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94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
SB1756
Introduced 2/25/2005, by Sen. Peter J. Roskam SYNOPSIS AS INTRODUCED:
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Amends the Property Tax Extension Limitation Law in the Property Tax Code. Provides that a referendum for a new rate or a rate increase must be approved before the effective date of this amendatory Act for a district that did not increase the rate to the new maximum rate to adjust the rate increase factor for 4 levy years after the year
of the referendum. 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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SB1756 |
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LRB094 11350 BDD 42205 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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| aggregate extension base, as adjusted in Sections
18-215 and |
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| 18-220, shall be multiplied by a rate increase (or decrease) |
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| factor.
The numerator of the rate increase (or decrease) factor |
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| is the total combined
rate for the funds that made up the |
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| aggregate extension for the taxing district
for the prior year |
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| plus the rate increase approved or minus the rate decrease
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| approved. The denominator of the rate increase or decrease |
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| factor is the total
combined rate for the funds that made up |
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| the aggregate extension for the prior
year. For those taxing |
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| districts for which a new rate or a rate increase has
been |
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| approved by referendum held after December 31, 1988 and before |
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| the effective date of this amendatory Act of the 94th General |
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| Assembly, 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 |