HB3602eng 94TH GENERAL ASSEMBLY

HB3602 Engrossed LRB094 10401 BDD 40671 b

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 changing Section 18-230 as follows:

(35 ILCS 200/18-230)

Sec. 18-230. Rate increase or decrease factor. When a new rate or a rate increase or decrease, first effective for the current levy year, has been approved by referendum, the procedure for adding the rate increase is to add the total rate increase approved by the referendum to the total limited rate of all funds subject to this Law. The rate increase or decrease is determined by subtracting the prior maximum rate for the fund or funds, approved by referenda, from the newly established maximum rate or rates approved. For a taxing district for which a new rate or rate increase has been approved by referendum that did not implement the full rate increase as approved by the referendum, the amount remaining must be adjusted, following the same procedure as set forth in the initial year, within one levy year after that initial year. If a district desires to increase revenue more than the above stated formula, the district must follow the procedures set forth in Section 18-205. When a new rate or a rate increase or decrease first effective for the current levy year has been approved by referendum, the aggregate extension base, as adjusted in Sections 18-215 and 18-220, shall be multiplied by a rate increase (or decrease) factor. The numerator of the rate increase (or decrease) factor is the total combined rate for the funds that made up the aggregate extension for the taxing district for the prior year plus the rate increase approved or minus the rate decrease approved. The denominator of the rate increase or decrease factor is the total combined rate for the funds that made up the aggregate extension for the prior year. For those taxing districts for which a new rate or a rate increase has been approved by referendum held after December 31, 1988, and that did not increase their rate to the new maximum rate for that fund, the rate increase factor shall be adjusted for 4 levy years after the year of the referendum by a factor the numerator of which is the portion of the new or increased rate for which taxes were not extended plus the aggregate rate in effect for the levy year prior to the levy year in which the referendum was passed and the denominator of which is the aggregate rate in effect for the levy year prior to the levy year in which the referendum was passed.

(Source: P.A. 87-17; 88-455.)

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