Full Text of HB1867 95th General Assembly
HB1867 95TH GENERAL ASSEMBLY
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95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008 HB1867
Introduced 2/23/2007, by Rep. Elizabeth Hernandez SYNOPSIS AS INTRODUCED: |
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20 ILCS 620/6 |
from Ch. 67 1/2, par. 1006 |
55 ILCS 85/6 |
from Ch. 34, par. 7006 |
55 ILCS 90/45 |
from Ch. 34, par. 8045 |
65 ILCS 5/11-74.4-9 |
from Ch. 24, par. 11-74.4-9 |
65 ILCS 110/45 |
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Amends the Economic Development Area Tax Increment Allocation Act, the County Economic Development Project Area Property
Tax Allocation Act, the County Economic Development Project Area Tax Increment
Allocation Act of 1991, the Tax Increment Allocation Redevelopment Act in the Illinois Municipal Code, the Industrial Jobs Recovery Law in the Illinois Municipal Code, and the Economic Development Project Area Tax Increment Allocation Act of
1995. Provides that, beginning January 1, 2008, the initial equalized
assessed value of all taxable real property within
the economic development project area must be increased over the initial equalized assessed value of the previous year by the annual rate of increase, for the previous
calendar year, of the Consumer Price Index for All Urban
Consumers for all items, published by the United States
Bureau of Labor Statistics. Effective immediately.
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FISCAL NOTE ACT MAY APPLY | |
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY |
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A BILL FOR
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HB1867 |
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LRB095 09915 BDD 30126 b |
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| 1 |
| AN ACT concerning local government.
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| Be it enacted by the People of the State of Illinois,
| 3 |
| represented in the General Assembly:
| 4 |
| Section 5. The Economic Development Area Tax Increment | 5 |
| Allocation Act is amended by changing Section 6 as follows:
| 6 |
| (20 ILCS 620/6)
(from Ch. 67 1/2, par. 1006)
| 7 |
| Sec. 6. Filing with county clerk; certification of initial | 8 |
| equalized
assessed value.
| 9 |
| (a) The municipality shall file a certified copy of any | 10 |
| ordinance
authorizing tax increment allocation financing for | 11 |
| an economic development
project area with the county clerk, and | 12 |
| the county clerk shall immediately
thereafter determine (1) the | 13 |
| most recently ascertained equalized assessed
value of each lot, | 14 |
| block, tract or parcel of real property within the economic
| 15 |
| development project area from which shall be deducted the | 16 |
| homestead exemptions
provided by Sections 15-170, 15-175, and | 17 |
| 15-176 of the Property
Tax Code, which value
shall be the | 18 |
| "initial equalized assessed value" of each such piece of | 19 |
| property,
and (2) the total equalized assessed value of all | 20 |
| taxable real property within
the economic development project | 21 |
| area by adding together the most recently
ascertained equalized | 22 |
| assessed value of each taxable lot, block, tract, or
parcel of | 23 |
| real property within such economic development project area, |
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HB1867 |
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LRB095 09915 BDD 30126 b |
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| 1 |
| from
which shall be deducted the homestead exemptions provided | 2 |
| by Sections
15-170, 15-175, and 15-176 of the Property Tax | 3 |
| Code, and shall certify such
amount as the
"total initial | 4 |
| equalized assessed value" of the taxable real property within
| 5 |
| the economic development project area.
| 6 |
| (b) After the county clerk has certified the "total initial | 7 |
| equalized
assessed value" of the taxable real property in the | 8 |
| economic development
project area, then in respect to every | 9 |
| taxing district containing an
economic development project | 10 |
| area, the county clerk or any other official
required by law to | 11 |
| ascertain the amount of the equalized assessed value of
all | 12 |
| taxable property within that taxing district for the purpose of
| 13 |
| computing the rate per cent of tax to be extended upon taxable | 14 |
| property
within that taxing district, shall in every year that | 15 |
| tax increment
allocation financing is in effect ascertain the | 16 |
| amount of value of taxable
property in an economic development | 17 |
| project area by including in that
amount the lower of the | 18 |
| current equalized assessed value or the certified
"total | 19 |
| initial equalized assessed value" of all taxable real property | 20 |
| in
such area. The rate per cent of tax determined shall be | 21 |
| extended to the current
equalized assessed value of all | 22 |
| property in the economic development project
area in the same | 23 |
| manner as the rate per cent of tax is extended to all other
| 24 |
| taxable property in the taxing district. The method of | 25 |
| allocating taxes
established under this Section shall | 26 |
| terminate when the municipality adopts an
ordinance dissolving |
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HB1867 |
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LRB095 09915 BDD 30126 b |
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| 1 |
| the special tax allocation fund for the economic
development | 2 |
| project area, terminating the economic development project | 3 |
| area,
and terminating the use of tax increment allocation | 4 |
| financing for the economic
development project area. This Act | 5 |
| shall not be construed as relieving
property owners within an | 6 |
| economic development project area from paying a
uniform rate of | 7 |
| taxes upon the current equalized assessed value of their
| 8 |
| taxable property as provided in the Property Tax Code.
| 9 |
| (c) Beginning January 1, 2008, each year, the initial | 10 |
| equalized
assessed value must be increased over the initial | 11 |
| equalized assessed value of the previous year by the annual | 12 |
| rate of increase, for the previous
calendar year, of the | 13 |
| Consumer Price Index for All Urban
Consumers for all items, | 14 |
| published by the United States
Bureau of Labor Statistics.
| 15 |
| (Source: P.A. 93-715, eff. 7-12-04.)
| 16 |
| Section 10. The County Economic Development Project Area | 17 |
| Property
Tax Allocation Act is amended by changing Section 6 as | 18 |
| follows:
| 19 |
| (55 ILCS 85/6)
(from Ch. 34, par. 7006)
| 20 |
| Sec. 6. Filing with county clerk; certification of initial | 21 |
| equalized
assessed value.
| 22 |
| (a) The county shall file a certified copy of any ordinance
| 23 |
| authorizing property tax allocation financing for an economic | 24 |
| development
project area with the county clerk, and the county |
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HB1867 |
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LRB095 09915 BDD 30126 b |
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| clerk shall immediately
thereafter determine (1) the most | 2 |
| recently ascertained equalized assessed
value of each lot, | 3 |
| block, tract or parcel of real property within the
economic | 4 |
| development project area from which shall be deducted the
| 5 |
| homestead exemptions provided by Sections 15-170, 15-175, and
| 6 |
| 15-176 of the Property
Tax Code, which value shall be the | 7 |
| "initial equalized assessed value" of each
such piece of | 8 |
| property, and (2) the total equalized assessed value of all
| 9 |
| taxable real property within the economic development project | 10 |
| area by adding
together the most recently ascertained equalized | 11 |
| assessed value of each taxable
lot, block, tract, or parcel of | 12 |
| real property within such economic development
project area, | 13 |
| from which shall be deducted the homestead exemptions provided | 14 |
| by
Sections 15-170, 15-175, and 15-176 of the Property Tax | 15 |
| Code.
Upon receiving written
notice from the Department of its | 16 |
| approval
and certification of such economic development | 17 |
| project area, the county clerk
shall immediately certify such | 18 |
| amount as the "total initial equalized assessed
value" of the | 19 |
| taxable property within the economic development project area.
| 20 |
| (b) After the county clerk has certified the "total initial | 21 |
| equalized
assessed value" of the taxable real property in the | 22 |
| economic development
project area, then in respect to every | 23 |
| taxing district containing an
economic development project | 24 |
| area, the county clerk or any other official
required by law to | 25 |
| ascertain the amount of the equalized assessed value of
all | 26 |
| taxable property within that taxing district for the purpose of
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HB1867 |
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LRB095 09915 BDD 30126 b |
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| computing the rate percent of tax to be extended upon taxable | 2 |
| property
within the taxing district, shall in every year that | 3 |
| property tax
allocation financing is in effect ascertain the | 4 |
| amount of value of taxable
property in an economic development | 5 |
| project area by including in that
amount the lower of the | 6 |
| current equalized assessed value or the certified
"total | 7 |
| initial equalized assessed value" of all taxable real property | 8 |
| in
such area. The rate percent of tax determined shall be | 9 |
| extended to the
current equalized assessed value of all | 10 |
| property in the economic development
project area in the same | 11 |
| manner as the rate percent of tax is extended to
all other | 12 |
| taxable property in the taxing district. The method of
| 13 |
| allocating taxes established under this Section shall | 14 |
| terminate when the
county adopts an ordinance dissolving the | 15 |
| special tax allocation fund for
the economic development | 16 |
| project area. This Act shall not be construed as
relieving | 17 |
| property owners within an economic development project area | 18 |
| from
paying a uniform rate of taxes upon the current equalized | 19 |
| assessed value of
their taxable property as provided in the | 20 |
| Property Tax Code.
| 21 |
| (c) Beginning January 1, 2008, each year, the initial | 22 |
| equalized
assessed value must be increased over the initial | 23 |
| equalized assessed value of the previous year by the annual | 24 |
| rate of increase, for the previous
calendar year, of the | 25 |
| Consumer Price Index for All Urban
Consumers for all items, | 26 |
| published by the United States
Bureau of Labor Statistics.
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HB1867 |
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LRB095 09915 BDD 30126 b |
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| (Source: P.A. 93-715, eff. 7-12-04.)
| 2 |
| Section 15. The County Economic Development Project Area | 3 |
| Tax Increment
Allocation Act of 1991 is amended by changing | 4 |
| Section 45 as follows:
| 5 |
| (55 ILCS 90/45)
(from Ch. 34, par. 8045)
| 6 |
| Sec. 45. Filing with county clerk; certification of initial
| 7 |
| equalized assessed value.
| 8 |
| (a) A county that has by ordinance approved an economic | 9 |
| development plan,
established an economic development project | 10 |
| area, and adopted tax increment
allocation financing for that | 11 |
| area shall file certified copies of the ordinance
or ordinances | 12 |
| with the county clerk. Upon receiving the ordinance or
| 13 |
| ordinances, the county clerk shall immediately determine (i) | 14 |
| the most recently
ascertained equalized assessed value of each | 15 |
| lot, block, tract, or parcel of
real property within the | 16 |
| economic development project area from which shall be
deducted | 17 |
| the homestead exemptions provided by Sections 15-170,
15-175, | 18 |
| and 15-176 of
the Property Tax Code (that value being the | 19 |
| "initial equalized assessed value"
of each such piece of | 20 |
| property) and (ii) the total equalized assessed value of
all | 21 |
| taxable real property within the economic development project | 22 |
| area by
adding together the most recently ascertained equalized | 23 |
| assessed value of each
taxable lot, block, tract, or parcel of | 24 |
| real property within the economic
development project area, |
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HB1867 |
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LRB095 09915 BDD 30126 b |
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| 1 |
| from which shall be deducted the homestead exemptions
provided | 2 |
| by Sections 15-170, 15-175, and 15-176 of the Property Tax | 3 |
| Code, and shall
certify that amount as the "total initial | 4 |
| equalized assessed value" of the
taxable real property within | 5 |
| the economic development project area.
| 6 |
| (b) After the county clerk has certified the "total initial | 7 |
| equalized
assessed value" of the taxable real property in the | 8 |
| economic development
project area, then in respect to every | 9 |
| taxing district containing an
economic development project | 10 |
| area, the county clerk or any other official
required by law to | 11 |
| ascertain the amount of the equalized assessed value of
all | 12 |
| taxable property within the taxing district for the purpose of
| 13 |
| computing the rate per cent of tax to be extended upon taxable | 14 |
| property
within the taxing district shall, in every year that | 15 |
| tax increment
allocation financing is in effect, ascertain the | 16 |
| amount of value of taxable
property in an economic development | 17 |
| project area by including in that
amount the lower of the | 18 |
| current equalized assessed value or the certified
"total | 19 |
| initial equalized assessed value" of all taxable real property | 20 |
| in
the area. The rate per cent of tax determined shall be | 21 |
| extended to the
current equalized assessed value of all | 22 |
| property in the economic
development project area in the same | 23 |
| manner as the rate per cent of tax is
extended to all other | 24 |
| taxable property in the taxing district. The method
of | 25 |
| extending taxes established under this Section shall terminate | 26 |
| when the
county adopts an ordinance dissolving the special tax |
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HB1867 |
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LRB095 09915 BDD 30126 b |
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| 1 |
| allocation fund for
the economic development project area. This | 2 |
| Act shall not be construed as
relieving property owners within | 3 |
| an economic development project area from
paying a uniform rate | 4 |
| of taxes upon the current equalized assessed value of
their | 5 |
| taxable property as provided in the Property Tax Code.
| 6 |
| (c) Beginning January 1, 2008, each year, the initial | 7 |
| equalized
assessed value must be increased over the initial | 8 |
| equalized assessed value of the previous year by the annual | 9 |
| rate of increase, for the previous
calendar year, of the | 10 |
| Consumer Price Index for All Urban
Consumers for all items, | 11 |
| published by the United States
Bureau of Labor Statistics.
| 12 |
| (Source: P.A. 93-715, eff. 7-12-04.)
| 13 |
| Section 20. The Illinois Municipal Code is amended by | 14 |
| changing Section 11-74.4-9 as follows:
| 15 |
| (65 ILCS 5/11-74.4-9)
(from Ch. 24, par. 11-74.4-9)
| 16 |
| Sec. 11-74.4-9. Equalized assessed value of property.
| 17 |
| (a) If a municipality by ordinance provides for tax
| 18 |
| increment allocation financing pursuant to Section 11-74.4-8, | 19 |
| the county clerk
immediately thereafter shall determine (1) the | 20 |
| most recently ascertained
equalized assessed value of each lot, | 21 |
| block, tract or parcel of real property
within such | 22 |
| redevelopment project area from which shall be deducted the
| 23 |
| homestead exemptions provided by Sections 15-170, 15-175, and
| 24 |
| 15-176 of the Property
Tax Code, which value shall be the |
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HB1867 |
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LRB095 09915 BDD 30126 b |
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| 1 |
| "initial equalized assessed value" of each
such piece of | 2 |
| property, and (2) the total equalized assessed value of all
| 3 |
| taxable real property within such redevelopment project area by | 4 |
| adding together
the most recently ascertained equalized | 5 |
| assessed value of each taxable lot,
block, tract, or parcel of | 6 |
| real property within such project area, from which
shall be | 7 |
| deducted the homestead exemptions provided by Sections 15-170,
| 8 |
| 15-175, and 15-176 of the Property Tax Code, and shall certify | 9 |
| such amount
as the "total
initial equalized assessed value" of | 10 |
| the taxable real property within such
project area.
| 11 |
| (b) In reference to any municipality which has adopted tax | 12 |
| increment
financing after January 1, 1978, and in respect to | 13 |
| which the county clerk
has certified the "total initial | 14 |
| equalized assessed value" of the property
in the redevelopment | 15 |
| area, the municipality may thereafter request the clerk
in | 16 |
| writing to adjust the initial equalized value of all taxable | 17 |
| real property
within the redevelopment project area by | 18 |
| deducting therefrom the exemptions
provided for by Sections | 19 |
| 15-170, 15-175, and 15-176 of the
Property Tax Code applicable
| 20 |
| to each lot, block, tract or parcel of real property within | 21 |
| such redevelopment
project area. The county clerk shall | 22 |
| immediately after the written request to
adjust the total | 23 |
| initial equalized value is received determine the total
| 24 |
| homestead exemptions in the redevelopment project area | 25 |
| provided by Sections
15-170, 15-175, and 15-176 of the Property | 26 |
| Tax Code by adding
together the homestead
exemptions provided |
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HB1867 |
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LRB095 09915 BDD 30126 b |
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| by said Sections
on each lot, block, tract or parcel of real | 2 |
| property within such redevelopment
project area and then shall | 3 |
| deduct the total of said exemptions from the total
initial | 4 |
| equalized assessed value. The county clerk shall then promptly | 5 |
| certify
such amount as the "total initial equalized assessed | 6 |
| value as adjusted" of the
taxable real property within such | 7 |
| redevelopment project area.
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| (b-5) Beginning January 1, 2008, each year, the initial | 9 |
| equalized
assessed value must be increased over the initial | 10 |
| equalized assessed value of the previous year by the annual | 11 |
| rate of increase, for the previous
calendar year, of the | 12 |
| Consumer Price Index for All Urban
Consumers for all items, | 13 |
| published by the United States
Bureau of Labor Statistics.
| 14 |
| (c) After the county clerk has certified the "total initial
| 15 |
| equalized assessed value" of the taxable real property in such | 16 |
| area, then
in respect to every taxing district containing a | 17 |
| redevelopment project area,
the county clerk or any other | 18 |
| official required by law to ascertain the amount
of the | 19 |
| equalized assessed value of all taxable property within such | 20 |
| district
for the purpose of computing the rate per cent of tax | 21 |
| to be extended upon
taxable property within such district, | 22 |
| shall in every year that tax increment
allocation financing is | 23 |
| in effect ascertain the amount of value of taxable
property in | 24 |
| a redevelopment project area by including in such amount the | 25 |
| lower
of the current equalized assessed value or the certified | 26 |
| "total initial
equalized assessed value" of all taxable real |
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HB1867 |
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LRB095 09915 BDD 30126 b |
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| 1 |
| property in such area, except
that after he has certified the | 2 |
| "total initial equalized assessed value as
adjusted" he shall | 3 |
| in the year of said certification if tax rates have not been
| 4 |
| extended and in every year thereafter that tax increment | 5 |
| allocation financing
is in effect ascertain the amount of value | 6 |
| of taxable property in a
redevelopment project area by | 7 |
| including in such amount the lower of the current
equalized | 8 |
| assessed value or the certified "total initial equalized | 9 |
| assessed
value as adjusted" of all taxable real property in | 10 |
| such area. The rate per cent
of tax determined shall be | 11 |
| extended to the current equalized assessed value of
all | 12 |
| property in the redevelopment project area in the same manner | 13 |
| as the rate
per cent of tax is extended to all other taxable | 14 |
| property in the taxing
district. The method of extending taxes | 15 |
| established under this Section shall
terminate when the | 16 |
| municipality adopts an ordinance dissolving the special tax
| 17 |
| allocation fund for the redevelopment project area. This | 18 |
| Division shall not be
construed as relieving property owners | 19 |
| within a redevelopment project area from
paying a uniform rate | 20 |
| of taxes upon the current equalized assessed value of
their | 21 |
| taxable property as provided in the Property Tax Code.
| 22 |
| (Source: P.A. 93-715, eff. 7-12-04.)
| 23 |
| Section 25. The Economic Development Project Area Tax | 24 |
| Increment Allocation Act of
1995 is amended by changing Section | 25 |
| 45 as follows:
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HB1867 |
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LRB095 09915 BDD 30126 b |
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| 1 |
| (65 ILCS 110/45)
| 2 |
| Sec. 45. Filing with county clerk; certification of initial | 3 |
| equalized
assessed value.
| 4 |
| (a) A municipality that has by ordinance approved an | 5 |
| economic development
plan, established an economic development | 6 |
| project area, and adopted tax
increment allocation financing | 7 |
| for that area shall file certified copies of the
ordinance or | 8 |
| ordinances with the county clerk. Upon receiving the ordinance | 9 |
| or
ordinances, the county clerk shall immediately determine (i) | 10 |
| the most recently
ascertained equalized assessed value of each | 11 |
| lot, block, tract, or parcel of
real property within the | 12 |
| economic development project area from which shall be
deducted | 13 |
| the homestead exemptions provided by Sections 15-170,
15-175, | 14 |
| and 15-176 of
the Property Tax Code
(that value being the | 15 |
| "initial equalized assessed value" of each such
piece of | 16 |
| property) and (ii) the total equalized assessed value of all | 17 |
| taxable
real property within the economic development project | 18 |
| area by adding together
the most recently ascertained equalized | 19 |
| assessed value of each taxable lot,
block, tract, or parcel of | 20 |
| real property within the economic development
project area, | 21 |
| from which shall be deducted the homestead exemptions provided | 22 |
| by
Sections 15-170, 15-175, and 15-176 of the Property Tax | 23 |
| Code,
and shall certify
that amount as the "total initial | 24 |
| equalized assessed value" of the taxable real
property within | 25 |
| the economic development project area.
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HB1867 |
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LRB095 09915 BDD 30126 b |
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| 1 |
| (b) After the county clerk has certified the "total initial | 2 |
| equalized
assessed value" of the taxable real property in the | 3 |
| economic development
project area, then in respect to every | 4 |
| taxing district containing an economic
development project | 5 |
| area, the county clerk or any other official required by
law to | 6 |
| ascertain the amount of the equalized assessed value of all | 7 |
| taxable
property within the taxing district for the purpose of | 8 |
| computing the rate per
cent of tax to be extended upon taxable | 9 |
| property within the taxing district
shall, in every year that | 10 |
| tax increment allocation financing is in effect,
ascertain the | 11 |
| amount of value of
taxable property in an economic development | 12 |
| project area by including in that
amount the lower of the | 13 |
| current equalized assessed value or the certified
"total | 14 |
| initial equalized assessed value" of all taxable real property | 15 |
| in the
area. The rate per cent of tax determined shall be | 16 |
| extended to the current
equalized assessed value of all | 17 |
| property in the economic development project
area in the same | 18 |
| manner as the rate per cent of tax is extended to all other
| 19 |
| taxable property in the taxing district. The method of | 20 |
| extending taxes
established under this Section shall terminate | 21 |
| when the municipality adopts an
ordinance dissolving the | 22 |
| special tax allocation fund for the economic
development | 23 |
| project area. This Act shall not be construed as relieving | 24 |
| owners
or lessees of property within an economic development | 25 |
| project area from paying
a uniform rate of
taxes upon the | 26 |
| current equalized assessed value of their taxable property as
|
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|
|
HB1867 |
- 14 - |
LRB095 09915 BDD 30126 b |
|
| 1 |
| provided in the Property Tax Code.
| 2 |
| (c) Beginning January 1, 2008, each year, the initial | 3 |
| equalized
assessed value must be increased over the initial | 4 |
| equalized assessed value of the previous year by the annual | 5 |
| rate of increase, for the previous
calendar year, of the | 6 |
| Consumer Price Index for All Urban
Consumers for all items, | 7 |
| published by the United States
Bureau of Labor Statistics.
| 8 |
| (Source: P.A. 93-715, eff. 7-12-04.)
|
|