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92_HB4441
LRB9215264SMdvA
1 AN ACT in relation to taxation.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The Property Tax Code is amended by adding
5 Section 20-3 as follows:
6 (35 ILCS 200/20-3 new)
7 Sec. 20-3. Two-year moratorium on property tax increases.
8 (a) Rate freeze. Notwithstanding any other law to the
9 contrary and except as otherwise provided in this subsection
10 (a), for taxable years 2002 and 2003, the rate on any tax
11 imposed under this Act may not be increased from the rate
12 imposed in the 2001 taxable year. A school district, however,
13 may increase property tax rates if the question of increasing
14 the tax rate is submitted to the electors of the school
15 district at a regular election and approved by a majority of
16 the electors voting on the question.
17 (b) Assessment freeze. Notwithstanding any other law to
18 the contrary and except as otherwise provided in this
19 subsection (b), for taxable years 2002 and 2003, the
20 equalized assessed value of property subject to taxation
21 under this Code shall be the same as the equalized assessed
22 value of that property for the 2001 taxable year. If,
23 however, a parcel of property subject to taxation under this
24 Code is improved by the construction of new or added
25 buildings, structures, or other improvements during taxable
26 year 2002 or 2003, the assessment of that property shall be
27 the assessment for the 2001 taxable year plus the increase in
28 assessed value solely as a result of the improvement. Once
29 the 2001 assessment is increased to reflect an improvement,
30 the assessment for that property shall remain the same for
31 the duration of the assessment freeze period.
-2- LRB9215264SMdvA
1 Section 99. Effective date. This Act takes effect upon
2 becoming law.