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| 1 | AMENDMENT TO HOUSE BILL 3602
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| 2 | AMENDMENT NO. ______. Amend House Bill 3602
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| 3 | by replacing everything after the enacting clause with the | ||||||
| 4 | following:
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| 5 | "Section 5. The Property Tax Code is amended by changing | ||||||
| 6 | Section 18-230 as follows:
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| 7 | (35 ILCS 200/18-230)
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| 8 | Sec. 18-230. Rate increase or decrease factor. When a new | ||||||
| 9 | rate or a rate increase or decrease, first effective for the | ||||||
| 10 | current levy year, has been approved by referendum, the | ||||||
| 11 | procedure for adding the rate increase is to add the total rate | ||||||
| 12 | increase approved by the referendum to the total limited rate | ||||||
| 13 | of all funds subject to this Law. The rate increase or decrease | ||||||
| 14 | is determined by subtracting the prior maximum rate for the | ||||||
| 15 | fund or funds, approved by referenda, from the newly | ||||||
| 16 | established maximum rate or rates approved. For a taxing | ||||||
| 17 | district for which a new rate or rate increase has been | ||||||
| 18 | approved by referendum that did not implement the full rate | ||||||
| 19 | increase as approved by the referendum, the amount remaining | ||||||
| 20 | must be adjusted, following the same procedure as set forth in | ||||||
| 21 | the initial year, within one levy year after that initial year. | ||||||
| 22 | If a district desires to increase revenue more than the above | ||||||
| 23 | stated formula, the district must follow the procedures set | ||||||
| 24 | forth in Section 18-205.
When a new rate or a rate
increase or | ||||||
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| 1 | decrease first effective for the current levy year has been
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| 2 | approved by referendum, the aggregate extension base, as | ||||||
| 3 | adjusted in Sections
18-215 and 18-220, shall be multiplied by | ||||||
| 4 | a rate increase (or decrease) factor.
The numerator of the rate | ||||||
| 5 | increase (or decrease) factor is the total combined
rate for | ||||||
| 6 | the funds that made up the aggregate extension for the taxing | ||||||
| 7 | district
for the prior year plus the rate increase approved or | ||||||
| 8 | minus the rate decrease
approved. The denominator of the rate | ||||||
| 9 | increase or decrease factor is the total
combined rate for the | ||||||
| 10 | funds that made up the aggregate extension for the prior
year. | ||||||
| 11 | For those taxing districts for which a new rate or a rate | ||||||
| 12 | increase has
been approved by referendum held after December | ||||||
| 13 | 31, 1988, and
that did not increase their rate to the new | ||||||
| 14 | maximum rate for that fund, the
rate increase factor shall be | ||||||
| 15 | adjusted for 4 levy years after the year
of the referendum by a | ||||||
| 16 | factor the numerator of which is the portion of the
new or | ||||||
| 17 | increased rate for which taxes were not extended plus the | ||||||
| 18 | aggregate
rate in effect for the levy year prior to the levy | ||||||
| 19 | year in which the
referendum was passed and the denominator of | ||||||
| 20 | which is the aggregate rate in
effect for the levy year prior | ||||||
| 21 | to the levy year in which the referendum
was passed.
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| 22 | (Source: P.A. 87-17; 88-455.)
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| 23 | Section 99. Effective date. This Act takes effect upon | ||||||
| 24 | becoming law.".
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