||
15 | 12-month calendar year preceding the
levy year or (b) the rate | ||||||||||||||||||||||||||
16 | of increase approved by voters under Section 18-205.
| ||||||||||||||||||||||||||
17 | "Affected county" means a county of 3,000,000 or more | ||||||||||||||||||||||||||
18 | inhabitants or a
county contiguous to a county of 3,000,000 or | ||||||||||||||||||||||||||
19 | more inhabitants.
| ||||||||||||||||||||||||||
20 | "Taxing district" has the same meaning provided in Section | ||||||||||||||||||||||||||
21 | 1-150, except as
otherwise provided in this Section. For the | ||||||||||||||||||||||||||
22 | 1991 through 1994 levy years only,
"taxing district" includes | ||||||||||||||||||||||||||
23 | only each non-home rule taxing district having the
majority of | ||||||||||||||||||||||||||
24 | its
1990 equalized assessed value within any county or counties | ||||||||||||||||||||||||||
25 | contiguous to a
county with 3,000,000 or more inhabitants. | ||||||||||||||||||||||||||
26 | Beginning with the 1995 levy
year, "taxing district" includes | ||||||||||||||||||||||||||
27 | only each non-home rule taxing district
subject to this Law | ||||||||||||||||||||||||||
28 | before the 1995 levy year and each non-home rule
taxing | ||||||||||||||||||||||||||
29 | district not subject to this Law before the 1995 levy year | ||||||||||||||||||||||||||
30 | having the
majority of its 1994 equalized assessed value in an | ||||||||||||||||||||||||||
31 | affected county or
counties. Beginning with the levy year in
| ||||||||||||||||||||||||||
32 | which this Law becomes applicable to a taxing district as
|
| |||||||
| |||||||
1 | provided in Section 18-213, "taxing district" also includes | ||||||
2 | those taxing
districts made subject to this Law as provided in | ||||||
3 | Section 18-213.
| ||||||
4 | "Aggregate extension" for taxing districts to which this | ||||||
5 | Law applied before
the 1995 levy year means the annual | ||||||
6 | corporate extension for the taxing
district and those special | ||||||
7 | purpose extensions that are made annually for
the taxing | ||||||
8 | district, excluding special purpose extensions: (a) made for | ||||||
9 | the
taxing district to pay interest or principal on general | ||||||
10 | obligation bonds
that were approved by referendum; (b) made for | ||||||
11 | any taxing district to pay
interest or principal on general | ||||||
12 | obligation bonds issued before October 1,
1991; (c) made for | ||||||
13 | any taxing district to pay interest or principal on bonds
| ||||||
14 | issued to refund or continue to refund those bonds issued | ||||||
15 | before October 1,
1991; (d)
made for any taxing district to pay | ||||||
16 | interest or principal on bonds
issued to refund or continue to | ||||||
17 | refund bonds issued after October 1, 1991 that
were approved by | ||||||
18 | referendum; (e)
made for any taxing district to pay interest
or | ||||||
19 | principal on revenue bonds issued before October 1, 1991 for | ||||||
20 | payment of
which a property tax levy or the full faith and | ||||||
21 | credit of the unit of local
government is pledged; however, a | ||||||
22 | tax for the payment of interest or principal
on those bonds | ||||||
23 | shall be made only after the governing body of the unit of | ||||||
24 | local
government finds that all other sources for payment are | ||||||
25 | insufficient to make
those payments; (f) made for payments | ||||||
26 | under a building commission lease when
the lease payments are | ||||||
27 | for the retirement of bonds issued by the commission
before | ||||||
28 | October 1, 1991, to pay for the building project; (g) made for | ||||||
29 | payments
due under installment contracts entered into before | ||||||
30 | October 1, 1991;
(h) made for payments of principal and | ||||||
31 | interest on bonds issued under the
Metropolitan Water | ||||||
32 | Reclamation District Act to finance construction projects
| ||||||
33 | initiated before October 1, 1991; (i) made for payments of | ||||||
34 | principal and
interest on limited bonds, as defined in Section | ||||||
35 | 3 of the Local Government Debt
Reform Act, in an amount not to | ||||||
36 | exceed the debt service extension base less
the amount in items |
| |||||||
| |||||||
1 | (b), (c), (e), and (h) of this definition for
non-referendum | ||||||
2 | obligations, except obligations initially issued pursuant to
| ||||||
3 | referendum; (j) made for payments of principal and interest on | ||||||
4 | bonds
issued under Section 15 of the Local Government Debt | ||||||
5 | Reform Act; (k)
made
by a school district that participates in | ||||||
6 | the Special Education District of
Lake County, created by | ||||||
7 | special education joint agreement under Section
10-22.31 of the | ||||||
8 | School Code, for payment of the school district's share of the
| ||||||
9 | amounts required to be contributed by the Special Education | ||||||
10 | District of Lake
County to the Illinois Municipal Retirement | ||||||
11 | Fund under Article 7 of the
Illinois Pension Code; the amount | ||||||
12 | of any extension under this item (k) shall be
certified by the | ||||||
13 | school district to the county clerk; and (l) made to fund
| ||||||
14 | expenses of providing joint recreational programs for the | ||||||
15 | handicapped under
Section 5-8 of
the
Park District Code or | ||||||
16 | Section 11-95-14 of the Illinois Municipal Code ; and (m) made | ||||||
17 | for contributions
to the police pension fund under Section | ||||||
18 | 3-125 of the Illinois Pension Code, the firefighter's pension | ||||||
19 | fund under Section 4-118 of the Illinois Pension Code, the | ||||||
20 | policemen's annuity and benefit fund under Section 5-168 of the | ||||||
21 | Illinois Pension Code, and the firemen's annuity and benefit | ||||||
22 | fund under Section 6-165 of the Illinois Pension Code .
| ||||||
23 | "Aggregate extension" for the taxing districts to which | ||||||
24 | this Law did not
apply before the 1995 levy year (except taxing | ||||||
25 | districts subject to this Law
in
accordance with Section | ||||||
26 | 18-213) means the annual corporate extension for the
taxing | ||||||
27 | district and those special purpose extensions that are made | ||||||
28 | annually for
the taxing district, excluding special purpose | ||||||
29 | extensions: (a) made for the
taxing district to pay interest or | ||||||
30 | principal on general obligation bonds that
were approved by | ||||||
31 | referendum; (b) made for any taxing district to pay interest
or | ||||||
32 | principal on general obligation bonds issued before March 1, | ||||||
33 | 1995; (c) made
for any taxing district to pay interest or | ||||||
34 | principal on bonds issued to refund
or continue to refund those | ||||||
35 | bonds issued before March 1, 1995; (d) made for any
taxing | ||||||
36 | district to pay interest or principal on bonds issued to refund |
| |||||||
| |||||||
1 | or
continue to refund bonds issued after March 1, 1995 that | ||||||
2 | were approved by
referendum; (e) made for any taxing district | ||||||
3 | to pay interest or principal on
revenue bonds issued before | ||||||
4 | March 1, 1995 for payment of which a property tax
levy or the | ||||||
5 | full faith and credit of the unit of local government is | ||||||
6 | pledged;
however, a tax for the payment of interest or | ||||||
7 | principal on those bonds shall be
made only after the governing | ||||||
8 | body of the unit of local government finds that
all other | ||||||
9 | sources for payment are insufficient to make those payments; | ||||||
10 | (f) made
for payments under a building commission lease when | ||||||
11 | the lease payments are for
the retirement of bonds issued by | ||||||
12 | the commission before March 1, 1995 to
pay for the building | ||||||
13 | project; (g) made for payments due under installment
contracts | ||||||
14 | entered into before March 1, 1995; (h) made for payments of
| ||||||
15 | principal and interest on bonds issued under the Metropolitan | ||||||
16 | Water Reclamation
District Act to finance construction | ||||||
17 | projects initiated before October 1,
1991; (i) made for | ||||||
18 | payments of principal and interest on limited bonds,
as defined | ||||||
19 | in Section 3 of the Local Government Debt Reform Act, in an | ||||||
20 | amount
not to exceed the debt service extension base less the | ||||||
21 | amount in items (b),
(c), and (e) of this definition for | ||||||
22 | non-referendum obligations, except
obligations initially | ||||||
23 | issued pursuant to referendum and bonds described in
subsection | ||||||
24 | (h) of this definition; (j) made for payments of
principal and | ||||||
25 | interest on bonds issued under Section 15 of the Local | ||||||
26 | Government
Debt Reform Act; (k) made for payments of principal | ||||||
27 | and interest on bonds
authorized by Public Act 88-503 and | ||||||
28 | issued under Section 20a of the Chicago
Park District Act for | ||||||
29 | aquarium or
museum projects; (l) made for payments of principal | ||||||
30 | and interest on
bonds
authorized by Public Act 87-1191 or | ||||||
31 | 93-601
this amendatory Act of the 93rd General
Assembly and (i) | ||||||
32 | issued pursuant to Section 21.2 of the Cook County Forest
| ||||||
33 | Preserve District Act, (ii) issued under Section 42 of the Cook | ||||||
34 | County
Forest Preserve District Act for zoological park | ||||||
35 | projects, or (iii) issued
under Section 44.1 of the Cook County | ||||||
36 | Forest Preserve District Act for
botanical gardens projects; |
| |||||||
| |||||||
1 | (m) made
pursuant
to Section 34-53.5 of the School Code, | ||||||
2 | whether levied annually or not;
(n) made to fund expenses of | ||||||
3 | providing joint recreational programs for the
handicapped | ||||||
4 | under Section 5-8 of the Park
District Code or Section 11-95-14 | ||||||
5 | of the Illinois Municipal Code;
and (o) made by the
Chicago | ||||||
6 | Park
District for recreational programs for the handicapped | ||||||
7 | under subsection (c) of
Section
7.06 of the Chicago Park | ||||||
8 | District Act ; and (p) made for contributions
to the police | ||||||
9 | pension fund under Section 3-125 of the Illinois Pension Code, | ||||||
10 | the firefighter's pension fund under Section 4-118 of the | ||||||
11 | Illinois Pension Code, the policemen's annuity and benefit fund | ||||||
12 | under Section 5-168 of the Illinois Pension Code, and the | ||||||
13 | firemen's annuity and benefit fund under Section 6-165 of the | ||||||
14 | Illinois Pension Code .
| ||||||
15 | "Aggregate extension" for all taxing districts to which | ||||||
16 | this Law applies in
accordance with Section 18-213, except for | ||||||
17 | those taxing districts subject to
paragraph (2) of subsection | ||||||
18 | (e) of Section 18-213, means the annual corporate
extension for | ||||||
19 | the
taxing district and those special purpose extensions that | ||||||
20 | are made annually for
the taxing district, excluding special | ||||||
21 | purpose extensions: (a) made for the
taxing district to pay | ||||||
22 | interest or principal on general obligation bonds that
were | ||||||
23 | approved by referendum; (b) made for any taxing district to pay | ||||||
24 | interest
or principal on general obligation bonds issued before | ||||||
25 | the date on which the
referendum making this
Law applicable to | ||||||
26 | the taxing district is held; (c) made
for any taxing district | ||||||
27 | to pay interest or principal on bonds issued to refund
or | ||||||
28 | continue to refund those bonds issued before the date on which | ||||||
29 | the
referendum making this Law
applicable to the taxing | ||||||
30 | district is held;
(d) made for any
taxing district to pay | ||||||
31 | interest or principal on bonds issued to refund or
continue to | ||||||
32 | refund bonds issued after the date on which the referendum | ||||||
33 | making
this Law
applicable to the taxing district is held if | ||||||
34 | the bonds were approved by
referendum after the date on which | ||||||
35 | the referendum making this Law
applicable to the taxing | ||||||
36 | district is held; (e) made for any
taxing district to pay |
| |||||||
| |||||||
1 | interest or principal on
revenue bonds issued before the date | ||||||
2 | on which the referendum making this Law
applicable to the
| ||||||
3 | taxing district is held for payment of which a property tax
| ||||||
4 | levy or the full faith and credit of the unit of local | ||||||
5 | government is pledged;
however, a tax for the payment of | ||||||
6 | interest or principal on those bonds shall be
made only after | ||||||
7 | the governing body of the unit of local government finds that
| ||||||
8 | all other sources for payment are insufficient to make those | ||||||
9 | payments; (f) made
for payments under a building commission | ||||||
10 | lease when the lease payments are for
the retirement of bonds | ||||||
11 | issued by the commission before the date on which the
| ||||||
12 | referendum making this
Law applicable to the taxing district is | ||||||
13 | held to
pay for the building project; (g) made for payments due | ||||||
14 | under installment
contracts entered into before the date on | ||||||
15 | which the referendum making this Law
applicable to
the taxing | ||||||
16 | district is held;
(h) made for payments
of principal and | ||||||
17 | interest on limited bonds,
as defined in Section 3 of the Local | ||||||
18 | Government Debt Reform Act, in an amount
not to exceed the debt | ||||||
19 | service extension base less the amount in items (b),
(c), and | ||||||
20 | (e) of this definition for non-referendum obligations, except
| ||||||
21 | obligations initially issued pursuant to referendum; (i) made | ||||||
22 | for payments
of
principal and interest on bonds issued under | ||||||
23 | Section 15 of the Local Government
Debt Reform Act;
(j)
made | ||||||
24 | for a qualified airport authority to pay interest or principal | ||||||
25 | on
general obligation bonds issued for the purpose of paying | ||||||
26 | obligations due
under, or financing airport facilities | ||||||
27 | required to be acquired, constructed,
installed or equipped | ||||||
28 | pursuant to, contracts entered into before March
1, 1996 (but | ||||||
29 | not including any amendments to such a contract taking effect | ||||||
30 | on
or after that date); and (k) made to fund expenses of | ||||||
31 | providing joint
recreational programs for the handicapped | ||||||
32 | under Section 5-8 of
the
Park District Code or Section 11-95-14 | ||||||
33 | of the Illinois Municipal Code ; and (l) made for contributions
| ||||||
34 | to the police pension fund under Section 3-125 of the Illinois | ||||||
35 | Pension Code, the firefighter's pension fund under Section | ||||||
36 | 4-118 of the Illinois Pension Code, the policemen's annuity and |
| |||||||
| |||||||
1 | benefit fund under Section 5-168 of the Illinois Pension Code, | ||||||
2 | and the firemen's annuity and benefit fund under Section 6-165 | ||||||
3 | of the Illinois Pension Code .
| ||||||
4 | "Aggregate extension" for all taxing districts to which | ||||||
5 | this Law applies in
accordance with paragraph (2) of subsection | ||||||
6 | (e) of Section 18-213 means the
annual corporate extension for | ||||||
7 | the
taxing district and those special purpose extensions that | ||||||
8 | are made annually for
the taxing district, excluding special | ||||||
9 | purpose extensions: (a) made for the
taxing district to pay | ||||||
10 | interest or principal on general obligation bonds that
were | ||||||
11 | approved by referendum; (b) made for any taxing district to pay | ||||||
12 | interest
or principal on general obligation bonds issued before | ||||||
13 | the effective date of
this amendatory Act of 1997;
(c) made
for | ||||||
14 | any taxing district to pay interest or principal on bonds | ||||||
15 | issued to refund
or continue to refund those bonds issued | ||||||
16 | before the effective date
of this amendatory Act of 1997;
(d) | ||||||
17 | made for any
taxing district to pay interest or principal on | ||||||
18 | bonds issued to refund or
continue to refund bonds issued after | ||||||
19 | the effective date of this amendatory Act
of 1997 if the bonds | ||||||
20 | were approved by referendum after the effective date of
this | ||||||
21 | amendatory Act of 1997;
(e) made for any
taxing district to pay | ||||||
22 | interest or principal on
revenue bonds issued before the | ||||||
23 | effective date of this amendatory Act of 1997
for payment of | ||||||
24 | which a property tax
levy or the full faith and credit of the | ||||||
25 | unit of local government is pledged;
however, a tax for the | ||||||
26 | payment of interest or principal on those bonds shall be
made | ||||||
27 | only after the governing body of the unit of local government | ||||||
28 | finds that
all other sources for payment are insufficient to | ||||||
29 | make those payments; (f) made
for payments under a building | ||||||
30 | commission lease when the lease payments are for
the retirement | ||||||
31 | of bonds issued by the commission before the effective date
of | ||||||
32 | this amendatory Act of 1997
to
pay for the building project; | ||||||
33 | (g) made for payments due under installment
contracts entered | ||||||
34 | into before the effective date of this amendatory Act of
1997;
| ||||||
35 | (h) made for payments
of principal and interest on limited | ||||||
36 | bonds,
as defined in Section 3 of the Local Government Debt |
| |||||||
| |||||||
1 | Reform Act, in an amount
not to exceed the debt service | ||||||
2 | extension base less the amount in items (b),
(c), and (e) of | ||||||
3 | this definition for non-referendum obligations, except
| ||||||
4 | obligations initially issued pursuant to referendum; (i) made | ||||||
5 | for payments
of
principal and interest on bonds issued under | ||||||
6 | Section 15 of the Local Government
Debt Reform Act;
(j)
made | ||||||
7 | for a qualified airport authority to pay interest or principal | ||||||
8 | on
general obligation bonds issued for the purpose of paying | ||||||
9 | obligations due
under, or financing airport facilities | ||||||
10 | required to be acquired, constructed,
installed or equipped | ||||||
11 | pursuant to, contracts entered into before March
1, 1996 (but | ||||||
12 | not including any amendments to such a contract taking effect | ||||||
13 | on
or after that date); and (k) made to fund expenses of | ||||||
14 | providing joint
recreational programs for the handicapped | ||||||
15 | under Section 5-8 of
the
Park District Code or Section 11-95-14 | ||||||
16 | of the Illinois Municipal Code ; and (l) made for contributions
| ||||||
17 | to the police pension fund under Section 3-125 of the Illinois | ||||||
18 | Pension Code, the firefighter's pension fund under Section | ||||||
19 | 4-118 of the Illinois Pension Code, the policemen's annuity and | ||||||
20 | benefit fund under Section 5-168 of the Illinois Pension Code, | ||||||
21 | and the firemen's annuity and benefit fund under Section 6-165 | ||||||
22 | of the Illinois Pension Code .
| ||||||
23 | "Debt service extension base" means an amount equal to that | ||||||
24 | portion of the
extension for a taxing district for the 1994 | ||||||
25 | levy year, or for those taxing
districts subject to this Law in | ||||||
26 | accordance with Section 18-213, except for
those subject to | ||||||
27 | paragraph (2) of subsection (e) of Section 18-213, for the
levy
| ||||||
28 | year in which the referendum making this Law applicable to the | ||||||
29 | taxing district
is held, or for those taxing districts subject | ||||||
30 | to this Law in accordance with
paragraph (2) of subsection (e) | ||||||
31 | of Section 18-213 for the 1996 levy year,
constituting an
| ||||||
32 | extension for payment of principal and interest on bonds issued | ||||||
33 | by the taxing
district without referendum, but not including | ||||||
34 | excluded non-referendum bonds. For park districts (i) that were | ||||||
35 | first
subject to this Law in 1991 or 1995 and (ii) whose | ||||||
36 | extension for the 1994 levy
year for the payment of principal |
| |||||||
| |||||||
1 | and interest on bonds issued by the park
district without | ||||||
2 | referendum (but not including excluded non-referendum bonds)
| ||||||
3 | was less than 51% of the amount for the 1991 levy year | ||||||
4 | constituting an
extension for payment of principal and interest | ||||||
5 | on bonds issued by the park
district without referendum (but | ||||||
6 | not including excluded non-referendum bonds),
"debt service | ||||||
7 | extension base" means an amount equal to that portion of the
| ||||||
8 | extension for the 1991 levy year constituting an extension for | ||||||
9 | payment of
principal and interest on bonds issued by the park | ||||||
10 | district without referendum
(but not including excluded | ||||||
11 | non-referendum bonds). The debt service extension
base may be | ||||||
12 | established or increased as provided under Section 18-212.
| ||||||
13 | "Excluded non-referendum bonds" means (i) bonds authorized by | ||||||
14 | Public
Act 88-503 and issued under Section 20a of the Chicago | ||||||
15 | Park District Act for
aquarium and museum projects; (ii) bonds | ||||||
16 | issued under Section 15 of the
Local Government Debt Reform | ||||||
17 | Act; or (iii) refunding obligations issued
to refund or to | ||||||
18 | continue to refund obligations initially issued pursuant to
| ||||||
19 | referendum.
| ||||||
20 | "Special purpose extensions" include, but are not limited | ||||||
21 | to, extensions
for levies made on an annual basis for | ||||||
22 | unemployment and workers'
compensation, self-insurance, | ||||||
23 | contributions to pension plans, and extensions
made pursuant to | ||||||
24 | Section 6-601 of the Illinois Highway Code for a road
| ||||||
25 | district's permanent road fund whether levied annually or not. | ||||||
26 | The
extension for a special service area is not included in the
| ||||||
27 | aggregate extension.
| ||||||
28 | "Aggregate extension base" means the taxing district's | ||||||
29 | last preceding
aggregate extension as adjusted under Sections | ||||||
30 | 18-215 through 18-230.
| ||||||
31 | "Levy year" has the same meaning as "year" under Section
| ||||||
32 | 1-155.
| ||||||
33 | "New property" means (i) the assessed value, after final | ||||||
34 | board of review or
board of appeals action, of new improvements | ||||||
35 | or additions to existing
improvements on any parcel of real | ||||||
36 | property that increase the assessed value of
that real property |
| |||||||
| |||||||
1 | during the levy year multiplied by the equalization factor
| ||||||
2 | issued by the Department under Section 17-30, (ii) the assessed | ||||||
3 | value, after
final board of review or board of appeals action, | ||||||
4 | of real property not exempt
from real estate taxation, which | ||||||
5 | real property was exempt from real estate
taxation for any | ||||||
6 | portion of the immediately preceding levy year, multiplied by
| ||||||
7 | the equalization factor issued by the Department under Section | ||||||
8 | 17-30, and
(iii) in counties that classify in accordance with | ||||||
9 | Section 4 of Article
IX of the
Illinois Constitution, an | ||||||
10 | incentive property's additional assessed value
resulting from | ||||||
11 | a
scheduled increase in the level of assessment as applied to | ||||||
12 | the first year
final board of
review market value.
In addition, | ||||||
13 | the county clerk in a county containing a population of
| ||||||
14 | 3,000,000 or more shall include in the 1997
recovered tax | ||||||
15 | increment value for any school district, any recovered tax
| ||||||
16 | increment value that was applicable to the 1995 tax year | ||||||
17 | calculations.
| ||||||
18 | "Qualified airport authority" means an airport authority | ||||||
19 | organized under
the Airport Authorities Act and located in a | ||||||
20 | county bordering on the State of
Wisconsin and having a | ||||||
21 | population in excess of 200,000 and not greater than
500,000.
| ||||||
22 | "Recovered tax increment value" means, except as otherwise | ||||||
23 | provided in this
paragraph, the amount of the current year's | ||||||
24 | equalized assessed value, in the
first year after a | ||||||
25 | municipality terminates
the designation of an area as a | ||||||
26 | redevelopment project area previously
established under the | ||||||
27 | Tax Increment Allocation Development Act in the Illinois
| ||||||
28 | Municipal Code, previously established under the Industrial | ||||||
29 | Jobs Recovery Law
in the Illinois Municipal Code, or previously | ||||||
30 | established under the Economic
Development Area Tax Increment | ||||||
31 | Allocation Act, of each taxable lot, block,
tract, or parcel of | ||||||
32 | real property in the redevelopment project area over and
above | ||||||
33 | the initial equalized assessed value of each property in the
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34 | redevelopment project area.
For the taxes which are extended | ||||||
35 | for the 1997 levy year, the recovered tax
increment value for a | ||||||
36 | non-home rule taxing district that first became subject
to this |
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| |||||||
1 | Law for the 1995 levy year because a majority of its 1994 | ||||||
2 | equalized
assessed value was in an affected county or counties | ||||||
3 | shall be increased if a
municipality terminated the designation | ||||||
4 | of an area in 1993 as a redevelopment
project area previously | ||||||
5 | established under the Tax Increment Allocation
Development Act | ||||||
6 | in the Illinois Municipal Code, previously established under
| ||||||
7 | the Industrial Jobs Recovery Law in the Illinois Municipal | ||||||
8 | Code, or previously
established under the Economic Development | ||||||
9 | Area Tax Increment Allocation Act,
by an amount equal to the | ||||||
10 | 1994 equalized assessed value of each taxable lot,
block, | ||||||
11 | tract, or parcel of real property in the redevelopment project | ||||||
12 | area over
and above the initial equalized assessed value of | ||||||
13 | each property in the
redevelopment project area.
In the first | ||||||
14 | year after a municipality
removes a taxable lot, block, tract, | ||||||
15 | or parcel of real property from a
redevelopment project area | ||||||
16 | established under the Tax Increment Allocation
Development Act | ||||||
17 | in the Illinois
Municipal Code, the Industrial Jobs Recovery | ||||||
18 | Law
in the Illinois Municipal Code, or the Economic
Development | ||||||
19 | Area Tax Increment Allocation Act, "recovered tax increment | ||||||
20 | value"
means the amount of the current year's equalized | ||||||
21 | assessed value of each taxable
lot, block, tract, or parcel of | ||||||
22 | real property removed from the redevelopment
project area over | ||||||
23 | and above the initial equalized assessed value of that real
| ||||||
24 | property before removal from the redevelopment project area.
| ||||||
25 | Except as otherwise provided in this Section, "limiting | ||||||
26 | rate" means a
fraction the numerator of which is the last
| ||||||
27 | preceding aggregate extension base times an amount equal to one | ||||||
28 | plus the
extension limitation defined in this Section and the | ||||||
29 | denominator of which
is the current year's equalized assessed | ||||||
30 | value of all real property in the
territory under the | ||||||
31 | jurisdiction of the taxing district during the prior
levy year. | ||||||
32 | For those taxing districts that reduced their aggregate
| ||||||
33 | extension for the last preceding levy year, the highest | ||||||
34 | aggregate extension
in any of the last 3 preceding levy years | ||||||
35 | shall be used for the purpose of
computing the limiting rate. | ||||||
36 | The denominator shall not include new
property. The denominator |
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| |||||||
1 | shall not include the recovered tax increment
value.
| ||||||
2 | (Source: P.A. 92-547, eff. 6-13-02; 93-601, eff. 1-1-04; | ||||||
3 | 93-606, eff. 11-18-03; 93-612, eff. 11-18-03; revised | ||||||
4 | 12-10-03.)
| ||||||
5 | Section 90. The State Mandates Act is amended by adding | ||||||
6 | Section 8.28 as
follows:
| ||||||
7 | (30 ILCS 805/8.28 new)
| ||||||
8 | Sec. 8.28. Exempt mandate. Notwithstanding Sections 6 and 8 | ||||||
9 | of this
Act, no reimbursement by the State is required for the | ||||||
10 | implementation of
any mandate created by this amendatory Act of | ||||||
11 | the 93rd General Assembly.
| ||||||
12 | Section 99. Effective date. This Act takes effect upon | ||||||
13 | becoming law.
|