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| Public Act 096-0504 |
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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 | ||||
Section 18-85 as follows:
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(35 ILCS 200/18-85)
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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:
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Notice of Adopted Property Tax Increase for ... (commonly | ||||
known name of
taxing district).
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I. The corporate and special purpose property taxes | ||||
extended or abated
for ... (preceding year) ... were ... | ||||
(dollar amount of the final aggregate
levy as extended).
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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.
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II. The property taxes extended for debt service and public | ||
building
commission leases for ... (preceding year) ... were | ||
... (dollar amount).
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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.
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III. The total property taxes extended or abated for ... | ||
(preceding
year) ... were ... (dollar amount).
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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.
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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.)
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Section 99. Effective date. This Act takes effect upon | ||
becoming law.
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