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HB0576 Enrolled |
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| AN ACT concerning revenue.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Property Tax Code is amended by changing |
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| Sections 18-135 and 18-185 as follows:
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| (35 ILCS 200/18-135)
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| Sec. 18-135. Taxing district in 2 or more counties.
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| (a) Notwithstanding any other provisions to the contrary,
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| in counties which have an overlapping taxing district or |
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| districts that
extend into one or more other counties, the |
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| county clerk, upon receipt of
the assessments from the Board of |
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| Review or Board of Appeals, and of the
equalization factor from |
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| the Department, may use estimated valuations or
estimated |
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| rates, as provided in subsection (b) of this Section, for the
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| overlapping taxing district or districts if the county clerk in |
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| any other
county into which the overlapping taxing district or |
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| districts extend cannot
certify the actual valuations or rates |
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| for the district or districts.
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| (b) If the county clerk of a county which has an |
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| overlapping taxing district
which extends into another county |
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| has not received the certified valuations
or rates from the |
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| county clerk of any county into which such districts overlap,
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| he or she may subsequent to March 15, make written demand for |
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LRB095 03633 BDD 23656 b |
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| actual or
estimated valuations or rates upon the county clerk |
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| of that county. Within 10
days of receiving a written demand, |
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| the county clerk receiving the demand shall
furnish certified |
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| or estimated valuations or rates for the overlapping taxing
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| district, as pertaining to his or her county, to the county |
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| clerk who made the
request. If no valuations or rates are |
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| received, the requesting county may
make the estimate.
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| (c) If the use of estimated valuations or rates results in |
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| over or under
extension for the overlapping taxing district in |
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| the county using estimated
valuations or rates, the county |
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| clerk shall make appropriate
adjustments in the subsequent |
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| year. Any adjustments necessitated by the
estimation procedure |
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| authorized by this Section shall be made by increasing
or |
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| decreasing the tax extension by fund for each taxing district |
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| where the
estimation procedures were used.
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| (d) For taxing districts subject to the Property Tax |
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| Extension Limitation Law, the adjustment for paragraph (c) |
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| shall be made after the limiting rate has been calculated using |
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| the aggregate extension base, as defined in Section 18-185, |
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| adjusted for the over or under extension due to the use of an |
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| estimated valuation by the county on the last preceding |
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| aggregate extension.
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| (Source: P.A. 90-291, eff. 1-1-98.)
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| (35 ILCS 200/18-185)
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| Sec. 18-185. Short title; definitions. This Division 5 may |
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LRB095 03633 BDD 23656 b |
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| be cited as the
Property Tax Extension Limitation Law. As used |
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| in this Division 5:
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| "Consumer Price Index" means the Consumer Price Index for |
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| All Urban
Consumers for all items published by the United |
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| States Department of Labor.
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| "Extension limitation" means (a) the lesser of 5% or the |
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| percentage increase
in the Consumer Price Index during the |
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| 12-month calendar year preceding the
levy year or (b) the rate |
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| of increase approved by voters under Section 18-205.
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| "Affected county" means a county of 3,000,000 or more |
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| inhabitants or a
county contiguous to a county of 3,000,000 or |
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| more inhabitants.
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| "Taxing district" has the same meaning provided in Section |
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| 1-150, except as
otherwise provided in this Section. For the |
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| 1991 through 1994 levy years only,
"taxing district" includes |
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| only each non-home rule taxing district having the
majority of |
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| its
1990 equalized assessed value within any county or counties |
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| contiguous to a
county with 3,000,000 or more inhabitants. |
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| Beginning with the 1995 levy
year, "taxing district" includes |
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| only each non-home rule taxing district
subject to this Law |
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| before the 1995 levy year and each non-home rule
taxing |
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| district not subject to this Law before the 1995 levy year |
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| having the
majority of its 1994 equalized assessed value in an |
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| affected county or
counties. Beginning with the levy year in
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| which this Law becomes applicable to a taxing district as
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| provided in Section 18-213, "taxing district" also includes |
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LRB095 03633 BDD 23656 b |
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| those taxing
districts made subject to this Law as provided in |
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| Section 18-213.
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| "Aggregate extension" for taxing districts to which this |
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| Law applied before
the 1995 levy year means the annual |
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| corporate extension for the taxing
district and those special |
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| purpose extensions that are made annually for
the taxing |
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| district, excluding special purpose extensions: (a) made for |
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| the
taxing district to pay interest or principal on general |
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| obligation bonds
that were approved by referendum; (b) made for |
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| any taxing district to pay
interest or principal on general |
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| obligation bonds issued before October 1,
1991; (c) made for |
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| any taxing district to pay interest or principal on bonds
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| issued to refund or continue to refund those bonds issued |
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| before October 1,
1991; (d)
made for any taxing district to pay |
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| interest or principal on bonds
issued to refund or continue to |
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| refund bonds issued after October 1, 1991 that
were approved by |
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| referendum; (e)
made for any taxing district to pay interest
or |
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| principal on revenue bonds issued before October 1, 1991 for |
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| payment of
which a property tax levy or the full faith and |
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| credit of the unit of local
government is pledged; however, a |
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| tax for the payment of interest or principal
on those bonds |
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| shall be made only after the governing body of the unit of |
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| local
government finds that all other sources for payment are |
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| insufficient to make
those payments; (f) made for payments |
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| under a building commission lease when
the lease payments are |
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| for the retirement of bonds issued by the commission
before |
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LRB095 03633 BDD 23656 b |
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| October 1, 1991, to pay for the building project; (g) made for |
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| payments
due under installment contracts entered into before |
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| October 1, 1991;
(h) made for payments of principal and |
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| interest on bonds issued under the
Metropolitan Water |
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| Reclamation District Act to finance construction projects
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| initiated before October 1, 1991; (i) made for payments of |
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| principal and
interest on limited bonds, as defined in Section |
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| 3 of the Local Government Debt
Reform Act, in an amount not to |
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| exceed the debt service extension base less
the amount in items |
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| (b), (c), (e), and (h) of this definition for
non-referendum |
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| obligations, except obligations initially issued pursuant to
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| referendum; (j) made for payments of principal and interest on |
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| bonds
issued under Section 15 of the Local Government Debt |
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| Reform Act; (k)
made
by a school district that participates in |
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| the Special Education District of
Lake County, created by |
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| special education joint agreement under Section
10-22.31 of the |
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| School Code, for payment of the school district's share of the
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| amounts required to be contributed by the Special Education |
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| District of Lake
County to the Illinois Municipal Retirement |
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| Fund under Article 7 of the
Illinois Pension Code; the amount |
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| of any extension under this item (k) shall be
certified by the |
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| school district to the county clerk; (l) made to fund
expenses |
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| of providing joint recreational programs for the handicapped |
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| under
Section 5-8 of
the
Park District Code or Section 11-95-14 |
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| of the Illinois Municipal Code; (m) made for temporary |
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| relocation loan repayment purposes pursuant to Sections 2-3.77 |
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HB0576 Enrolled |
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LRB095 03633 BDD 23656 b |
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| and 17-2.2d of the School Code; (n) made for payment of |
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| principal and interest on any bonds issued under the authority |
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| of Section 17-2.2d of the School Code; and (o) made for |
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| contributions to a firefighter's pension fund created under |
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| Article 4 of the Illinois Pension Code, to the extent of the |
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| amount certified under item (5) of Section 4-134 of the |
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| Illinois Pension Code.
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| "Aggregate extension" for the taxing districts to which |
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| this Law did not
apply before the 1995 levy year (except taxing |
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| districts subject to this Law
in
accordance with Section |
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| 18-213) means the annual corporate extension for the
taxing |
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| district and those special purpose extensions that are made |
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| annually for
the taxing district, excluding special purpose |
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| extensions: (a) made for the
taxing district to pay interest or |
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| principal on general obligation bonds that
were approved by |
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| referendum; (b) made for any taxing district to pay interest
or |
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| principal on general obligation bonds issued before March 1, |
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| 1995; (c) made
for any taxing district to pay interest or |
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| principal on bonds issued to refund
or continue to refund those |
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| bonds issued before March 1, 1995; (d) made for any
taxing |
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| district to pay interest or principal on bonds issued to refund |
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| or
continue to refund bonds issued after March 1, 1995 that |
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| were approved by
referendum; (e) made for any taxing district |
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| to pay interest or principal on
revenue bonds issued before |
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| March 1, 1995 for payment of which a property tax
levy or the |
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| full faith and credit of the unit of local government is |
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HB0576 Enrolled |
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LRB095 03633 BDD 23656 b |
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| pledged;
however, a tax for the payment of interest or |
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| principal on those bonds shall be
made only after the governing |
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| body of the unit of local government finds that
all other |
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| sources for payment are insufficient to make those payments; |
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| (f) made
for payments under a building commission lease when |
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| the lease payments are for
the retirement of bonds issued by |
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| the commission before March 1, 1995 to
pay for the building |
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| project; (g) made for payments due under installment
contracts |
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| entered into before March 1, 1995; (h) made for payments of
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| principal and interest on bonds issued under the Metropolitan |
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| Water Reclamation
District Act to finance construction |
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| projects initiated before October 1,
1991; (h-4) made for |
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| stormwater management purposes by the Metropolitan Water |
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| Reclamation District of Greater Chicago under Section 12 of the |
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| Metropolitan Water Reclamation District Act; (i) made for |
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| payments of principal and interest on limited bonds,
as defined |
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| in Section 3 of the Local Government Debt Reform Act, in an |
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| amount
not to exceed the debt service extension base less the |
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| amount in items (b),
(c), and (e) of this definition for |
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| non-referendum obligations, except
obligations initially |
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| issued pursuant to referendum and bonds described in
subsection |
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| (h) of this definition; (j) made for payments of
principal and |
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| interest on bonds issued under Section 15 of the Local |
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| Government
Debt Reform Act; (k) made for payments of principal |
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| and interest on bonds
authorized by Public Act 88-503 and |
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| issued under Section 20a of the Chicago
Park District Act for |
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LRB095 03633 BDD 23656 b |
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| aquarium or
museum projects; (l) made for payments of principal |
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| and interest on
bonds
authorized by Public Act 87-1191 or |
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| 93-601 and (i) issued pursuant to Section 21.2 of the Cook |
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| County Forest
Preserve District Act, (ii) issued under Section |
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| 42 of the Cook County
Forest Preserve District Act for |
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| zoological park projects, or (iii) issued
under Section 44.1 of |
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| the Cook County Forest Preserve District Act for
botanical |
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| gardens projects; (m) made
pursuant
to Section 34-53.5 of the |
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| School Code, whether levied annually or not;
(n) made to fund |
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| expenses of providing joint recreational programs for the
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| handicapped under Section 5-8 of the Park
District Code or |
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| Section 11-95-14 of the Illinois Municipal Code;
(o) made by |
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| the
Chicago Park
District for recreational programs for the |
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| handicapped under subsection (c) of
Section
7.06 of the Chicago |
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| Park District Act; and (p) made for contributions to a |
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| firefighter's pension fund created under Article 4 of the |
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| Illinois Pension Code, to the extent of the amount certified |
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| under item (5) of Section 4-134 of the Illinois Pension Code.
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| "Aggregate extension" for all taxing districts to which |
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| this Law applies in
accordance with Section 18-213, except for |
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| those taxing districts subject to
paragraph (2) of subsection |
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| (e) of Section 18-213, means the annual corporate
extension for |
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| the
taxing district and those special purpose extensions that |
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| are made annually for
the taxing district, excluding special |
25 |
| purpose extensions: (a) made for the
taxing district to pay |
26 |
| interest or principal on general obligation bonds that
were |
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HB0576 Enrolled |
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LRB095 03633 BDD 23656 b |
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| approved by referendum; (b) made for any taxing district to pay |
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| interest
or principal on general obligation bonds issued before |
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| the date on which the
referendum making this
Law applicable to |
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| the taxing district is held; (c) made
for any taxing district |
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| to pay interest or principal on bonds issued to refund
or |
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| continue to refund those bonds issued before the date on which |
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| the
referendum making this Law
applicable to the taxing |
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| district is held;
(d) made for any
taxing district to pay |
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| interest or principal on bonds issued to refund or
continue to |
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| refund bonds issued after the date on which the referendum |
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| making
this Law
applicable to the taxing district is held if |
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| the bonds were approved by
referendum after the date on which |
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| the referendum making this Law
applicable to the taxing |
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| district is held; (e) made for any
taxing district to pay |
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| interest or principal on
revenue bonds issued before the date |
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| on which the referendum making this Law
applicable to the
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| taxing district is held for payment of which a property tax
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| levy or the full faith and credit of the unit of local |
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| government is pledged;
however, a tax for the payment of |
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| interest or principal on those bonds shall be
made only after |
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| the governing body of the unit of local government finds that
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| all other sources for payment are insufficient to make those |
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| payments; (f) made
for payments under a building commission |
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| lease when the lease payments are for
the retirement of bonds |
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| issued by the commission before the date on which the
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| referendum making this
Law applicable to the taxing district is |
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HB0576 Enrolled |
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LRB095 03633 BDD 23656 b |
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| held to
pay for the building project; (g) made for payments due |
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| under installment
contracts entered into before the date on |
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| which the referendum making this Law
applicable to
the taxing |
4 |
| district is held;
(h) made for payments
of principal and |
5 |
| interest on limited bonds,
as defined in Section 3 of the Local |
6 |
| Government Debt Reform Act, in an amount
not to exceed the debt |
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| service extension base less the amount in items (b),
(c), and |
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| (e) of this definition for non-referendum obligations, except
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| obligations initially issued pursuant to referendum; (i) made |
10 |
| for payments
of
principal and interest on bonds issued under |
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| Section 15 of the Local Government
Debt Reform Act;
(j)
made |
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| for a qualified airport authority to pay interest or principal |
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| on
general obligation bonds issued for the purpose of paying |
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| obligations due
under, or financing airport facilities |
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| required to be acquired, constructed,
installed or equipped |
16 |
| pursuant to, contracts entered into before March
1, 1996 (but |
17 |
| not including any amendments to such a contract taking effect |
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| on
or after that date); (k) made to fund expenses of providing |
19 |
| joint
recreational programs for the handicapped under Section |
20 |
| 5-8 of
the
Park District Code or Section 11-95-14 of the |
21 |
| Illinois Municipal Code; and (l) made for contributions to a |
22 |
| firefighter's pension fund created under Article 4 of the |
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| Illinois Pension Code, to the extent of the amount certified |
24 |
| under item (5) of Section 4-134 of the Illinois Pension Code.
|
25 |
| "Aggregate extension" for all taxing districts to which |
26 |
| this Law applies in
accordance with paragraph (2) of subsection |
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HB0576 Enrolled |
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LRB095 03633 BDD 23656 b |
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| (e) of Section 18-213 means the
annual corporate extension for |
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| the
taxing district and those special purpose extensions that |
3 |
| are made annually for
the taxing district, excluding special |
4 |
| purpose extensions: (a) made for the
taxing district to pay |
5 |
| interest or principal on general obligation bonds that
were |
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| approved by referendum; (b) made for any taxing district to pay |
7 |
| interest
or principal on general obligation bonds issued before |
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| the effective date of
this amendatory Act of 1997;
(c) made
for |
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| any taxing district to pay interest or principal on bonds |
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| issued to refund
or continue to refund those bonds issued |
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| before the effective date
of this amendatory Act of 1997;
(d) |
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| made for any
taxing district to pay interest or principal on |
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| bonds issued to refund or
continue to refund bonds issued after |
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| the effective date of this amendatory Act
of 1997 if the bonds |
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| were approved by referendum after the effective date of
this |
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| amendatory Act of 1997;
(e) made for any
taxing district to pay |
17 |
| interest or principal on
revenue bonds issued before the |
18 |
| effective date of this amendatory Act of 1997
for payment of |
19 |
| which a property tax
levy or the full faith and credit of the |
20 |
| unit of local government is pledged;
however, a tax for the |
21 |
| payment of interest or principal on those bonds shall be
made |
22 |
| only after the governing body of the unit of local government |
23 |
| finds that
all other sources for payment are insufficient to |
24 |
| make those payments; (f) made
for payments under a building |
25 |
| commission lease when the lease payments are for
the retirement |
26 |
| of bonds issued by the commission before the effective date
of |
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LRB095 03633 BDD 23656 b |
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| this amendatory Act of 1997
to
pay for the building project; |
2 |
| (g) made for payments due under installment
contracts entered |
3 |
| into before the effective date of this amendatory Act of
1997;
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| (h) made for payments
of principal and interest on limited |
5 |
| bonds,
as defined in Section 3 of the Local Government Debt |
6 |
| Reform Act, in an amount
not to exceed the debt service |
7 |
| extension base less the amount in items (b),
(c), and (e) of |
8 |
| this definition for non-referendum obligations, except
|
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| obligations initially issued pursuant to referendum; (i) made |
10 |
| for payments
of
principal and interest on bonds issued under |
11 |
| Section 15 of the Local Government
Debt Reform Act;
(j)
made |
12 |
| for a qualified airport authority to pay interest or principal |
13 |
| on
general obligation bonds issued for the purpose of paying |
14 |
| obligations due
under, or financing airport facilities |
15 |
| required to be acquired, constructed,
installed or equipped |
16 |
| pursuant to, contracts entered into before March
1, 1996 (but |
17 |
| not including any amendments to such a contract taking effect |
18 |
| on
or after that date); (k) made to fund expenses of providing |
19 |
| joint
recreational programs for the handicapped under Section |
20 |
| 5-8 of
the
Park District Code or Section 11-95-14 of the |
21 |
| Illinois Municipal Code; and (l) made for contributions to a |
22 |
| firefighter's pension fund created under Article 4 of the |
23 |
| Illinois Pension Code, to the extent of the amount certified |
24 |
| under item (5) of Section 4-134 of the Illinois Pension Code.
|
25 |
| "Debt service extension base" means an amount equal to that |
26 |
| portion of the
extension for a taxing district for the 1994 |
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LRB095 03633 BDD 23656 b |
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| levy year, or for those taxing
districts subject to this Law in |
2 |
| accordance with Section 18-213, except for
those subject to |
3 |
| paragraph (2) of subsection (e) of Section 18-213, for the
levy
|
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| year in which the referendum making this Law applicable to the |
5 |
| taxing district
is held, or for those taxing districts subject |
6 |
| to this Law in accordance with
paragraph (2) of subsection (e) |
7 |
| of Section 18-213 for the 1996 levy year,
constituting an
|
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| extension for payment of principal and interest on bonds issued |
9 |
| by the taxing
district without referendum, but not including |
10 |
| excluded non-referendum bonds. For park districts (i) that were |
11 |
| first
subject to this Law in 1991 or 1995 and (ii) whose |
12 |
| extension for the 1994 levy
year for the payment of principal |
13 |
| and interest on bonds issued by the park
district without |
14 |
| referendum (but not including excluded non-referendum bonds)
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| was less than 51% of the amount for the 1991 levy year |
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| constituting an
extension for payment of principal and interest |
17 |
| on bonds issued by the park
district without referendum (but |
18 |
| not including excluded non-referendum bonds),
"debt service |
19 |
| extension base" means an amount equal to that portion of the
|
20 |
| extension for the 1991 levy year constituting an extension for |
21 |
| payment of
principal and interest on bonds issued by the park |
22 |
| district without referendum
(but not including excluded |
23 |
| non-referendum bonds). The debt service extension
base may be |
24 |
| established or increased as provided under Section 18-212.
|
25 |
| "Excluded non-referendum bonds" means (i) bonds authorized by |
26 |
| Public
Act 88-503 and issued under Section 20a of the Chicago |
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HB0576 Enrolled |
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LRB095 03633 BDD 23656 b |
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| Park District Act for
aquarium and museum projects; (ii) bonds |
2 |
| issued under Section 15 of the
Local Government Debt Reform |
3 |
| Act; or (iii) refunding obligations issued
to refund or to |
4 |
| continue to refund obligations initially issued pursuant to
|
5 |
| referendum.
|
6 |
| "Special purpose extensions" include, but are not limited |
7 |
| to, extensions
for levies made on an annual basis for |
8 |
| unemployment and workers'
compensation, self-insurance, |
9 |
| contributions to pension plans, and extensions
made pursuant to |
10 |
| Section 6-601 of the Illinois Highway Code for a road
|
11 |
| district's permanent road fund whether levied annually or not. |
12 |
| The
extension for a special service area is not included in the
|
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| aggregate extension.
|
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| "Aggregate extension base" means the taxing district's |
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| last preceding
aggregate extension as adjusted under Sections |
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| 18-135, 18-215 , and
through 18-230.
An adjustment under Section |
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| 18-135 shall be made for the 2007 levy year and all subsequent |
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| levy years whenever one or more counties within which a taxing |
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| district is located (i) used estimated valuations or rates when |
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| extending taxes in the taxing district for the last preceding |
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| levy year that resulted in the over or under extension of |
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| taxes, or (ii) increased or decreased the tax extension for the |
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| last preceding levy year as required by Section 18-135(c). |
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| Whenever an adjustment is required under Section 18-135, the |
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| aggregate extension base of the taxing district shall be equal |
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| to the amount that the aggregate extension of the taxing |
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| district would have been for the last preceding levy year if |
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| either or both (i) actual, rather than estimated, valuations or |
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| rates had been used to calculate the extension of taxes for the |
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| last levy year, or (ii) the tax extension for the last |
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| preceding levy year had not been adjusted as required by |
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| subsection (c) of Section 18-135.
|
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| "Levy year" has the same meaning as "year" under Section
|
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| 1-155.
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| "New property" means (i) the assessed value, after final |
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| board of review or
board of appeals action, of new improvements |
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| or additions to existing
improvements on any parcel of real |
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| property that increase the assessed value of
that real property |
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| during the levy year multiplied by the equalization factor
|
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| issued by the Department under Section 17-30, (ii) the assessed |
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| value, after
final board of review or board of appeals action, |
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| of real property not exempt
from real estate taxation, which |
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| real property was exempt from real estate
taxation for any |
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| portion of the immediately preceding levy year, multiplied by
|
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| the equalization factor issued by the Department under Section |
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| 17-30, including the assessed value, upon final stabilization |
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| of occupancy after new construction is complete, of any real |
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| property located within the boundaries of an otherwise or |
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| previously exempt military reservation that is intended for |
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| residential use and owned by or leased to a private corporation |
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| or other entity, and
(iii) in counties that classify in |
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| accordance with Section 4 of Article
IX of the
Illinois |
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| Constitution, an incentive property's additional assessed |
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| value
resulting from a
scheduled increase in the level of |
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| assessment as applied to the first year
final board of
review |
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| market value.
In addition, the county clerk in a county |
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| containing a population of
3,000,000 or more shall include in |
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| the 1997
recovered tax increment value for any school district, |
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| any recovered tax
increment value that was applicable to the |
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| 1995 tax year calculations.
|
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| "Qualified airport authority" means an airport authority |
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| organized under
the Airport Authorities Act and located in a |
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| county bordering on the State of
Wisconsin and having a |
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| population in excess of 200,000 and not greater than
500,000.
|
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| "Recovered tax increment value" means, except as otherwise |
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| provided in this
paragraph, the amount of the current year's |
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| equalized assessed value, in the
first year after a |
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| municipality terminates
the designation of an area as a |
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| redevelopment project area previously
established under the |
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| Tax Increment Allocation Development Act in the Illinois
|
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| Municipal Code, previously established under the Industrial |
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| Jobs Recovery Law
in the Illinois Municipal Code, or previously |
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| established under the Economic
Development Area Tax Increment |
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| Allocation Act, of each taxable lot, block,
tract, or parcel of |
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| real property in the redevelopment project area over and
above |
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| the initial equalized assessed value of each property in the
|
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| redevelopment project area.
For the taxes which are extended |
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| for the 1997 levy year, the recovered tax
increment value for a |
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| non-home rule taxing district that first became subject
to this |
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| Law for the 1995 levy year because a majority of its 1994 |
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| equalized
assessed value was in an affected county or counties |
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| shall be increased if a
municipality terminated the designation |
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| of an area in 1993 as a redevelopment
project area previously |
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| established under the Tax Increment Allocation
Development Act |
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| in the Illinois Municipal Code, previously established under
|
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| the Industrial Jobs Recovery Law in the Illinois Municipal |
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| Code, or previously
established under the Economic Development |
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| Area Tax Increment Allocation Act,
by an amount equal to the |
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| 1994 equalized assessed value of each taxable lot,
block, |
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| tract, or parcel of real property in the redevelopment project |
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| area over
and above the initial equalized assessed value of |
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| each property in the
redevelopment project area.
In the first |
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| year after a municipality
removes a taxable lot, block, tract, |
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| or parcel of real property from a
redevelopment project area |
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| established under the Tax Increment Allocation
Development Act |
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| in the Illinois
Municipal Code, the Industrial Jobs Recovery |
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| Law
in the Illinois Municipal Code, or the Economic
Development |
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| Area Tax Increment Allocation Act, "recovered tax increment |
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| value"
means the amount of the current year's equalized |
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| assessed value of each taxable
lot, block, tract, or parcel of |
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| real property removed from the redevelopment
project area over |
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| and above the initial equalized assessed value of that real
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| property before removal from the redevelopment project area.
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| Except as otherwise provided in this Section, "limiting |
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| rate" means a
fraction the numerator of which is the last
|
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| preceding aggregate extension base times an amount equal to one |
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| plus the
extension limitation defined in this Section and the |
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| denominator of which
is the current year's equalized assessed |
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| value of all real property in the
territory under the |
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| jurisdiction of the taxing district during the prior
levy year. |
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| For those taxing districts that reduced their aggregate
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| extension for the last preceding levy year, the highest |
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| aggregate extension
in any of the last 3 preceding levy years |
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| shall be used for the purpose of
computing the limiting rate. |
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| The denominator shall not include new
property or the recovered |
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| tax increment
value.
If a new rate, a rate decrease, or a |
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| limiting rate increase has been approved at an election held |
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| after March 21, 2006, then (i) the otherwise applicable |
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| limiting rate shall be increased by the amount of the new rate |
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| or shall be reduced by the amount of the rate decrease, as the |
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| case may be, or (ii) in the case of a limiting rate increase, |
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| the limiting rate shall be equal to the rate set forth
in the |
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| proposition approved by the voters for each of the years |
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| specified in the proposition, after
which the limiting rate of |
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| the taxing district shall be calculated as otherwise provided.
|
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| (Source: P.A. 93-601, eff. 1-1-04; 93-606, eff. 11-18-03; |
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| 93-612, eff. 11-18-03; 93-689, eff. 7-1-04; 93-690, eff. |
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| 7-1-04; 93-1049, eff. 11-17-04; 94-974, eff. 6-30-06; 94-976, |
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| eff. 6-30-06; revised 8-3-06.)
|