HB0493 Enrolled LRB096 08247 RCE 18354 b

1     AN ACT concerning revenue.
 
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 changing
5 Section 18-85 as follows:
 
6     (35 ILCS 200/18-85)
7     Sec. 18-85. Notice if adopted levy exceeds proposed levy.
8 If the final aggregate tax levy resolution or ordinance adopted
9 is more than 105% of the amount, exclusive of election costs,
10 which was extended or is estimated to be extended, plus any
11 amount abated by the taxing district prior to extension, upon
12 the final aggregate levy of the preceding year and is in excess
13 of the amount of the proposed levy stated in the notice
14 published under Section 18-70, or is more than 105% of that
15 amount and no notice was required under Section 18-70, the
16 corporate authority shall give public notice of its action
17 within 15 days of the adoption of the levy in the following
18 form:
19     Notice of Adopted Property Tax Increase for ... (commonly
20 known name of taxing district).
21     I. The corporate and special purpose property taxes
22 extended or abated for ... (preceding year) ... were ...
23 (dollar amount of the final aggregate levy as extended).

 

 

HB0493 Enrolled - 2 - LRB096 08247 RCE 18354 b

1     The adopted corporate and special purpose property taxes to
2 be levied for ... (current year) ... are ... (dollar amount of
3 the proposed aggregate levy). This represents a ...
4 (percentage) ... increase over the previous year.
5     II. The property taxes extended for debt service and public
6 building commission leases for ... (preceding year) ... were
7 ... (dollar amount).
8     The estimated property taxes to be levied for debt service
9 and public building commission leases for ... (current year)
10 ... are ... (dollar amount). This represents a ... (percentage
11 increase or decrease) ... over the previous year.
12     III. The total property taxes extended or abated for ...
13 (preceding year) ... were ... (dollar amount).
14     IV. The estimated total property taxes to be levied for ...
15 (current year) ... are ... (dollar amount). This represents a
16 ... (percentage increase or decrease) ... over the previous
17 year.
18     A taxing district may, in its discretion and if applicable,
19 include the following in the notice:
20     V. The taxing district has estimated its equalized assessed
21 valuation to secure new growth revenue and must adhere to the
22 Property Tax Extension Limitation Law (PTELL or "tax cap" law).
23 PTELL limits the increase over the prior year in the property
24 tax extension of this taxing district to the lesser of 5% or
25 the percentage increase in the Consumer Price Index (CPI),
26 which is (insert applicable CPI percentage increase).

 

 

HB0493 Enrolled - 3 - LRB096 08247 RCE 18354 b

1 (Source: P.A. 86-957; 88-455.)
 
2     Section 99. Effective date. This Act takes effect upon
3 becoming law.