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Public Act 102-0707 | ||||
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AN ACT concerning local government.
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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 18-185 as follows: | ||||
(35 ILCS 200/18-185)
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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:
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"Consumer Price Index" means the Consumer Price Index for | ||||
All Urban
Consumers for all items published by the United | ||||
States Department of Labor.
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"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.
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"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.
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"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 persons with disabilities 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; (n) made for payment of principal | ||
and interest on any bonds issued under the authority of | ||
Section 17-2.2d of the School Code; (o) 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; | ||
and (p) made for road purposes in the first year after a | ||
township assumes the rights, powers, duties, assets, property, | ||
liabilities, obligations, and
responsibilities of a road | ||
district abolished under the provisions of Section 6-133 of | ||
the Illinois Highway 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 ; (h-8) made | ||
for payments of principal and interest on bonds issued under | ||
Section 9.6a of the Metropolitan Water Reclamation District | ||
Act to make contributions to the pension fund established | ||
under Article 13 of the Illinois Pension Code ; (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
| ||
subsections subsection (h) and (h-8) 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 and bonds issued under Section 20a of the Chicago | ||
Park District Act for the purpose of making contributions to | ||
the pension fund established under Article 12 of the Illinois | ||
Pension Code; (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 persons | ||
with disabilities 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 | ||
persons with disabilities under subsection (c) of
Section
7.06 | ||
of the Chicago Park District Act; (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; | ||
(q) made by Ford Heights School District 169 under Section | ||
17-9.02 of the School Code; and (r) made for the purpose of | ||
making employer contributions to the Public School Teachers' | ||
Pension and Retirement Fund of Chicago under Section 34-53 of | ||
the School Code.
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"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 | ||
persons with disabilities under Section 5-8 of
the
Park | ||
District Code or Section 11-95-14 of the Illinois Municipal | ||
Code; (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; and (m) made for the taxing | ||
district to pay interest or principal on general obligation | ||
bonds issued pursuant to Section 19-3.10 of the School 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 March 7, 1997 (the effective | ||
date of Public Act 89-718);
(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 7, 1997 | ||
(the effective date
of Public Act 89-718);
(d) made for any
| ||
taxing district to pay interest or principal on bonds issued | ||
to refund or
continue to refund bonds issued after March 7, | ||
1997 (the effective date of Public Act 89-718) if the bonds | ||
were approved by referendum after March 7, 1997 (the effective | ||
date of Public Act 89-718);
(e) made for any
taxing district to | ||
pay interest or principal on
revenue bonds issued before March | ||
7, 1997 (the effective date of Public Act 89-718)
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 7, | ||
1997 (the effective date
of Public Act 89-718)
to
pay for the | ||
building project; (g) made for payments due under installment
| ||
contracts entered into before March 7, 1997 (the effective | ||
date of Public Act 89-718);
(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 | ||
persons with disabilities 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). | ||
A debt service extension base established or increased at any | ||
time pursuant to any provision of this Law, except Section | ||
18-212, shall be increased each year commencing with the later | ||
of (i) the 2009 levy year or (ii) the first levy year in which | ||
this Law becomes applicable to the taxing district, by the | ||
lesser of 5% or the percentage increase in the Consumer Price | ||
Index during the 12-month calendar year preceding the levy | ||
year. 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 | ||
18-135, 18-215,
18-230, 18-206, and 18-233.
An adjustment | ||
under Section 18-135 shall be made for the 2007 levy year and | ||
all subsequent levy years whenever one or more counties within | ||
which a taxing district is located (i) used estimated | ||
valuations or rates when extending taxes in the taxing | ||
district for the last preceding levy year that resulted in the | ||
over or under extension of taxes, or (ii) increased or | ||
decreased the tax extension for the last preceding levy year | ||
as required by Section 18-135(c). Whenever an adjustment is | ||
required under Section 18-135, the aggregate extension base of | ||
the taxing district shall be equal to the amount that the | ||
aggregate extension of the taxing district would have been for | ||
the last preceding levy year if either or both (i) actual, | ||
rather than estimated, valuations or rates had been used to | ||
calculate the extension of taxes for the last levy year, or | ||
(ii) the tax extension for the last preceding levy year had not | ||
been adjusted as required by subsection (c) of Section 18-135.
| ||
Notwithstanding any other provision of law, for levy year | ||
2012, the aggregate extension base for West Northfield School | ||
District No. 31 in Cook County shall be $12,654,592. | ||
Notwithstanding any other provision of law, for levy year | ||
2022, the aggregate extension base of a home equity assurance |
program that levied at least $1,000,000 in property taxes in | ||
levy year 2019 or 2020 under the Home Equity Assurance Act | ||
shall be the amount that the program's aggregate extension | ||
base for levy year 2021 would have been if the program had | ||
levied a property tax for levy year 2021. | ||
"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,
(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, and (iv) any increase in | ||
assessed value due to oil or gas production from an oil or gas | ||
well required to be permitted under the Hydraulic Fracturing | ||
Regulatory Act that was not produced in or accounted for | ||
during the previous levy year.
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 Redevelopment Act in the Illinois
| ||
Municipal Code, previously established under the Industrial | ||
Jobs Recovery Law
in the Illinois Municipal Code, previously | ||
established under the Economic Development Project Area Tax | ||
Increment Act of 1995, 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 Redevelopment
| ||
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 Redevelopment
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, except for school | ||
districts that reduced their extension for educational | ||
purposes pursuant to Section 18-206, 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 or the recovered | ||
tax increment
value.
If a new rate, a rate decrease, or a | ||
limiting rate increase has been approved at an election held | ||
after March 21, 2006, then (i) the otherwise applicable | ||
limiting rate shall be increased by the amount of the new rate | ||
or shall be reduced by the amount of the rate decrease, as the | ||
case may be, or (ii) in the case of a limiting rate increase, | ||
the limiting rate shall be equal to the rate set forth
in the |
proposition approved by the voters for each of the years | ||
specified in the proposition, after
which the limiting rate of | ||
the taxing district shall be calculated as otherwise provided. | ||
In the case of a taxing district that obtained referendum | ||
approval for an increased limiting rate on March 20, 2012, the | ||
limiting rate for tax year 2012 shall be the rate that | ||
generates the approximate total amount of taxes extendable for | ||
that tax year, as set forth in the proposition approved by the | ||
voters; this rate shall be the final rate applied by the county | ||
clerk for the aggregate of all capped funds of the district for | ||
tax year 2012.
| ||
(Source: P.A. 102-263, eff. 8-6-21; 102-311, eff. 8-6-21; | ||
102-519, eff. 8-20-21; 102-558, eff. 8-20-21; revised | ||
10-5-21.)
| ||
Section 10. The Illinois Pension Code is amended by | ||
changing Section 13-503 as follows:
| ||
(40 ILCS 5/13-503) (from Ch. 108 1/2, par. 13-503)
| ||
Sec. 13-503. Tax levy. Until fiscal year 2013, the Water | ||
Reclamation District shall annually
levy a tax upon all the | ||
taxable real property within the District at a rate
which, | ||
when extended, will produce a sum that (i) when added to the | ||
amounts
deducted from the salaries of employees, interest | ||
income on investments, and
other income, will be sufficient to | ||
meet the requirements of the Fund on an
actuarially funded |
basis, but (ii) shall not exceed an amount equal to the
total | ||
amount of contributions by the employees to the Fund made in | ||
the
calendar year 2 years prior to the year for which the tax | ||
is levied,
multiplied by 2.19, except that the amount of | ||
employee contributions made on
or after January 1, 2003 | ||
towards the purchase of additional optional benefits
under | ||
Section 13-304.1 shall only be multiplied by 1.00. | ||
Beginning in fiscal year 2013, the District shall annually
| ||
levy a tax upon all the taxable real property within the | ||
District at a rate
which, when extended, will produce a sum | ||
that (i) will be sufficient to meet the Fund's actuarially | ||
determined contribution requirement, but (ii) shall not exceed | ||
an amount equal to the total employee contributions 2 years | ||
prior multiplied by 4.19. The actuarially determined | ||
contribution requirement is equal to the employer's normal | ||
cost plus the annual amount needed to amortize the unfunded | ||
liability by the year 2050 as a level percent of payroll. The | ||
funding goal is to attain a funded ratio of 100% at least 90% | ||
by the year 2050, with the funded ratio being the ratio of the | ||
actuarial value of assets to the total actuarial liability. | ||
The tax shall be
levied and collected in the same manner as | ||
the general taxes of the District.
| ||
The tax shall be exclusive of and in addition to the amount | ||
of tax the
District is now or may hereafter be authorized to | ||
levy for general purposes
under the Metropolitan Water | ||
Reclamation District Act or under any other
laws which may |
limit the amount of tax for general purposes. The county
clerk | ||
of any county, in reducing tax levies as may be authorized by | ||
law,
shall not consider any such tax as a part of the general | ||
tax levy for
District purposes, and shall not include the same | ||
in any limitation of the
percent of the assessed valuation | ||
upon which taxes are required to be extended.
| ||
Revenues derived from the tax shall be paid to the Fund for | ||
the benefit
of the Fund , except for the amount of revenue to be | ||
retained by the District and used to pay principal and | ||
interest on bonds issued for the sole purpose of making | ||
contributions to the Fund as set forth in Section 9.6a of the | ||
Metropolitan Water Reclamation District Act .
| ||
If the funds available for the purposes of this Article | ||
are insufficient
during any year to meet the requirements of | ||
this Article, the District may
issue tax anticipation warrants | ||
or notes, as provided by law, against the
current tax levy.
| ||
The Board shall submit annually to the Board of | ||
Commissioners of the
District an estimate of the amount | ||
required to be raised by taxation for
the purposes of the Fund. | ||
The Board of Commissioners shall review the
estimate and | ||
determine the tax to be levied for such purposes.
| ||
(Source: P.A. 97-894, eff. 8-3-12.)
| ||
Section 15. The Metropolitan Water Reclamation District | ||
Act is amended by changing Section 9.6a as follows:
|
(70 ILCS 2605/9.6a) (from Ch. 42, par. 328.6a)
| ||
Sec. 9.6a. Bonds for sewage treatment and water quality | ||
improvements. The corporate authorities of a sanitary | ||
district, in
order to provide funds required for the | ||
replacing, remodeling,
completing, altering, constructing and | ||
enlarging of sewage treatment
works, administrative buildings, | ||
water quality improvement projects, or flood control | ||
facilities, and additions therefor, pumping
stations, tunnels, | ||
conduits, intercepting sewers and outlet sewers,
together with | ||
the equipment, including air pollution equipment, and
| ||
appurtenances thereto, to acquire property, real, personal or | ||
mixed,
necessary for said purposes, for costs and expenses for | ||
the acquisition
of the sites and rights-of-way necessary | ||
thereto, and for engineering
expenses for designing and | ||
supervising the construction of such works,
may issue on or | ||
before December 31, 2034, in addition to all
other obligations | ||
heretofore or herein authorized, bonds, notes or
other | ||
evidences of indebtedness for such purposes in an aggregate
| ||
amount at any one time outstanding not to exceed 3.35% of the | ||
equalized
assessed valuation of all taxable property within | ||
the sanitary district,
to be ascertained by the last | ||
assessment for State and local taxes
previous to the issuance | ||
of any such obligations. Such obligations shall be
issued | ||
without submitting the question of such issuance to the legal | ||
voters
of such sanitary district for approval.
| ||
The corporate authorities may sell such obligations at |
private or
public sale and enter into any contract or | ||
agreement necessary, appropriate
or incidental to the exercise | ||
of the powers granted by this Act, including,
without | ||
limitation, contracts or agreements for the sale and purchase | ||
of
such obligations and the payment of costs and expenses | ||
incident thereto.
The corporate authorities may pay such costs | ||
and expenses, in whole or in
part, from the corporate fund.
| ||
Such obligations shall be issued from time to time only in | ||
amounts as may
be required for such purposes but the amount of | ||
such obligations issued during
any one budget year shall not | ||
exceed $150,000,000 plus
the amount of any obligations | ||
authorized by this Act to be issued during the 3
budget years | ||
next preceding the year of issuance but which were not issued,
| ||
provided, however, that this limitation shall not be | ||
applicable (i) to the issuance
of obligations to refund bonds, | ||
notes or other evidences of indebtedness,
(ii) to obligations | ||
issued to provide for the repayment of money received
from the | ||
Water Pollution Control Revolving Fund for the construction or
| ||
repair of wastewater treatment works, and (iii) to obligations | ||
issued as part of the American Recovery and Reinvestment Act | ||
of 2009, issued prior to January 1, 2011, that are commonly | ||
known as "Build America Bonds" as authorized by Section 54AA | ||
of the Internal Revenue Code of 1986, as amended. Each | ||
ordinance authorizing the
issuance of the obligations shall | ||
state the general purpose or purposes for
which they are to be | ||
issued, and the corporate authorities may at any time
|
thereafter pass supplemental appropriations ordinances | ||
appropriating the
proceeds from the sale of such obligations | ||
for such purposes.
| ||
Notwithstanding anything to the contrary in Section 9.6 or | ||
this Section, and in addition to any other amount of bonds | ||
authorized to be issued under this Act, the corporate | ||
authorities are authorized to issue from time to time bonds of | ||
the district in a principal amount not to exceed $600,000,000 | ||
for the purpose of making contributions to the pension fund | ||
established under Article 13 of the Illinois Pension Code | ||
without submitting the question of issuing bonds to the voters | ||
of the District. Any bond issuances under this paragraph are | ||
intended to decrease the unfunded liability of the pension | ||
fund and shall not decrease the amount of the employer | ||
contributions required in any given year under Section 13-503 | ||
of the Illinois Pension Code. | ||
The corporate authorities may issue bonds, notes or other | ||
evidences of
indebtedness in an amount necessary to provide | ||
funds to refund outstanding
obligations issued pursuant to | ||
this Section, including interest accrued or
to accrue thereon.
| ||
(Source: P.A. 101-302, eff. 1-1-20 .)
| ||
Section 90. The State Mandates Act is amended by adding | ||
Section 8.46 as follows: | ||
(30 ILCS 805/8.46 new) |
Sec. 8.46. Exempt mandate. Notwithstanding Sections 6 and | ||
8 of this Act, no reimbursement by the State is required for | ||
the implementation of any mandate created by this amendatory | ||
Act of the 102nd General Assembly.
| ||
Section 99. Effective date. This Act takes effect upon | ||
becoming law.
|