HB1041eng 94TH GENERAL ASSEMBLY

HB1041 Engrossed LRB094 09008 BDD 39229 b

AN ACT in relation to taxes.

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 changing Section 18-125 as follows:

(35 ILCS 200/18-125)

Sec. 18-125. Rate limit referenda. Referenda initiated under Section 18-120 shall be subject to the provisions and limitations of the general election law.

The question of adopting maximum tax rate other than that applicable shall be in substantially the following form:

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Shall the maximum tax rate for the..... fund of......... (identify taxing district) be YES established, for the purpose of (state purpose specified in resolution of the corporate authorities of taxing districts), at........ percent on the equalized assessed ----------------------

value, as provided in (identify resolution of the corporate authorities of the taxing district), instead of........... per cent, the maximum rate otherwise NO applicable to the next taxes to be extended?

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The ballot shall have printed thereon, but not as a part of the proposition submitted, an estimate of the approximate amount extendable under the proposed rate and of the approximate amount extendable under the current rate applicable to the next taxes extended, such amounts being computed upon the last known equalized assessed value. Any error, miscalculation or inaccuracy in computing such amounts shall not invalidate or affect the validity of any maximum tax rate so adopted.

The ballot shall have printed thereon, but not as part of the proposition submitted, an estimate of the approximate amount to be levied upon a residence in the taxing district with a market value of $100,000 under the current rate and under the proposed rate. The corporate authorities of the taxing district shall make the estimate and shall certify the amount to the election authority as part of the certification of the proposition as required by the general election law. Any error, miscalculation, or inaccuracy in computing the amounts shall not invalidate or affect the validity of any maximum tax rate so adopted.

If a majority of all ballots cast on the proposition are in favor of the proposition, the maximum tax rate so established shall become effective with the levy next following the referendum. It is the duty of the county clerk to reduce, if necessary, the amount of any taxes levied thereafter. Nothing in this Section shall be construed as precluding the extension of taxes at rates less than that authorized by the referendum.

(Source: P.A. 86-1253; 88-455.)

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