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94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB0649
Introduced 1/28/2005, by Rep. Jack D. Franks SYNOPSIS AS INTRODUCED:
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Amends the Property Tax Code. Provides that, notwithstanding any other law to
the contrary, for taxable years 2005 and 2006, the rate on any tax imposed
under the Act may not be increased from the rate imposed in the 2004 taxable
year. A school district, however, may increase property tax rates
by referendum.
Provides that, notwithstanding any other law to the contrary, for taxable years
2005 and 2006, the equalized assessed value of property shall be the same as
the equalized assessed value of that property for the 2004 taxable year.
If, however, a parcel of property is improved during taxable year
2005 or 2006, the assessment of that property shall be the assessment for the
2004 taxable year plus the increase in assessed value solely as a result of the
improvement and, once the 2004 assessment is increased to reflect an
improvement, the assessment for that
property shall remain the same for the duration of the assessment freeze
period. Effective immediately.
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| FISCAL NOTE ACT MAY APPLY | |
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY |
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A BILL FOR
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HB0649 |
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LRB094 04099 BDD 34119 b |
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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 adding |
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| Section 20-3 as
follows:
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| (35 ILCS 200/20-3 new)
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| Sec. 20-3. Two-year moratorium on property tax increases.
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| (a) Rate freeze. Notwithstanding any other law to the |
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| contrary and except
as otherwise provided in this subsection |
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| (a), for taxable years 2005 and 2006,
the rate on any tax |
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| imposed under this Act may not be increased from the rate
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| imposed in the 2004 taxable year. A school district, however, |
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| may increase
property tax rates if the question of increasing |
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| the tax rate is submitted to
the electors of the school |
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| district at a regular election and approved by a
majority of |
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| the electors voting on the question.
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| (b) Assessment freeze. Notwithstanding any other law to the |
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| contrary and
except as otherwise provided in this subsection |
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| (b), for taxable years 2005 and
2006, the equalized assessed |
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| value of property subject to taxation under this
Code shall be |
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| the same as the equalized assessed value of that property for |
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| the
2004 taxable year. If, however, a parcel of property |
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| subject to taxation under
this Code is improved by the |
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| construction of new or added buildings,
structures, or other |
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| improvements during taxable year 2005 or 2006, the
assessment |
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| of that property shall be the assessment for the 2004 taxable |
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| year
plus the increase in assessed value solely as a result of |
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| the improvement.
Once the 2004 assessment is increased to |
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| reflect an improvement, the assessment
for that property shall |
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| remain the same for the duration of the assessment
freeze |
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| period.
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| Section 99. Effective date. This Act takes effect upon |