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Full Text of SB3447  103rd General Assembly

SB3447 103RD GENERAL ASSEMBLY

 


 
103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
SB3447

 

Introduced 2/8/2024, by Sen. Bill Cunningham

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 200/18-185
35 ILCS 200/18-190.3 new

    Amends the Property Tax Extension Limitation Law in the Property Tax Code. Makes changes to the definition of "limiting rate". Provides for alternative referendum procedures for a taxing district to increase its aggregate extension. Effective immediately.


LRB103 39401 HLH 69582 b

 

 

A BILL FOR

 

SB3447LRB103 39401 HLH 69582 b

1    AN ACT concerning revenue.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Property Tax Code is amended by changing
5Section 18-185 and by adding Section 18-190.3 as follows:
 
6    (35 ILCS 200/18-185)
7    Sec. 18-185. Short title; definitions. This Division 5
8may be cited as the Property Tax Extension Limitation Law. As
9used in this Division 5:
10    "Consumer Price Index" means the Consumer Price Index for
11All Urban Consumers for all items published by the United
12States Department of Labor.
13    "Extension limitation" means (a) the lesser of 5% or the
14percentage increase in the Consumer Price Index during the
1512-month calendar year preceding the levy year or (b) the rate
16of increase approved by voters under Section 18-205.
17    "Affected county" means a county of 3,000,000 or more
18inhabitants or a county contiguous to a county of 3,000,000 or
19more inhabitants.
20    "Taxing district" has the same meaning provided in Section
211-150, except as otherwise provided in this Section. For the
221991 through 1994 levy years only, "taxing district" includes
23only each non-home rule taxing district having the majority of

 

 

SB3447- 2 -LRB103 39401 HLH 69582 b

1its 1990 equalized assessed value within any county or
2counties contiguous to a county with 3,000,000 or more
3inhabitants. Beginning with the 1995 levy year, "taxing
4district" includes only each non-home rule taxing district
5subject to this Law before the 1995 levy year and each non-home
6rule taxing district not subject to this Law before the 1995
7levy year having the majority of its 1994 equalized assessed
8value in an affected county or counties. Beginning with the
9levy year in which this Law becomes applicable to a taxing
10district as provided in Section 18-213, "taxing district" also
11includes those taxing districts made subject to this Law as
12provided in Section 18-213.
13    "Aggregate extension" for taxing districts to which this
14Law applied before the 1995 levy year means the annual
15corporate extension for the taxing district and those special
16purpose extensions that are made annually for the taxing
17district, excluding special purpose extensions: (a) made for
18the taxing district to pay interest or principal on general
19obligation bonds that were approved by referendum; (b) made
20for any taxing district to pay interest or principal on
21general obligation bonds issued before October 1, 1991; (c)
22made for any taxing district to pay interest or principal on
23bonds issued to refund or continue to refund those bonds
24issued before October 1, 1991; (d) made for any taxing
25district to pay interest or principal on bonds issued to
26refund or continue to refund bonds issued after October 1,

 

 

SB3447- 3 -LRB103 39401 HLH 69582 b

11991 that were approved by referendum; (e) made for any taxing
2district to pay interest or principal on revenue bonds issued
3before October 1, 1991 for payment of which a property tax levy
4or the full faith and credit of the unit of local government is
5pledged; however, a tax for the payment of interest or
6principal on those bonds shall be made only after the
7governing body of the unit of local government finds that all
8other sources for payment are insufficient to make those
9payments; (f) made for payments under a building commission
10lease when the lease payments are for the retirement of bonds
11issued by the commission before October 1, 1991, to pay for the
12building project; (g) made for payments due under installment
13contracts entered into before October 1, 1991; (h) made for
14payments of principal and interest on bonds issued under the
15Metropolitan Water Reclamation District Act to finance
16construction projects initiated before October 1, 1991; (i)
17made for payments of principal and interest on limited bonds,
18as defined in Section 3 of the Local Government Debt Reform
19Act, in an amount not to exceed the debt service extension base
20less the amount in items (b), (c), (e), and (h) of this
21definition for non-referendum obligations, except obligations
22initially issued pursuant to referendum; (j) made for payments
23of principal and interest on bonds issued under Section 15 of
24the Local Government Debt Reform Act; (k) made by a school
25district that participates in the Special Education District
26of Lake County, created by special education joint agreement

 

 

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1under Section 10-22.31 of the School Code, for payment of the
2school district's share of the amounts required to be
3contributed by the Special Education District of Lake County
4to the Illinois Municipal Retirement Fund under Article 7 of
5the Illinois Pension Code; the amount of any extension under
6this item (k) shall be certified by the school district to the
7county clerk; (l) made to fund expenses of providing joint
8recreational programs for persons with disabilities under
9Section 5-8 of the Park District Code or Section 11-95-14 of
10the Illinois Municipal Code; (m) made for temporary relocation
11loan repayment purposes pursuant to Sections 2-3.77 and
1217-2.2d of the School Code; (n) made for payment of principal
13and interest on any bonds issued under the authority of
14Section 17-2.2d of the School Code; (o) made for contributions
15to a firefighter's pension fund created under Article 4 of the
16Illinois Pension Code, to the extent of the amount certified
17under item (5) of Section 4-134 of the Illinois Pension Code;
18and (p) made for road purposes in the first year after a
19township assumes the rights, powers, duties, assets, property,
20liabilities, obligations, and responsibilities of a road
21district abolished under the provisions of Section 6-133 of
22the Illinois Highway Code.
23    "Aggregate extension" for the taxing districts to which
24this Law did not apply before the 1995 levy year (except taxing
25districts subject to this Law in accordance with Section
2618-213) means the annual corporate extension for the taxing

 

 

SB3447- 5 -LRB103 39401 HLH 69582 b

1district and those special purpose extensions that are made
2annually for the taxing district, excluding special purpose
3extensions: (a) made for the taxing district to pay interest
4or principal on general obligation bonds that were approved by
5referendum; (b) made for any taxing district to pay interest
6or principal on general obligation bonds issued before March
71, 1995; (c) made for any taxing district to pay interest or
8principal on bonds issued to refund or continue to refund
9those bonds issued before March 1, 1995; (d) made for any
10taxing district to pay interest or principal on bonds issued
11to refund or continue to refund bonds issued after March 1,
121995 that were approved by referendum; (e) made for any taxing
13district to pay interest or principal on revenue bonds issued
14before March 1, 1995 for payment of which a property tax levy
15or the full faith and credit of the unit of local government is
16pledged; however, a tax for the payment of interest or
17principal on those bonds shall be made only after the
18governing body of the unit of local government finds that all
19other sources for payment are insufficient to make those
20payments; (f) made for payments under a building commission
21lease when the lease payments are for the retirement of bonds
22issued by the commission before March 1, 1995 to pay for the
23building project; (g) made for payments due under installment
24contracts entered into before March 1, 1995; (h) made for
25payments of principal and interest on bonds issued under the
26Metropolitan Water Reclamation District Act to finance

 

 

SB3447- 6 -LRB103 39401 HLH 69582 b

1construction projects initiated before October 1, 1991; (h-4)
2made for stormwater management purposes by the Metropolitan
3Water Reclamation District of Greater Chicago under Section 12
4of the Metropolitan Water Reclamation District Act; (h-8) made
5for payments of principal and interest on bonds issued under
6Section 9.6a of the Metropolitan Water Reclamation District
7Act to make contributions to the pension fund established
8under Article 13 of the Illinois Pension Code; (i) made for
9payments of principal and interest on limited bonds, as
10defined in Section 3 of the Local Government Debt Reform Act,
11in an amount not to exceed the debt service extension base less
12the amount in items (b), (c), and (e) of this definition for
13non-referendum obligations, except obligations initially
14issued pursuant to referendum and bonds described in
15subsections (h) and (h-8) of this definition; (j) made for
16payments of principal and interest on bonds issued under
17Section 15 of the Local Government Debt Reform Act; (k) made
18for payments of principal and interest on bonds authorized by
19Public Act 88-503 and issued under Section 20a of the Chicago
20Park District Act for aquarium or museum projects and bonds
21issued under Section 20a of the Chicago Park District Act for
22the purpose of making contributions to the pension fund
23established under Article 12 of the Illinois Pension Code; (l)
24made for payments of principal and interest on bonds
25authorized by Public Act 87-1191 or 93-601 and (i) issued
26pursuant to Section 21.2 of the Cook County Forest Preserve

 

 

SB3447- 7 -LRB103 39401 HLH 69582 b

1District Act, (ii) issued under Section 42 of the Cook County
2Forest Preserve District Act for zoological park projects, or
3(iii) issued under Section 44.1 of the Cook County Forest
4Preserve District Act for botanical gardens projects; (m) made
5pursuant to Section 34-53.5 of the School Code, whether levied
6annually or not; (n) made to fund expenses of providing joint
7recreational programs for persons with disabilities under
8Section 5-8 of the Park District Code or Section 11-95-14 of
9the Illinois Municipal Code; (o) made by the Chicago Park
10District for recreational programs for persons with
11disabilities under subsection (c) of Section 7.06 of the
12Chicago Park District Act; (p) made for contributions to a
13firefighter's pension fund created under Article 4 of the
14Illinois Pension Code, to the extent of the amount certified
15under item (5) of Section 4-134 of the Illinois Pension Code;
16(q) made by Ford Heights School District 169 under Section
1717-9.02 of the School Code; and (r) made for the purpose of
18making employer contributions to the Public School Teachers'
19Pension and Retirement Fund of Chicago under Section 34-53 of
20the School Code.
21    "Aggregate extension" for all taxing districts to which
22this Law applies in accordance with Section 18-213, except for
23those taxing districts subject to paragraph (2) of subsection
24(e) of Section 18-213, means the annual corporate extension
25for the taxing district and those special purpose extensions
26that are made annually for the taxing district, excluding

 

 

SB3447- 8 -LRB103 39401 HLH 69582 b

1special purpose extensions: (a) made for the taxing district
2to pay interest or principal on general obligation bonds that
3were approved by referendum; (b) made for any taxing district
4to pay interest or principal on general obligation bonds
5issued before the date on which the referendum making this Law
6applicable to the taxing district is held; (c) made for any
7taxing district to pay interest or principal on bonds issued
8to refund or continue to refund those bonds issued before the
9date on which the referendum making this Law applicable to the
10taxing district is held; (d) made for any taxing district to
11pay interest or principal on bonds issued to refund or
12continue to refund bonds issued after the date on which the
13referendum making this Law applicable to the taxing district
14is held if the bonds were approved by referendum after the date
15on which the referendum making this Law applicable to the
16taxing district is held; (e) made for any taxing district to
17pay interest or principal on revenue bonds issued before the
18date on which the referendum making this Law applicable to the
19taxing district is held for payment of which a property tax
20levy or the full faith and credit of the unit of local
21government is pledged; however, a tax for the payment of
22interest or principal on those bonds shall be made only after
23the governing body of the unit of local government finds that
24all other sources for payment are insufficient to make those
25payments; (f) made for payments under a building commission
26lease when the lease payments are for the retirement of bonds

 

 

SB3447- 9 -LRB103 39401 HLH 69582 b

1issued by the commission before the date on which the
2referendum making this Law applicable to the taxing district
3is held to pay for the building project; (g) made for payments
4due under installment contracts entered into before the date
5on which the referendum making this Law applicable to the
6taxing district is held; (h) made for payments of principal
7and interest on limited bonds, as defined in Section 3 of the
8Local Government Debt Reform Act, in an amount not to exceed
9the debt service extension base less the amount in items (b),
10(c), and (e) of this definition for non-referendum
11obligations, except obligations initially issued pursuant to
12referendum; (i) made for payments of principal and interest on
13bonds issued under Section 15 of the Local Government Debt
14Reform Act; (j) made for a qualified airport authority to pay
15interest or principal on general obligation bonds issued for
16the purpose of paying obligations due under, or financing
17airport facilities required to be acquired, constructed,
18installed or equipped pursuant to, contracts entered into
19before March 1, 1996 (but not including any amendments to such
20a contract taking effect on or after that date); (k) made to
21fund expenses of providing joint recreational programs for
22persons with disabilities under Section 5-8 of the Park
23District Code or Section 11-95-14 of the Illinois Municipal
24Code; (l) made for contributions to a firefighter's pension
25fund created under Article 4 of the Illinois Pension Code, to
26the extent of the amount certified under item (5) of Section

 

 

SB3447- 10 -LRB103 39401 HLH 69582 b

14-134 of the Illinois Pension Code; and (m) made for the taxing
2district to pay interest or principal on general obligation
3bonds issued pursuant to Section 19-3.10 of the School Code.
4    "Aggregate extension" for all taxing districts to which
5this Law applies in accordance with paragraph (2) of
6subsection (e) of Section 18-213 means the annual corporate
7extension for the taxing district and those special purpose
8extensions that are made annually for the taxing district,
9excluding special purpose extensions: (a) made for the taxing
10district to pay interest or principal on general obligation
11bonds that were approved by referendum; (b) made for any
12taxing district to pay interest or principal on general
13obligation bonds issued before March 7, 1997 (the effective
14date of Public Act 89-718); (c) made for any taxing district to
15pay interest or principal on bonds issued to refund or
16continue to refund those bonds issued before March 7, 1997
17(the effective date of Public Act 89-718); (d) made for any
18taxing district to pay interest or principal on bonds issued
19to refund or continue to refund bonds issued after March 7,
201997 (the effective date of Public Act 89-718) if the bonds
21were approved by referendum after March 7, 1997 (the effective
22date of Public Act 89-718); (e) made for any taxing district to
23pay interest or principal on revenue bonds issued before March
247, 1997 (the effective date of Public Act 89-718) for payment
25of which a property tax levy or the full faith and credit of
26the unit of local government is pledged; however, a tax for the

 

 

SB3447- 11 -LRB103 39401 HLH 69582 b

1payment of interest or principal on those bonds shall be made
2only after the governing body of the unit of local government
3finds that all other sources for payment are insufficient to
4make those payments; (f) made for payments under a building
5commission lease when the lease payments are for the
6retirement of bonds issued by the commission before March 7,
71997 (the effective date of Public Act 89-718) to pay for the
8building project; (g) made for payments due under installment
9contracts entered into before March 7, 1997 (the effective
10date of Public Act 89-718); (h) made for payments of principal
11and interest on limited bonds, as defined in Section 3 of the
12Local Government Debt Reform Act, in an amount not to exceed
13the debt service extension base less the amount in items (b),
14(c), and (e) of this definition for non-referendum
15obligations, except obligations initially issued pursuant to
16referendum; (i) made for payments of principal and interest on
17bonds issued under Section 15 of the Local Government Debt
18Reform Act; (j) made for a qualified airport authority to pay
19interest or principal on general obligation bonds issued for
20the purpose of paying obligations due under, or financing
21airport facilities required to be acquired, constructed,
22installed or equipped pursuant to, contracts entered into
23before March 1, 1996 (but not including any amendments to such
24a contract taking effect on or after that date); (k) made to
25fund expenses of providing joint recreational programs for
26persons with disabilities under Section 5-8 of the Park

 

 

SB3447- 12 -LRB103 39401 HLH 69582 b

1District Code or Section 11-95-14 of the Illinois Municipal
2Code; and (l) made for contributions to a firefighter's
3pension fund created under Article 4 of the Illinois Pension
4Code, to the extent of the amount certified under item (5) of
5Section 4-134 of the Illinois Pension Code.
6    "Debt service extension base" means an amount equal to
7that portion of the extension for a taxing district for the
81994 levy year, or for those taxing districts subject to this
9Law in accordance with Section 18-213, except for those
10subject to paragraph (2) of subsection (e) of Section 18-213,
11for the levy year in which the referendum making this Law
12applicable to the taxing district is held, or for those taxing
13districts subject to this Law in accordance with paragraph (2)
14of subsection (e) of Section 18-213 for the 1996 levy year,
15constituting an extension for payment of principal and
16interest on bonds issued by the taxing district without
17referendum, but not including excluded non-referendum bonds.
18For park districts (i) that were first subject to this Law in
191991 or 1995 and (ii) whose extension for the 1994 levy year
20for the payment of principal and interest on bonds issued by
21the park district without referendum (but not including
22excluded non-referendum bonds) was less than 51% of the amount
23for the 1991 levy year constituting an extension for payment
24of principal and interest on bonds issued by the park district
25without referendum (but not including excluded non-referendum
26bonds), "debt service extension base" means an amount equal to

 

 

SB3447- 13 -LRB103 39401 HLH 69582 b

1that portion of the extension for the 1991 levy year
2constituting an extension for payment of principal and
3interest on bonds issued by the park district without
4referendum (but not including excluded non-referendum bonds).
5A debt service extension base established or increased at any
6time pursuant to any provision of this Law, except Section
718-212, shall be increased each year commencing with the later
8of (i) the 2009 levy year or (ii) the first levy year in which
9this Law becomes applicable to the taxing district, by the
10lesser of 5% or the percentage increase in the Consumer Price
11Index during the 12-month calendar year preceding the levy
12year. The debt service extension base may be established or
13increased as provided under Section 18-212. "Excluded
14non-referendum bonds" means (i) bonds authorized by Public Act
1588-503 and issued under Section 20a of the Chicago Park
16District Act for aquarium and museum projects; (ii) bonds
17issued under Section 15 of the Local Government Debt Reform
18Act; or (iii) refunding obligations issued to refund or to
19continue to refund obligations initially issued pursuant to
20referendum.
21    "Special purpose extensions" include, but are not limited
22to, extensions for levies made on an annual basis for
23unemployment and workers' compensation, self-insurance,
24contributions to pension plans, and extensions made pursuant
25to Section 6-601 of the Illinois Highway Code for a road
26district's permanent road fund whether levied annually or not.

 

 

SB3447- 14 -LRB103 39401 HLH 69582 b

1The extension for a special service area is not included in the
2aggregate extension.
3    "Aggregate extension base" means the taxing district's
4last preceding aggregate extension as adjusted under Sections
518-135, 18-215, 18-230, 18-206, and 18-233. Beginning with
6levy year 2022, for taxing districts that are specified in
7Section 18-190.7, the taxing district's aggregate extension
8base shall be calculated as provided in Section 18-190.7. An
9adjustment under Section 18-135 shall be made for the 2007
10levy year and all subsequent levy years whenever one or more
11counties within which a taxing district is located (i) used
12estimated valuations or rates when extending taxes in the
13taxing district for the last preceding levy year that resulted
14in the over or under extension of taxes, or (ii) increased or
15decreased the tax extension for the last preceding levy year
16as required by Section 18-135(c). Whenever an adjustment is
17required under Section 18-135, the aggregate extension base of
18the taxing district shall be equal to the amount that the
19aggregate extension of the taxing district would have been for
20the last preceding levy year if either or both (i) actual,
21rather than estimated, valuations or rates had been used to
22calculate the extension of taxes for the last levy year, or
23(ii) the tax extension for the last preceding levy year had not
24been adjusted as required by subsection (c) of Section 18-135.
25    Notwithstanding any other provision of law, for levy year
262012, the aggregate extension base for West Northfield School

 

 

SB3447- 15 -LRB103 39401 HLH 69582 b

1District No. 31 in Cook County shall be $12,654,592.
2    Notwithstanding any other provision of law, for levy year
32022, the aggregate extension base of a home equity assurance
4program that levied at least $1,000,000 in property taxes in
5levy year 2019 or 2020 under the Home Equity Assurance Act
6shall be the amount that the program's aggregate extension
7base for levy year 2021 would have been if the program had
8levied a property tax for levy year 2021.
9    "Levy year" has the same meaning as "year" under Section
101-155.
11    "New property" means (i) the assessed value, after final
12board of review or board of appeals action, of new
13improvements or additions to existing improvements on any
14parcel of real property that increase the assessed value of
15that real property during the levy year multiplied by the
16equalization factor issued by the Department under Section
1717-30, (ii) the assessed value, after final board of review or
18board of appeals action, of real property not exempt from real
19estate taxation, which real property was exempt from real
20estate taxation for any portion of the immediately preceding
21levy year, multiplied by the equalization factor issued by the
22Department under Section 17-30, including the assessed value,
23upon final stabilization of occupancy after new construction
24is complete, of any real property located within the
25boundaries of an otherwise or previously exempt military
26reservation that is intended for residential use and owned by

 

 

SB3447- 16 -LRB103 39401 HLH 69582 b

1or leased to a private corporation or other entity, (iii) in
2counties that classify in accordance with Section 4 of Article
3IX of the Illinois Constitution, an incentive property's
4additional assessed value resulting from a scheduled increase
5in the level of assessment as applied to the first year final
6board of review market value, and (iv) any increase in
7assessed value due to oil or gas production from an oil or gas
8well required to be permitted under the Hydraulic Fracturing
9Regulatory Act that was not produced in or accounted for
10during the previous levy year. In addition, the county clerk
11in a county containing a population of 3,000,000 or more shall
12include in the 1997 recovered tax increment value for any
13school district, any recovered tax increment value that was
14applicable to the 1995 tax year calculations.
15    "Qualified airport authority" means an airport authority
16organized under the Airport Authorities Act and located in a
17county bordering on the State of Wisconsin and having a
18population in excess of 200,000 and not greater than 500,000.
19    "Recovered tax increment value" means, except as otherwise
20provided in this paragraph, the amount of the current year's
21equalized assessed value, in the first year after a
22municipality terminates the designation of an area as a
23redevelopment project area previously established under the
24Tax Increment Allocation Redevelopment Act in the Illinois
25Municipal Code, previously established under the Industrial
26Jobs Recovery Law in the Illinois Municipal Code, previously

 

 

SB3447- 17 -LRB103 39401 HLH 69582 b

1established under the Economic Development Project Area Tax
2Increment Act of 1995, or previously established under the
3Economic Development Area Tax Increment Allocation Act, of
4each taxable lot, block, tract, or parcel of real property in
5the redevelopment project area over and above the initial
6equalized assessed value of each property in the redevelopment
7project area. For the taxes which are extended for the 1997
8levy year, the recovered tax increment value for a non-home
9rule taxing district that first became subject to this Law for
10the 1995 levy year because a majority of its 1994 equalized
11assessed value was in an affected county or counties shall be
12increased if a municipality terminated the designation of an
13area in 1993 as a redevelopment project area previously
14established under the Tax Increment Allocation Redevelopment
15Act in the Illinois Municipal Code, previously established
16under the Industrial Jobs Recovery Law in the Illinois
17Municipal Code, or previously established under the Economic
18Development Area Tax Increment Allocation Act, by an amount
19equal to the 1994 equalized assessed value of each taxable
20lot, block, tract, or parcel of real property in the
21redevelopment project area over and above the initial
22equalized assessed value of each property in the redevelopment
23project area. In the first year after a municipality removes a
24taxable lot, block, tract, or parcel of real property from a
25redevelopment project area established under the Tax Increment
26Allocation Redevelopment Act in the Illinois Municipal Code,

 

 

SB3447- 18 -LRB103 39401 HLH 69582 b

1the Industrial Jobs Recovery Law in the Illinois Municipal
2Code, or the Economic Development Area Tax Increment
3Allocation Act, "recovered tax increment value" means the
4amount of the current year's equalized assessed value of each
5taxable lot, block, tract, or parcel of real property removed
6from the redevelopment project area over and above the initial
7equalized assessed value of that real property before removal
8from the redevelopment project area.
9    Except as otherwise provided in this Section, "limiting
10rate" means a fraction the numerator of which is the last
11preceding aggregate extension base times an amount equal to
12one plus the extension limitation defined in this Section and
13the denominator of which is the current year's equalized
14assessed value of all real property in the territory under the
15jurisdiction of the taxing district during the prior levy
16year. If an increase in the district's aggregate extension has
17been approved by referendum on or after January 1, 2025, then,
18for the year for which the increase has been approved, the
19limiting rate for that district shall be a fraction, the
20numerator of which is the sum of (i) the last preceding
21aggregate extension base times an amount equal to one plus the
22extension limitation defined in this Section and (ii) the
23amount of the increase approved by referendum under Section
2418-190.3 of this Law, and the denominator of which is the
25current year's equalized assessed value of all real property
26in the territory under the jurisdiction of the taxing district

 

 

SB3447- 19 -LRB103 39401 HLH 69582 b

1during the prior levy year. For those taxing districts that
2reduced their aggregate extension for the last preceding levy
3year, except for school districts that reduced their extension
4for educational purposes pursuant to Section 18-206, the
5highest aggregate extension in any of the last 3 preceding
6levy years shall be used for the purpose of computing the
7limiting rate. The denominator shall not include new property
8or the recovered tax increment value. If a new rate, a rate
9decrease, or a limiting rate increase has been approved at an
10election held after March 21, 2006, then (i) the otherwise
11applicable limiting rate shall be increased by the amount of
12the new rate or shall be reduced by the amount of the rate
13decrease, as the case may be, or (ii) in the case of a limiting
14rate increase, the limiting rate shall be equal to the rate set
15forth in the proposition approved by the voters for each of the
16years specified in the proposition, after which the limiting
17rate of the taxing district shall be calculated as otherwise
18provided. In the case of a taxing district that obtained
19referendum approval for an increased limiting rate on March
2020, 2012, the limiting rate for tax year 2012 shall be the rate
21that generates the approximate total amount of taxes
22extendable for that tax year, as set forth in the proposition
23approved by the voters; this rate shall be the final rate
24applied by the county clerk for the aggregate of all capped
25funds of the district for tax year 2012.
26(Source: P.A. 102-263, eff. 8-6-21; 102-311, eff. 8-6-21;

 

 

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1102-519, eff. 8-20-21; 102-558, eff. 8-20-21; 102-707, eff.
24-22-22; 102-813, eff. 5-13-22; 102-895, eff. 5-23-22;
3103-154, eff. 6-30-23.)
 
4    (35 ILCS 200/18-190.3 new)
5    Sec. 18-190.3. Direct referendum; increased aggregate
6extension. As an alternative to the procedures set forth in
7Sections 18-190 and 18-205, a taxing district may increase its
8aggregate extension to an amount that exceeds the amount that
9would otherwise be permitted under this Law if the taxing
10district obtains referendum approval as provided in this
11Section.
12    The proposition seeking to obtain referendum approval to
13increase the aggregate extension shall be in substantially the
14following form:
15        "Shall the aggregate extension (the total dollar
16    amount levied by the district for each of the tax funds
17    included under the Property Tax Limitation Law)
18    for...(insert legal name, number, if any, and county or
19    counties of taxing district and geographic or other common
20    name by which a school or community college district is
21    known and referred to), Illinois, be increased by (insert
22    the amount of increase sought) for levy year...(insert the
23    levy year for which the increase will take effect)?"
24    The votes must be recorded as "Yes" or "No".
25    The ballot for any proposition submitted pursuant to this

 

 

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1Section shall have printed thereon, but not as a part of the
2proposition submitted, only the following supplemental
3information (which shall be supplied to the election authority
4by the taxing district) in substantially the following form:
5        "(1) The amount of taxes extended which were subject
6    to the Property Tax Cap (Property Tax Extension Limitation
7    Law) in levy year (insert most recent levy year) was
8    (insert the most recent levy year's aggregate extension
9    base). If the proposition is not approved, then the taxing
10    district may increase its extension by the lesser of 5% or
11    the percentage increase in the Consumer Price Index during
12    the 12-month calendar year preceding (insert levy year).
13    If the proposition is approved, then the taxing district
14    may increase its extension in levy year (insert levy year)
15    by an additional (insert the amount of increase sought).
16        (2) For the...(insert levy year for which the increase
17    will be applicable) levy year, the approximate amount of
18    the additional tax extendable against property containing
19    a single family residence and having a fair market value
20    at the time of the referendum of $100,000 is estimated to
21    be (insert amount).".
22    The approximate amount of the additional taxes extendable
23shown in paragraph (2) shall be calculated by multiplying
24$100,000 (the fair market value of the property without regard
25to any property tax exemptions) by (i) the percentage level of
26assessment prescribed for that property by statute, or by

 

 

SB3447- 22 -LRB103 39401 HLH 69582 b

1ordinance of the county board in counties that classify
2property for purposes of taxation in accordance with Section 4
3of Article IX of the Illinois Constitution; (ii) the most
4recent final equalization factor certified to the county clerk
5by the Department of Revenue at the time the taxing district
6initiates the submission of the proposition to the electors;
7and (iii) the increase in the aggregate extension proposed in
8the question; and dividing the result by the last known
9equalized assessed value of the taxing district at the time
10the submission of the question is initiated by the taxing
11district. Any notice required to be published in connection
12with the submission of the proposition shall also contain this
13supplemental information and shall not contain any other
14supplemental information regarding the proposition. Any error,
15miscalculation, or inaccuracy in computing any amount set
16forth on the ballot and in the notice that is not deliberate
17shall not invalidate or affect the validity of any proposition
18approved. Notice of the referendum shall be published and
19posted as otherwise required by law, and the submission of the
20proposition shall be initiated as provided by law.
21    If a majority of all ballots cast on the proposition are in
22favor of the proposition, then the district may increase its
23aggregate extension as provided in the referendum.
 
24    Section 99. Effective date. This Act takes effect upon
25becoming law.