Illinois General Assembly - Full Text of Public Act 094-0974
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Public Act 094-0974


 

Public Act 0974 94TH GENERAL ASSEMBLY



 


 
Public Act 094-0974
 
SB0702 Enrolled LRB094 08536 BDD 38743 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
Sections 18-165 and 18-185 and by adding Division 14 to Article
10 as follows:
 
    (35 ILCS 200/Art. 10 Div. 14 heading new)
DIVISION 14. VALUATION OF CERTAIN LEASES OF EXEMPT PROPERTY

 
    (35 ILCS 200/10-365 new)
    Sec. 10-365. U.S. Military Public/Private Residential
Developments. PPV Leases must be classified and valued as set
forth in Sections 10-370 through 10-380 during the period
beginning January 1, 2006 and ending with the earlier of the
year 50 years after January 1, 2006 or the year in which a PPV
Lease terminates.
 
    (35 ILCS 200/10-370 new)
    Sec. 10-370. Definitions. For the purposes of this Division
14:
    (a) "PPV Lease" means a leasehold interest in property that
is exempt from taxation under Section 15-50 of this Code and
that is leased, pursuant to authority set forth in Chapter 10
of the United States Code, to another whose property is not
exempt for the purpose of, after January 1, 2006, the design,
finance, construction, renovation, management, operation, and
maintenance of rental housing units and associated
improvements at naval training and related naval support
facilities in the State of Illinois.
    (b) "Net operating income" means all revenues received
minus the lesser of (i) 42% of all revenues or (ii) actual
expenses before interest, taxes, depreciation, and
amortization.
    (c) "Tax load factor" means the level of assessment, as set
forth under item (b) of Section 9-145 or under Section 9-150,
multiplied by the cumulative tax rate for the current taxable
year.
 
    (35 ILCS 200/10-375 new)
    Sec. 10-375. Valuation.
    (a) A PPV Lease must be valued at its fair cash value, as
provided under item (b) of Section 9-145 or under Section
9-150.
    (b) The fair cash value of a PPV Lease must be determined
by using an income capitalization approach.
    (c) To determine the fair cash value of a PPV Lease, the
net operating income is divided by (i) a rate of 7.75% plus
(ii) the actual or most recently ascertainable tax load factor
for the subject year.
    (d) By April 15 of each year, the holder of a PPV Lease
must report to the chief county assessment officer in each
county in which the leasehold property is located the annual
gross income and expenses derived and incurred from the PPV
Lease, including the rental of leased property for each
military housing facility subject to a PPV Lease.
 
    (35 ILCS 200/10-380 new)
    Sec. 10-380. For the taxable years 2006, 2007, 2008, and
2009, the chief county assessment officer in the county in
which property subject to a PPV Lease is located shall apply
the provisions of 10-370(b)(i) and 10-375(c)(i) of this
Division 14 in assessing and determining the value of any PPV
Lease for purposes of the property tax laws of this State.
 
    (35 ILCS 200/18-165)
    Sec. 18-165. Abatement of taxes.
    (a) Any taxing district, upon a majority vote of its
governing authority, may, after the determination of the
assessed valuation of its property, order the clerk of that
county to abate any portion of its taxes on the following types
of property:
        (1) Commercial and industrial.
            (A) The property of any commercial or industrial
        firm, including but not limited to the property of (i)
        any firm that is used for collecting, separating,
        storing, or processing recyclable materials, locating
        within the taxing district during the immediately
        preceding year from another state, territory, or
        country, or having been newly created within this State
        during the immediately preceding year, or expanding an
        existing facility, or (ii) any firm that is used for
        the generation and transmission of electricity
        locating within the taxing district during the
        immediately preceding year or expanding its presence
        within the taxing district during the immediately
        preceding year by construction of a new electric
        generating facility that uses natural gas as its fuel,
        or any firm that is used for production operations at a
        new, expanded, or reopened coal mine within the taxing
        district, that has been certified as a High Impact
        Business by the Illinois Department of Commerce and
        Economic Opportunity Community Affairs. The property
        of any firm used for the generation and transmission of
        electricity shall include all property of the firm used
        for transmission facilities as defined in Section 5.5
        of the Illinois Enterprise Zone Act. The abatement
        shall not exceed a period of 10 years and the aggregate
        amount of abated taxes for all taxing districts
        combined shall not exceed $4,000,000.
            (A-5) Any property in the taxing district of a new
        electric generating facility, as defined in Section
        605-332 of the Department of Commerce and Economic
        Opportunity Community Affairs Law of the Civil
        Administrative Code of Illinois. The abatement shall
        not exceed a period of 10 years. The abatement shall be
        subject to the following limitations:
                (i) if the equalized assessed valuation of the
            new electric generating facility is equal to or
            greater than $25,000,000 but less than
            $50,000,000, then the abatement may not exceed (i)
            over the entire term of the abatement, 5% of the
            taxing district's aggregate taxes from the new
            electric generating facility and (ii) in any one
            year of abatement, 20% of the taxing district's
            taxes from the new electric generating facility;
                (ii) if the equalized assessed valuation of
            the new electric generating facility is equal to or
            greater than $50,000,000 but less than
            $75,000,000, then the abatement may not exceed (i)
            over the entire term of the abatement, 10% of the
            taxing district's aggregate taxes from the new
            electric generating facility and (ii) in any one
            year of abatement, 35% of the taxing district's
            taxes from the new electric generating facility;
                (iii) if the equalized assessed valuation of
            the new electric generating facility is equal to or
            greater than $75,000,000 but less than
            $100,000,000, then the abatement may not exceed
            (i) over the entire term of the abatement, 20% of
            the taxing district's aggregate taxes from the new
            electric generating facility and (ii) in any one
            year of abatement, 50% of the taxing district's
            taxes from the new electric generating facility;
                (iv) if the equalized assessed valuation of
            the new electric generating facility is equal to or
            greater than $100,000,000 but less than
            $125,000,000, then the abatement may not exceed
            (i) over the entire term of the abatement, 30% of
            the taxing district's aggregate taxes from the new
            electric generating facility and (ii) in any one
            year of abatement, 60% of the taxing district's
            taxes from the new electric generating facility;
                (v) if the equalized assessed valuation of the
            new electric generating facility is equal to or
            greater than $125,000,000 but less than
            $150,000,000, then the abatement may not exceed
            (i) over the entire term of the abatement, 40% of
            the taxing district's aggregate taxes from the new
            electric generating facility and (ii) in any one
            year of abatement, 60% of the taxing district's
            taxes from the new electric generating facility;
                (vi) if the equalized assessed valuation of
            the new electric generating facility is equal to or
            greater than $150,000,000, then the abatement may
            not exceed (i) over the entire term of the
            abatement, 50% of the taxing district's aggregate
            taxes from the new electric generating facility
            and (ii) in any one year of abatement, 60% of the
            taxing district's taxes from the new electric
            generating facility.
            The abatement is not effective unless the owner of
        the new electric generating facility agrees to repay to
        the taxing district all amounts previously abated,
        together with interest computed at the rate and in the
        manner provided for delinquent taxes, in the event that
        the owner of the new electric generating facility
        closes the new electric generating facility before the
        expiration of the entire term of the abatement.
            The authorization of taxing districts to abate
        taxes under this subdivision (a)(1)(A-5) expires on
        January 1, 2010.
            (B) The property of any commercial or industrial
        development of at least 500 acres having been created
        within the taxing district. The abatement shall not
        exceed a period of 20 years and the aggregate amount of
        abated taxes for all taxing districts combined shall
        not exceed $12,000,000.
            (C) The property of any commercial or industrial
        firm currently located in the taxing district that
        expands a facility or its number of employees. The
        abatement shall not exceed a period of 10 years and the
        aggregate amount of abated taxes for all taxing
        districts combined shall not exceed $4,000,000. The
        abatement period may be renewed at the option of the
        taxing districts.
        (2) Horse racing. Any property in the taxing district
    which is used for the racing of horses and upon which
    capital improvements consisting of expansion, improvement
    or replacement of existing facilities have been made since
    July 1, 1987. The combined abatements for such property
    from all taxing districts in any county shall not exceed
    $5,000,000 annually and shall not exceed a period of 10
    years.
        (3) Auto racing. Any property designed exclusively for
    the racing of motor vehicles. Such abatement shall not
    exceed a period of 10 years.
        (4) Academic or research institute. The property of any
    academic or research institute in the taxing district that
    (i) is an exempt organization under paragraph (3) of
    Section 501(c) of the Internal Revenue Code, (ii) operates
    for the benefit of the public by actually and exclusively
    performing scientific research and making the results of
    the research available to the interested public on a
    non-discriminatory basis, and (iii) employs more than 100
    employees. An abatement granted under this paragraph shall
    be for at least 15 years and the aggregate amount of abated
    taxes for all taxing districts combined shall not exceed
    $5,000,000.
        (5) Housing for older persons. Any property in the
    taxing district that is devoted exclusively to affordable
    housing for older households. For purposes of this
    paragraph, "older households" means those households (i)
    living in housing provided under any State or federal
    program that the Department of Human Rights determines is
    specifically designed and operated to assist elderly
    persons and is solely occupied by persons 55 years of age
    or older and (ii) whose annual income does not exceed 80%
    of the area gross median income, adjusted for family size,
    as such gross income and median income are determined from
    time to time by the United States Department of Housing and
    Urban Development. The abatement shall not exceed a period
    of 15 years, and the aggregate amount of abated taxes for
    all taxing districts shall not exceed $3,000,000.
        (6) Historical society. For assessment years 1998
    through 2008, the property of an historical society
    qualifying as an exempt organization under Section
    501(c)(3) of the federal Internal Revenue Code.
        (7) Recreational facilities. Any property in the
    taxing district (i) that is used for a municipal airport,
    (ii) that is subject to a leasehold assessment under
    Section 9-195 of this Code and (iii) which is sublet from a
    park district that is leasing the property from a
    municipality, but only if the property is used exclusively
    for recreational facilities or for parking lots used
    exclusively for those facilities. The abatement shall not
    exceed a period of 10 years.
        (8) Relocated corporate headquarters. If approval
    occurs within 5 years after the effective date of this
    amendatory Act of the 92nd General Assembly, any property
    or a portion of any property in a taxing district that is
    used by an eligible business for a corporate headquarters
    as defined in the Corporate Headquarters Relocation Act.
    Instead of an abatement under this paragraph (8), a taxing
    district may enter into an agreement with an eligible
    business to make annual payments to that eligible business
    in an amount not to exceed the property taxes paid directly
    or indirectly by that eligible business to the taxing
    district and any other taxing districts for premises
    occupied pursuant to a written lease and may make those
    payments without the need for an annual appropriation. No
    school district, however, may enter into an agreement with,
    or abate taxes for, an eligible business unless the
    municipality in which the corporate headquarters is
    located agrees to provide funding to the school district in
    an amount equal to the amount abated or paid by the school
    district as provided in this paragraph (8). Any abatement
    ordered or agreement entered into under this paragraph (8)
    may be effective for the entire term specified by the
    taxing district, except the term of the abatement or annual
    payments may not exceed 20 years.
        (9) United States Military Public/Private Residential
    Developments. Each building, structure, or other
    improvement designed, financed, constructed, renovated,
    managed, operated, or maintained after January 1, 2006
    under a "PPV Lease", as set forth under Division 14 of
    Article 10, and any such PPV Lease.
    (b) Upon a majority vote of its governing authority, any
municipality may, after the determination of the assessed
valuation of its property, order the county clerk to abate any
portion of its taxes on any property that is located within the
corporate limits of the municipality in accordance with Section
8-3-18 of the Illinois Municipal Code.
(Source: P.A. 92-12, eff. 7-1-01; 92-207, eff. 8-1-01; 92-247,
eff. 8-3-01; 92-651, eff. 7-11-02; 93-270, eff. 7-22-03;
revised 12-6-03.)
 
    (35 ILCS 200/18-185)
    Sec. 18-185. Short title; definitions. This Division 5 may
be cited as the Property Tax Extension Limitation Law. As used
in this Division 5:
    "Consumer Price Index" means the Consumer Price Index for
All Urban Consumers for all items published by the United
States Department of Labor.
    "Extension limitation" means (a) the lesser of 5% or the
percentage increase in the Consumer Price Index during the
12-month calendar year preceding the levy year or (b) the rate
of increase approved by voters under Section 18-205.
    "Affected county" means a county of 3,000,000 or more
inhabitants or a county contiguous to a county of 3,000,000 or
more inhabitants.
    "Taxing district" has the same meaning provided in Section
1-150, except as otherwise provided in this Section. For the
1991 through 1994 levy years only, "taxing district" includes
only each non-home rule taxing district having the majority of
its 1990 equalized assessed value within any county or counties
contiguous to a county with 3,000,000 or more inhabitants.
Beginning with the 1995 levy year, "taxing district" includes
only each non-home rule taxing district subject to this Law
before the 1995 levy year and each non-home rule taxing
district not subject to this Law before the 1995 levy year
having the majority of its 1994 equalized assessed value in an
affected county or counties. Beginning with the levy year in
which this Law becomes applicable to a taxing district as
provided in Section 18-213, "taxing district" also includes
those taxing districts made subject to this Law as provided in
Section 18-213.
    "Aggregate extension" for taxing districts to which this
Law applied before the 1995 levy year means the annual
corporate extension for the taxing district and those special
purpose extensions that are made annually for the taxing
district, excluding special purpose extensions: (a) made for
the taxing district to pay interest or principal on general
obligation bonds that were approved by referendum; (b) made for
any taxing district to pay interest or principal on general
obligation bonds issued before October 1, 1991; (c) made for
any taxing district to pay interest or principal on bonds
issued to refund or continue to refund those bonds issued
before October 1, 1991; (d) made for any taxing district to pay
interest or principal on bonds issued to refund or continue to
refund bonds issued after October 1, 1991 that were approved by
referendum; (e) made for any taxing district to pay interest or
principal on revenue bonds issued before October 1, 1991 for
payment of which a property tax levy or the full faith and
credit of the unit of local government is pledged; however, a
tax for the payment of interest or principal on those bonds
shall be made only after the governing body of the unit of
local government finds that all other sources for payment are
insufficient to make those payments; (f) made for payments
under a building commission lease when the lease payments are
for the retirement of bonds issued by the commission before
October 1, 1991, to pay for the building project; (g) made for
payments due under installment contracts entered into before
October 1, 1991; (h) made for payments of principal and
interest on bonds issued under the Metropolitan Water
Reclamation District Act to finance construction projects
initiated before October 1, 1991; (i) made for payments of
principal and interest on limited bonds, as defined in Section
3 of the Local Government Debt Reform Act, in an amount not to
exceed the debt service extension base less the amount in items
(b), (c), (e), and (h) of this definition for non-referendum
obligations, except obligations initially issued pursuant to
referendum; (j) made for payments of principal and interest on
bonds issued under Section 15 of the Local Government Debt
Reform Act; (k) made by a school district that participates in
the Special Education District of Lake County, created by
special education joint agreement under Section 10-22.31 of the
School Code, for payment of the school district's share of the
amounts required to be contributed by the Special Education
District of Lake County to the Illinois Municipal Retirement
Fund under Article 7 of the Illinois Pension Code; the amount
of any extension under this item (k) shall be certified by the
school district to the county clerk; (l) made to fund expenses
of providing joint recreational programs for the handicapped
under Section 5-8 of the Park District Code or Section 11-95-14
of the Illinois Municipal Code; (m) made for temporary
relocation loan repayment purposes pursuant to Sections 2-3.77
and 17-2.2d of the School Code; , and (n) made for payment of
principal and interest on any bonds issued under the authority
of Section 17-2.2d of the School Code; and (o) (m) made for
contributions to a firefighter's pension fund created under
Article 4 of the Illinois Pension Code, to the extent of the
amount certified under item (5) of Section 4-134 of the
Illinois Pension Code.
    "Aggregate extension" for the taxing districts to which
this Law did not apply before the 1995 levy year (except taxing
districts subject to this Law in accordance with Section
18-213) means the annual corporate extension for the taxing
district and those special purpose extensions that are made
annually for the taxing district, excluding special purpose
extensions: (a) made for the taxing district to pay interest or
principal on general obligation bonds that were approved by
referendum; (b) made for any taxing district to pay interest or
principal on general obligation bonds issued before March 1,
1995; (c) made for any taxing district to pay interest or
principal on bonds issued to refund or continue to refund those
bonds issued before March 1, 1995; (d) made for any taxing
district to pay interest or principal on bonds issued to refund
or continue to refund bonds issued after March 1, 1995 that
were approved by referendum; (e) made for any taxing district
to pay interest or principal on revenue bonds issued before
March 1, 1995 for payment of which a property tax levy or the
full faith and credit of the unit of local government is
pledged; however, a tax for the payment of interest or
principal on those bonds shall be made only after the governing
body of the unit of local government finds that all other
sources for payment are insufficient to make those payments;
(f) made for payments under a building commission lease when
the lease payments are for the retirement of bonds issued by
the commission before March 1, 1995 to pay for the building
project; (g) made for payments due under installment contracts
entered into before March 1, 1995; (h) made for payments of
principal and interest on bonds issued under the Metropolitan
Water Reclamation District Act to finance construction
projects initiated before October 1, 1991; (h-4) made for
stormwater management purposes by the Metropolitan Water
Reclamation District of Greater Chicago under Section 12 of the
Metropolitan Water Reclamation District Act; (i) made for
payments of principal and interest on limited bonds, as defined
in Section 3 of the Local Government Debt Reform Act, in an
amount not to exceed the debt service extension base less the
amount in items (b), (c), and (e) of this definition for
non-referendum obligations, except obligations initially
issued pursuant to referendum and bonds described in subsection
(h) of this definition; (j) made for payments of principal and
interest on bonds issued under Section 15 of the Local
Government Debt Reform Act; (k) made for payments of principal
and interest on bonds authorized by Public Act 88-503 and
issued under Section 20a of the Chicago Park District Act for
aquarium or museum projects; (l) made for payments of principal
and interest on bonds authorized by Public Act 87-1191 or
93-601 and (i) issued pursuant to Section 21.2 of the Cook
County Forest Preserve District Act, (ii) issued under Section
42 of the Cook County Forest Preserve District Act for
zoological park projects, or (iii) issued under Section 44.1 of
the Cook County Forest Preserve District Act for botanical
gardens projects; (m) made pursuant to Section 34-53.5 of the
School Code, whether levied annually or not; (n) made to fund
expenses of providing joint recreational programs for the
handicapped under Section 5-8 of the Park District Code or
Section 11-95-14 of the Illinois Municipal Code; (o) made by
the Chicago Park District for recreational programs for the
handicapped under subsection (c) of Section 7.06 of the Chicago
Park District Act; and (p) made for contributions to a
firefighter's pension fund created under Article 4 of the
Illinois Pension Code, to the extent of the amount certified
under item (5) of Section 4-134 of the Illinois Pension Code.
    "Aggregate extension" for all taxing districts to which
this Law applies in accordance with Section 18-213, except for
those taxing districts subject to paragraph (2) of subsection
(e) of Section 18-213, means the annual corporate extension for
the taxing district and those special purpose extensions that
are made annually for the taxing district, excluding special
purpose extensions: (a) made for the taxing district to pay
interest or principal on general obligation bonds that were
approved by referendum; (b) made for any taxing district to pay
interest or principal on general obligation bonds issued before
the date on which the referendum making this Law applicable to
the taxing district is held; (c) made for any taxing district
to pay interest or principal on bonds issued to refund or
continue to refund those bonds issued before the date on which
the referendum making this Law applicable to the taxing
district is held; (d) made for any taxing district to pay
interest or principal on bonds issued to refund or continue to
refund bonds issued after the date on which the referendum
making this Law applicable to the taxing district is held if
the bonds were approved by referendum after the date on which
the referendum making this Law applicable to the taxing
district is held; (e) made for any taxing district to pay
interest or principal on revenue bonds issued before the date
on which the referendum making this Law applicable to the
taxing district is held for payment of which a property tax
levy or the full faith and credit of the unit of local
government is pledged; however, a tax for the payment of
interest or principal on those bonds shall be made only after
the governing body of the unit of local government finds that
all other sources for payment are insufficient to make those
payments; (f) made for payments under a building commission
lease when the lease payments are for the retirement of bonds
issued by the commission before the date on which the
referendum making this Law applicable to the taxing district is
held to pay for the building project; (g) made for payments due
under installment contracts entered into before the date on
which the referendum making this Law applicable to the taxing
district is held; (h) made for payments of principal and
interest on limited bonds, as defined in Section 3 of the Local
Government Debt Reform Act, in an amount not to exceed the debt
service extension base less the amount in items (b), (c), and
(e) of this definition for non-referendum obligations, except
obligations initially issued pursuant to referendum; (i) made
for payments of principal and interest on bonds issued under
Section 15 of the Local Government Debt Reform Act; (j) made
for a qualified airport authority to pay interest or principal
on general obligation bonds issued for the purpose of paying
obligations due under, or financing airport facilities
required to be acquired, constructed, installed or equipped
pursuant to, contracts entered into before March 1, 1996 (but
not including any amendments to such a contract taking effect
on or after that date); (k) made to fund expenses of providing
joint recreational programs for the handicapped under Section
5-8 of the Park District Code or Section 11-95-14 of the
Illinois Municipal Code; and (l) made for contributions to a
firefighter's pension fund created under Article 4 of the
Illinois Pension Code, to the extent of the amount certified
under item (5) of Section 4-134 of the Illinois Pension Code.
    "Aggregate extension" for all taxing districts to which
this Law applies in accordance with paragraph (2) of subsection
(e) of Section 18-213 means the annual corporate extension for
the taxing district and those special purpose extensions that
are made annually for the taxing district, excluding special
purpose extensions: (a) made for the taxing district to pay
interest or principal on general obligation bonds that were
approved by referendum; (b) made for any taxing district to pay
interest or principal on general obligation bonds issued before
the effective date of this amendatory Act of 1997; (c) made for
any taxing district to pay interest or principal on bonds
issued to refund or continue to refund those bonds issued
before the effective date of this amendatory Act of 1997; (d)
made for any taxing district to pay interest or principal on
bonds issued to refund or continue to refund bonds issued after
the effective date of this amendatory Act of 1997 if the bonds
were approved by referendum after the effective date of this
amendatory Act of 1997; (e) made for any taxing district to pay
interest or principal on revenue bonds issued before the
effective date of this amendatory Act of 1997 for payment of
which a property tax levy or the full faith and credit of the
unit of local government is pledged; however, a tax for the
payment of interest or principal on those bonds shall be made
only after the governing body of the unit of local government
finds that all other sources for payment are insufficient to
make those payments; (f) made for payments under a building
commission lease when the lease payments are for the retirement
of bonds issued by the commission before the effective date of
this amendatory Act of 1997 to pay for the building project;
(g) made for payments due under installment contracts entered
into before the effective date of this amendatory Act of 1997;
(h) made for payments of principal and interest on limited
bonds, as defined in Section 3 of the Local Government Debt
Reform Act, in an amount not to exceed the debt service
extension base less the amount in items (b), (c), and (e) of
this definition for non-referendum obligations, except
obligations initially issued pursuant to referendum; (i) made
for payments of principal and interest on bonds issued under
Section 15 of the Local Government Debt Reform Act; (j) made
for a qualified airport authority to pay interest or principal
on general obligation bonds issued for the purpose of paying
obligations due under, or financing airport facilities
required to be acquired, constructed, installed or equipped
pursuant to, contracts entered into before March 1, 1996 (but
not including any amendments to such a contract taking effect
on or after that date); (k) made to fund expenses of providing
joint recreational programs for the handicapped under Section
5-8 of the Park District Code or Section 11-95-14 of the
Illinois Municipal Code; and (l) made for contributions to a
firefighter's pension fund created under Article 4 of the
Illinois Pension Code, to the extent of the amount certified
under item (5) of Section 4-134 of the Illinois Pension Code.
    "Debt service extension base" means an amount equal to that
portion of the extension for a taxing district for the 1994
levy year, or for those taxing districts subject to this Law in
accordance with Section 18-213, except for those subject to
paragraph (2) of subsection (e) of Section 18-213, for the levy
year in which the referendum making this Law applicable to the
taxing district is held, or for those taxing districts subject
to this Law in accordance with paragraph (2) of subsection (e)
of Section 18-213 for the 1996 levy year, constituting an
extension for payment of principal and interest on bonds issued
by the taxing district without referendum, but not including
excluded non-referendum bonds. For park districts (i) that were
first subject to this Law in 1991 or 1995 and (ii) whose
extension for the 1994 levy year for the payment of principal
and interest on bonds issued by the park district without
referendum (but not including excluded non-referendum bonds)
was less than 51% of the amount for the 1991 levy year
constituting an extension for payment of principal and interest
on bonds issued by the park district without referendum (but
not including excluded non-referendum bonds), "debt service
extension base" means an amount equal to that portion of the
extension for the 1991 levy year constituting an extension for
payment of principal and interest on bonds issued by the park
district without referendum (but not including excluded
non-referendum bonds). The debt service extension base may be
established or increased as provided under Section 18-212.
"Excluded non-referendum bonds" means (i) bonds authorized by
Public Act 88-503 and issued under Section 20a of the Chicago
Park District Act for aquarium and museum projects; (ii) bonds
issued under Section 15 of the Local Government Debt Reform
Act; or (iii) refunding obligations issued to refund or to
continue to refund obligations initially issued pursuant to
referendum.
    "Special purpose extensions" include, but are not limited
to, extensions for levies made on an annual basis for
unemployment and workers' compensation, self-insurance,
contributions to pension plans, and extensions made pursuant to
Section 6-601 of the Illinois Highway Code for a road
district's permanent road fund whether levied annually or not.
The extension for a special service area is not included in the
aggregate extension.
    "Aggregate extension base" means the taxing district's
last preceding aggregate extension as adjusted under Sections
18-215 through 18-230.
    "Levy year" has the same meaning as "year" under Section
1-155.
    "New property" means (i) the assessed value, after final
board of review or board of appeals action, of new improvements
or additions to existing improvements on any parcel of real
property that increase the assessed value of that real property
during the levy year multiplied by the equalization factor
issued by the Department under Section 17-30, (ii) the assessed
value, after final board of review or board of appeals action,
of real property not exempt from real estate taxation, which
real property was exempt from real estate taxation for any
portion of the immediately preceding levy year, multiplied by
the equalization factor issued by the Department under Section
17-30, including the assessed value, upon final stabilization
of occupancy after new construction is complete, of any real
property located within the boundaries of an otherwise or
previously exempt military reservation that is intended for
residential use and owned by or leased to a private corporation
or other entity, and (iii) in counties that classify in
accordance with Section 4 of Article IX of the Illinois
Constitution, an incentive property's additional assessed
value resulting from a scheduled increase in the level of
assessment as applied to the first year final board of review
market value. In addition, the county clerk in a county
containing a population of 3,000,000 or more shall include in
the 1997 recovered tax increment value for any school district,
any recovered tax increment value that was applicable to the
1995 tax year calculations.
    "Qualified airport authority" means an airport authority
organized under the Airport Authorities Act and located in a
county bordering on the State of Wisconsin and having a
population in excess of 200,000 and not greater than 500,000.
    "Recovered tax increment value" means, except as otherwise
provided in this paragraph, the amount of the current year's
equalized assessed value, in the first year after a
municipality terminates the designation of an area as a
redevelopment project area previously established under the
Tax Increment Allocation Development Act in the Illinois
Municipal Code, previously established under the Industrial
Jobs Recovery Law in the Illinois Municipal Code, or previously
established under the Economic Development Area Tax Increment
Allocation Act, of each taxable lot, block, tract, or parcel of
real property in the redevelopment project area over and above
the initial equalized assessed value of each property in the
redevelopment project area. For the taxes which are extended
for the 1997 levy year, the recovered tax increment value for a
non-home rule taxing district that first became subject to this
Law for the 1995 levy year because a majority of its 1994
equalized assessed value was in an affected county or counties
shall be increased if a municipality terminated the designation
of an area in 1993 as a redevelopment project area previously
established under the Tax Increment Allocation Development Act
in the Illinois Municipal Code, previously established under
the Industrial Jobs Recovery Law in the Illinois Municipal
Code, or previously established under the Economic Development
Area Tax Increment Allocation Act, by an amount equal to the
1994 equalized assessed value of each taxable lot, block,
tract, or parcel of real property in the redevelopment project
area over and above the initial equalized assessed value of
each property in the redevelopment project area. In the first
year after a municipality removes a taxable lot, block, tract,
or parcel of real property from a redevelopment project area
established under the Tax Increment Allocation Development Act
in the Illinois Municipal Code, the Industrial Jobs Recovery
Law in the Illinois Municipal Code, or the Economic Development
Area Tax Increment Allocation Act, "recovered tax increment
value" means the amount of the current year's equalized
assessed value of each taxable lot, block, tract, or parcel of
real property removed from the redevelopment project area over
and above the initial equalized assessed value of that real
property before removal from the redevelopment project area.
    Except as otherwise provided in this Section, "limiting
rate" means a fraction the numerator of which is the last
preceding aggregate extension base times an amount equal to one
plus the extension limitation defined in this Section and the
denominator of which is the current year's equalized assessed
value of all real property in the territory under the
jurisdiction of the taxing district during the prior levy year.
For those taxing districts that reduced their aggregate
extension for the last preceding levy year, the highest
aggregate extension in any of the last 3 preceding levy years
shall be used for the purpose of computing the limiting rate.
The denominator shall not include new property. The denominator
shall not include the recovered tax increment value.
(Source: P.A. 92-547, eff. 6-13-02; 93-601, eff. 1-1-04;
93-606, eff. 11-18-03; 93-612, eff. 11-18-03; 93-689, eff.
7-1-04; 93-690, eff. 7-1-04; 93-1049, eff. 11-17-04; revised
12-14-04.)
 
    Section 99. Effective date. This Act takes effect upon
becoming law.

Effective Date: 6/30/2006