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| 1 | AN ACT in relation to taxes.
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| 2 | Be it enacted by the People of the State of Illinois, | ||||||
| 3 | represented in the General Assembly:
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| 4 | Section 5. The Property Tax Code is amended by changing | ||||||
| 5 | Section 18-125 as
follows:
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| 6 | (35 ILCS 200/18-125)
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| 7 | Sec. 18-125. Rate limit referenda. Referenda initiated | ||||||
| 8 | under Section 18-120
shall be subject to the provisions and | ||||||
| 9 | limitations of the general election law.
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| 10 | The question of adopting maximum tax rate other than that | ||||||
| 11 | applicable shall be
in substantially the following form:
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| 12 | -------------------------------------------------------------
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| 13 | Shall the maximum tax rate for
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| 14 | the..... fund of.........
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| 15 | (identify taxing district) be YES
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| 16 | established, for the purpose of
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| 17 | (state purpose specified in
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| 18 | resolution of the corporate
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| 19 | authorities of taxing districts),
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| 20 | at........ percent
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| 21 | on the equalized assessed ----------------------
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| 22 | value, as provided in (identify
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| 23 | resolution of the corporate
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| 24 | authorities of the taxing district),
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| 25 | instead of........... per
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| 26 | cent, the maximum rate otherwise NO
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| 27 | applicable to the next taxes to
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| 28 | be extended?
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| 29 | -------------------------------------------------------------
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| 30 | The ballot shall have printed thereon, but not as a part of | ||||||
| 31 | the
proposition submitted, an estimate of the approximate | ||||||
| 32 | amount extendable
under the proposed rate and of the | ||||||
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| 1 | approximate amount extendable under
the current rate | ||||||
| 2 | applicable to the next taxes extended, such amounts being
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| 3 | computed upon the last known equalized assessed value. Any | ||||||
| 4 | error,
miscalculation or inaccuracy in computing such amounts | ||||||
| 5 | shall not invalidate or
affect the validity of any maximum tax | ||||||
| 6 | rate so adopted.
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| 7 | The ballot shall have printed thereon, but not as part of | ||||||
| 8 | the proposition
submitted, an estimate of the approximate | ||||||
| 9 | amount to be levied upon a residence
in the taxing district | ||||||
| 10 | with a market value of $100,000 under the current rate
and | ||||||
| 11 | under the proposed rate. The corporate authorities of the | ||||||
| 12 | taxing district
shall make the estimate and shall certify the | ||||||
| 13 | amount to the election authority
as part of the certification | ||||||
| 14 | of the proposition as required by the general
election law. Any | ||||||
| 15 | error, miscalculation, or inaccuracy in computing the
amounts | ||||||
| 16 | shall not invalidate or affect the validity of any maximum tax | ||||||
| 17 | rate so
adopted.
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| 18 | If a majority of all ballots cast on the proposition are in | ||||||
| 19 | favor of the
proposition, the maximum tax rate so established | ||||||
| 20 | shall become effective with
the levy next following the | ||||||
| 21 | referendum. It is the duty of the county clerk to
reduce, if | ||||||
| 22 | necessary, the amount of any taxes levied thereafter. Nothing | ||||||
| 23 | in
this Section shall be construed as precluding the extension | ||||||
| 24 | of taxes at rates
less than that authorized by the referendum.
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| 25 | (Source: P.A. 86-1253; 88-455.)
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| 26 | Section 99. Effective date. This Act takes effect upon | ||||||
| 27 | becoming law. | ||||||