HB3602 Engrossed

LRB094 10401 BDD 40671 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 changing 
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Section 18-230 as follows:
 



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    (35 ILCS 200/18-230)



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    Sec. 18-230. Rate increase or decrease factor. When a new 
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rate or a rate increase or decrease, first effective for the 
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current levy year, has been approved by referendum, the 
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procedure for adding the rate increase is to add the total rate 
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increase approved by the referendum to the total limited rate 
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of all funds subject to this Law.  The rate increase or decrease 
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is determined by subtracting the prior maximum rate for the 
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fund or funds, approved by referenda, from the newly 
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established maximum rate or rates approved.  For a taxing 
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district for which a new rate or rate increase has been 
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approved by referendum that did not implement the full rate 
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increase as approved by the referendum, the amount remaining 
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must be adjusted, following the same procedure as set forth in 
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the initial year, within one levy year after that initial year. 
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If a district desires to increase revenue more than  the above 
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stated formula, the  district must follow the procedures set 
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forth in Section 18-205.
When a new rate or a rate
increase or 
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decrease first effective for the current levy year has been

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approved by referendum, the aggregate extension base, as 
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adjusted in Sections
18-215 and 18-220, shall be multiplied by 
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a rate increase (or decrease) factor.
The numerator of the rate 
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increase (or decrease) factor is the total combined
rate for 
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the funds that made up the aggregate extension for the taxing 
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district
for the prior year plus the rate increase approved or 
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minus the rate decrease
approved. The denominator of the rate 
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increase or decrease factor is the total
combined rate for the 
 


 






HB3602 Engrossed
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LRB094 10401 BDD 40671 b




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funds that made up the aggregate extension for the prior
year.  
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For those taxing districts for which a new rate or a rate 
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increase has
been approved by referendum held after December 
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31, 1988, and
that did not increase their rate to the new 
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maximum rate for that fund, the
rate increase factor shall be 
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adjusted for 4 levy years after the year
of the referendum by a 
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factor the numerator of which is the portion of the
new or 
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increased rate for which taxes were not extended plus the 
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aggregate
rate in effect for the levy year prior to the levy 
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year in which the
referendum was passed and the denominator of 
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which is the aggregate rate in
effect for the levy year prior 
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to the levy year in which the referendum
was passed.

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(Source: P.A. 87-17; 88-455.)


 
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    Section 99. Effective date. This Act takes effect upon 
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becoming law.