HB4225 103RD GENERAL ASSEMBLY

LRB103 35287 HLH 65320 b

103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB4225

Introduced 11/8/2023, by Rep. Tom Weber

SYNOPSIS AS INTRODUCED:

35 ILCS 200/18-161 new

Amends the Property Tax Code. Provides that, beginning in taxable year 2024, no taxing district, other than a home rule unit, may levy a tax on any parcel of real property that is more than 108% of the tax levied by that taxing district on that property in the immediately preceding taxable year unless (i) the increase is attributable to substantial improvements to the property, (ii) the taxing district did not levy a tax against the property in the previous taxable year, or (iii) the increase is attributable to a special service area. Provides that a taxing district may elect to be exempt from those provisions for one or more taxable years if the exemption is approved by referendum. Effective immediately.

A BILL FOR

AN ACT concerning revenue.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Property Tax Code is amended by adding Section 18-161 as follows:

(35 ILCS 200/18-161 new)

Sec. 18-161. Taxing district extension limitation.

(a) Notwithstanding any other provision of law, beginning in taxable year 2024, no taxing district may levy a tax on any parcel of real property under this Code that is more than 108% of the tax levied by that taxing district on that property in the immediately preceding taxable year unless (i) the increase is attributable to substantial improvements to the property, (ii) the taxing district did not levy a tax against the property in the previous taxable year, or (iii) the increase is attributable to a special service area.

(b) A taxing district may elect to be exempt from the provisions of subsection (a) for one or more taxable years if the exemption is approved by a referendum held before January 1 of the first taxable year during which the exemption applies. Referenda shall be conducted at a regularly scheduled election held in accordance with the Election Code. The question shall be presented in substantially the following form:

"For (taxable years), shall (taxing district) be exempt from the provisions of Section 18-161 of the Property Tax Code, which limits increases in the taxes levied by the taxing against real property to 8% per taxable year?"

The taxing district may include the following as supplemental information on the ballot:

"A "yes" vote means that (taxing district) would be allowed to increase the amount of taxes levied against each parcel of property by more than 8%."

The votes must be recorded as "Yes" or "No".

If a majority of voters voting on the issue approves the exemption, then the taxing district shall be exempt from the provisions of this Section for the taxable years specified.

(c) As used in this Section:

"Taxing district" has the same meaning provided in Section 1-150, except that "taxing district" does not include home rule units.

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