Illinois General Assembly - Bill Status for SB2635

Amends the Property Tax Code. Sets forth additional requirements for notifications concerning: (i) the levy or imposition of a tax in a special service area; (ii) the establishment of a special service area; (iii) tax liens in a special service area; (iv) boundary alterations of a special service area; and (v) the issuance of bonds in the special service area.

Reinserts the provisions of the bill as introduced with the following changes: Amends the Property Tax Code. Sets forth additional requirements for notifications concerning: (i) the levy or imposition of a tax in a special service area; (ii) the establishment of a special service area; (iii) tax liens in a special service area; (iv) boundary alterations of a special service area; and (v) the issuance of bonds in the special service area.

Deletes everything after the enacting clause. Reinserts the provisions of the bill as engrossed with the following changes: Provides that the notice of the levy and the notice of the issuance of bonds must include the permanent tax index number of each parcel located within the special service area (instead of a description of the boundaries of the area by permanent tax index number). Provides that, as an alternative to an ad valorem tax based on the whole equalized assessed value of the property, the corporate authorities may provide for the ad valorem tax to be extended solely upon the equalized assessed value of the land in a special service area, without regard to improvements, if the equalized assessed value of the land in the special service area is at least 75% of the total of the whole equalized assessed value of property within the special service area at the time that it was established. Sets forth a notice requirement for such a tax. Adds an immediate effective date.

Provides that a hearing notice and a bond notice in a special service area must also contain a statement as to whether the proposed special services are for new construction, maintenance, or other purposes.

Deletes everything after the enacting clause. Reinserts the provisions of the bill as engrossed with the following changes: Provides that the notice of the levy and the notice of the issuance of bonds must include the permanent tax index number of each parcel located within the special service area (instead of a description of the boundaries of the area by permanent tax index number). Provides that a hearing notice and a bond notice in a special service area must also contain a statement as to whether the proposed special services are for new construction, maintenance, or other purposes. Provides that, as an alternative to an ad valorem tax based on the whole equalized assessed value of the property, the corporate authorities may provide for the ad valorem tax to be extended solely upon the equalized assessed value of the land in a special service area, without regard to improvements, if the equalized assessed value of the land in the special service area is at least 75% of the total of the whole equalized assessed value of property within the special service area at the time that it was established. Sets forth a notice requirement for such a tax. Adds an immediate effective date.

×