Illinois General Assembly - Full Text of Public Act 096-0504
Illinois General Assembly

Previous General Assemblies

Public Act 096-0504


 

Public Act 0504 96TH GENERAL ASSEMBLY



 


 
Public Act 096-0504
 
HB0493 Enrolled LRB096 08247 RCE 18354 b

    AN ACT concerning revenue.
 
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
 
    Section 5. The Property Tax Code is amended by changing
Section 18-85 as follows:
 
    (35 ILCS 200/18-85)
    Sec. 18-85. Notice if adopted levy exceeds proposed levy.
If the final aggregate tax levy resolution or ordinance adopted
is more than 105% of the amount, exclusive of election costs,
which was extended or is estimated to be extended, plus any
amount abated by the taxing district prior to extension, upon
the final aggregate levy of the preceding year and is in excess
of the amount of the proposed levy stated in the notice
published under Section 18-70, or is more than 105% of that
amount and no notice was required under Section 18-70, the
corporate authority shall give public notice of its action
within 15 days of the adoption of the levy in the following
form:
    Notice of Adopted Property Tax Increase for ... (commonly
known name of taxing district).
    I. The corporate and special purpose property taxes
extended or abated for ... (preceding year) ... were ...
(dollar amount of the final aggregate levy as extended).
    The adopted corporate and special purpose property taxes to
be levied for ... (current year) ... are ... (dollar amount of
the proposed aggregate levy). This represents a ...
(percentage) ... increase over the previous year.
    II. The property taxes extended for debt service and public
building commission leases for ... (preceding year) ... were
... (dollar amount).
    The estimated property taxes to be levied for debt service
and public building commission leases for ... (current year)
... are ... (dollar amount). This represents a ... (percentage
increase or decrease) ... over the previous year.
    III. The total property taxes extended or abated for ...
(preceding year) ... were ... (dollar amount).
    IV. The estimated total property taxes to be levied for ...
(current year) ... are ... (dollar amount). This represents a
... (percentage increase or decrease) ... over the previous
year.
    A taxing district may, in its discretion and if applicable,
include the following in the notice:
    V. The taxing district has estimated its equalized assessed
valuation to secure new growth revenue and must adhere to the
Property Tax Extension Limitation Law (PTELL or "tax cap" law).
PTELL limits the increase over the prior year in the property
tax extension of this taxing district to the lesser of 5% or
the percentage increase in the Consumer Price Index (CPI),
which is (insert applicable CPI percentage increase).
(Source: P.A. 86-957; 88-455.)
 
    Section 99. Effective date. This Act takes effect upon
becoming law.

Effective Date: 8/14/2009