HB3793 EngrossedLRB097 12395 HLH 56861 b

1    AN ACT concerning revenue.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Property Tax Code is amended by changing
5Sections 18-185 and 18-205 as follows:
 
6    (35 ILCS 200/18-185)
7    Sec. 18-185. Short title; definitions. This Division 5 may
8be cited as the Property Tax Extension Limitation Law. As used
9in this Division 5:
10    "Consumer Price Index" means the Consumer Price Index for
11All Urban Consumers for all items published by the United
12States Department of Labor.
13    "Extension limitation" means (a) the lesser of 5% or the
14percentage increase in the Consumer Price Index during the
1512-month calendar year preceding the levy year or (b) the rate
16of increase approved by voters under Section 18-205.
17Notwithstanding any other provision of law, if the total
18equalized assessed value of all taxable property in the taxing
19district for the current levy year (excluding new property,
20recovered tax increment value, and property that is annexed to
21or disconnected from the taxing district in the current levy
22year) is less than the total equalized assessed value of all
23taxable property in the taxing district for the previous levy

 

 

HB3793 Engrossed- 2 -LRB097 12395 HLH 56861 b

1year, then the extension limitation is (a) 0% or (b) the rate
2of increase approved by voters under Section 18-205.
3    "Affected county" means a county of 3,000,000 or more
4inhabitants or a county contiguous to a county of 3,000,000 or
5more inhabitants.
6    "Taxing district" has the same meaning provided in Section
71-150, except as otherwise provided in this Section. For the
81991 through 1994 levy years only, "taxing district" includes
9only each non-home rule taxing district having the majority of
10its 1990 equalized assessed value within any county or counties
11contiguous to a county with 3,000,000 or more inhabitants.
12Beginning with the 1995 levy year, "taxing district" includes
13only each non-home rule taxing district subject to this Law
14before the 1995 levy year and each non-home rule taxing
15district not subject to this Law before the 1995 levy year
16having the majority of its 1994 equalized assessed value in an
17affected county or counties. Beginning with the levy year in
18which this Law becomes applicable to a taxing district as
19provided in Section 18-213, "taxing district" also includes
20those taxing districts made subject to this Law as provided in
21Section 18-213.
22    "Aggregate extension" for taxing districts to which this
23Law applied before the 1995 levy year means the annual
24corporate extension for the taxing district and those special
25purpose extensions that are made annually for the taxing
26district, excluding special purpose extensions: (a) made for

 

 

HB3793 Engrossed- 3 -LRB097 12395 HLH 56861 b

1the taxing district to pay interest or principal on general
2obligation bonds that were approved by referendum; (b) made for
3any taxing district to pay interest or principal on general
4obligation bonds issued before October 1, 1991; (c) made for
5any taxing district to pay interest or principal on bonds
6issued to refund or continue to refund those bonds issued
7before October 1, 1991; (d) made for any taxing district to pay
8interest or principal on bonds issued to refund or continue to
9refund bonds issued after October 1, 1991 that were approved by
10referendum; (e) made for any taxing district to pay interest or
11principal on revenue bonds issued before October 1, 1991 for
12payment of which a property tax levy or the full faith and
13credit of the unit of local government is pledged; however, a
14tax for the payment of interest or principal on those bonds
15shall be made only after the governing body of the unit of
16local government finds that all other sources for payment are
17insufficient to make those payments; (f) made for payments
18under a building commission lease when the lease payments are
19for the retirement of bonds issued by the commission before
20October 1, 1991, to pay for the building project; (g) made for
21payments due under installment contracts entered into before
22October 1, 1991; (h) made for payments of principal and
23interest on bonds issued under the Metropolitan Water
24Reclamation District Act to finance construction projects
25initiated before October 1, 1991; (i) made for payments of
26principal and interest on limited bonds, as defined in Section

 

 

HB3793 Engrossed- 4 -LRB097 12395 HLH 56861 b

13 of the Local Government Debt Reform Act, in an amount not to
2exceed the debt service extension base less the amount in items
3(b), (c), (e), and (h) of this definition for non-referendum
4obligations, except obligations initially issued pursuant to
5referendum; (j) made for payments of principal and interest on
6bonds issued under Section 15 of the Local Government Debt
7Reform Act; (k) made by a school district that participates in
8the Special Education District of Lake County, created by
9special education joint agreement under Section 10-22.31 of the
10School Code, for payment of the school district's share of the
11amounts required to be contributed by the Special Education
12District of Lake County to the Illinois Municipal Retirement
13Fund under Article 7 of the Illinois Pension Code; the amount
14of any extension under this item (k) shall be certified by the
15school district to the county clerk; (l) made to fund expenses
16of providing joint recreational programs for the handicapped
17under Section 5-8 of the Park District Code or Section 11-95-14
18of the Illinois Municipal Code; (m) made for temporary
19relocation loan repayment purposes pursuant to Sections 2-3.77
20and 17-2.2d of the School Code; (n) made for payment of
21principal and interest on any bonds issued under the authority
22of Section 17-2.2d of the School Code; and (o) made for
23contributions to a firefighter's pension fund created under
24Article 4 of the Illinois Pension Code, to the extent of the
25amount certified under item (5) of Section 4-134 of the
26Illinois Pension Code.

 

 

HB3793 Engrossed- 5 -LRB097 12395 HLH 56861 b

1    "Aggregate extension" for the taxing districts to which
2this Law did not apply before the 1995 levy year (except taxing
3districts subject to this Law in accordance with Section
418-213) means the annual corporate extension for the taxing
5district and those special purpose extensions that are made
6annually for the taxing district, excluding special purpose
7extensions: (a) made for the taxing district to pay interest or
8principal on general obligation bonds that were approved by
9referendum; (b) made for any taxing district to pay interest or
10principal on general obligation bonds issued before March 1,
111995; (c) made for any taxing district to pay interest or
12principal on bonds issued to refund or continue to refund those
13bonds issued before March 1, 1995; (d) made for any taxing
14district to pay interest or principal on bonds issued to refund
15or continue to refund bonds issued after March 1, 1995 that
16were approved by referendum; (e) made for any taxing district
17to pay interest or principal on revenue bonds issued before
18March 1, 1995 for payment of which a property tax levy or the
19full faith and credit of the unit of local government is
20pledged; however, a tax for the payment of interest or
21principal on those bonds shall be made only after the governing
22body of the unit of local government finds that all other
23sources for payment are insufficient to make those payments;
24(f) made for payments under a building commission lease when
25the lease payments are for the retirement of bonds issued by
26the commission before March 1, 1995 to pay for the building

 

 

HB3793 Engrossed- 6 -LRB097 12395 HLH 56861 b

1project; (g) made for payments due under installment contracts
2entered into before March 1, 1995; (h) made for payments of
3principal and interest on bonds issued under the Metropolitan
4Water Reclamation District Act to finance construction
5projects initiated before October 1, 1991; (h-4) made for
6stormwater management purposes by the Metropolitan Water
7Reclamation District of Greater Chicago under Section 12 of the
8Metropolitan Water Reclamation District Act; (i) made for
9payments of principal and interest on limited bonds, as defined
10in Section 3 of the Local Government Debt Reform Act, in an
11amount not to exceed the debt service extension base less the
12amount in items (b), (c), and (e) of this definition for
13non-referendum obligations, except obligations initially
14issued pursuant to referendum and bonds described in subsection
15(h) of this definition; (j) made for payments of principal and
16interest on bonds issued under Section 15 of the Local
17Government Debt Reform Act; (k) made for payments of principal
18and interest on bonds authorized by Public Act 88-503 and
19issued under Section 20a of the Chicago Park District Act for
20aquarium or museum projects; (l) made for payments of principal
21and interest on bonds authorized by Public Act 87-1191 or
2293-601 and (i) issued pursuant to Section 21.2 of the Cook
23County Forest Preserve District Act, (ii) issued under Section
2442 of the Cook County Forest Preserve District Act for
25zoological park projects, or (iii) issued under Section 44.1 of
26the Cook County Forest Preserve District Act for botanical

 

 

HB3793 Engrossed- 7 -LRB097 12395 HLH 56861 b

1gardens projects; (m) made pursuant to Section 34-53.5 of the
2School Code, whether levied annually or not; (n) made to fund
3expenses of providing joint recreational programs for the
4handicapped under Section 5-8 of the Park District Code or
5Section 11-95-14 of the Illinois Municipal Code; (o) made by
6the Chicago Park District for recreational programs for the
7handicapped under subsection (c) of Section 7.06 of the Chicago
8Park District Act; (p) made for contributions to a
9firefighter's pension fund created under Article 4 of the
10Illinois Pension Code, to the extent of the amount certified
11under item (5) of Section 4-134 of the Illinois Pension Code;
12and (q) made by Ford Heights School District 169 under Section
1317-9.02 of the School Code.
14    "Aggregate extension" for all taxing districts to which
15this Law applies in accordance with Section 18-213, except for
16those taxing districts subject to paragraph (2) of subsection
17(e) of Section 18-213, means the annual corporate extension for
18the taxing district and those special purpose extensions that
19are made annually for the taxing district, excluding special
20purpose extensions: (a) made for the taxing district to pay
21interest or principal on general obligation bonds that were
22approved by referendum; (b) made for any taxing district to pay
23interest or principal on general obligation bonds issued before
24the date on which the referendum making this Law applicable to
25the taxing district is held; (c) made for any taxing district
26to pay interest or principal on bonds issued to refund or

 

 

HB3793 Engrossed- 8 -LRB097 12395 HLH 56861 b

1continue to refund those bonds issued before the date on which
2the referendum making this Law applicable to the taxing
3district is held; (d) made for any taxing district to pay
4interest or principal on bonds issued to refund or continue to
5refund bonds issued after the date on which the referendum
6making this Law applicable to the taxing district is held if
7the bonds were approved by referendum after the date on which
8the referendum making this Law applicable to the taxing
9district is held; (e) made for any taxing district to pay
10interest or principal on revenue bonds issued before the date
11on which the referendum making this Law applicable to the
12taxing district is held for payment of which a property tax
13levy or the full faith and credit of the unit of local
14government is pledged; however, a tax for the payment of
15interest or principal on those bonds shall be made only after
16the governing body of the unit of local government finds that
17all other sources for payment are insufficient to make those
18payments; (f) made for payments under a building commission
19lease when the lease payments are for the retirement of bonds
20issued by the commission before the date on which the
21referendum making this Law applicable to the taxing district is
22held to pay for the building project; (g) made for payments due
23under installment contracts entered into before the date on
24which the referendum making this Law applicable to the taxing
25district is held; (h) made for payments of principal and
26interest on limited bonds, as defined in Section 3 of the Local

 

 

HB3793 Engrossed- 9 -LRB097 12395 HLH 56861 b

1Government Debt Reform Act, in an amount not to exceed the debt
2service extension base less the amount in items (b), (c), and
3(e) of this definition for non-referendum obligations, except
4obligations initially issued pursuant to referendum; (i) made
5for payments of principal and interest on bonds issued under
6Section 15 of the Local Government Debt Reform Act; (j) made
7for a qualified airport authority to pay interest or principal
8on general obligation bonds issued for the purpose of paying
9obligations due under, or financing airport facilities
10required to be acquired, constructed, installed or equipped
11pursuant to, contracts entered into before March 1, 1996 (but
12not including any amendments to such a contract taking effect
13on or after that date); (k) made to fund expenses of providing
14joint recreational programs for the handicapped under Section
155-8 of the Park District Code or Section 11-95-14 of the
16Illinois Municipal Code; (l) made for contributions to a
17firefighter's pension fund created under Article 4 of the
18Illinois Pension Code, to the extent of the amount certified
19under item (5) of Section 4-134 of the Illinois Pension Code;
20and (m) made for the taxing district to pay interest or
21principal on general obligation bonds issued pursuant to
22Section 19-3.10 of the School Code.
23    "Aggregate extension" for all taxing districts to which
24this Law applies in accordance with paragraph (2) of subsection
25(e) of Section 18-213 means the annual corporate extension for
26the taxing district and those special purpose extensions that

 

 

HB3793 Engrossed- 10 -LRB097 12395 HLH 56861 b

1are made annually for the taxing district, excluding special
2purpose extensions: (a) made for the taxing district to pay
3interest or principal on general obligation bonds that were
4approved by referendum; (b) made for any taxing district to pay
5interest or principal on general obligation bonds issued before
6the effective date of this amendatory Act of 1997; (c) made for
7any taxing district to pay interest or principal on bonds
8issued to refund or continue to refund those bonds issued
9before the effective date of this amendatory Act of 1997; (d)
10made for any taxing district to pay interest or principal on
11bonds issued to refund or continue to refund bonds issued after
12the effective date of this amendatory Act of 1997 if the bonds
13were approved by referendum after the effective date of this
14amendatory Act of 1997; (e) made for any taxing district to pay
15interest or principal on revenue bonds issued before the
16effective date of this amendatory Act of 1997 for payment of
17which a property tax levy or the full faith and credit of the
18unit of local government is pledged; however, a tax for the
19payment of interest or principal on those bonds shall be made
20only after the governing body of the unit of local government
21finds that all other sources for payment are insufficient to
22make those payments; (f) made for payments under a building
23commission lease when the lease payments are for the retirement
24of bonds issued by the commission before the effective date of
25this amendatory Act of 1997 to pay for the building project;
26(g) made for payments due under installment contracts entered

 

 

HB3793 Engrossed- 11 -LRB097 12395 HLH 56861 b

1into before the effective date of this amendatory Act of 1997;
2(h) made for payments of principal and interest on limited
3bonds, as defined in Section 3 of the Local Government Debt
4Reform Act, in an amount not to exceed the debt service
5extension base less the amount in items (b), (c), and (e) of
6this definition for non-referendum obligations, except
7obligations initially issued pursuant to referendum; (i) made
8for payments of principal and interest on bonds issued under
9Section 15 of the Local Government Debt Reform Act; (j) made
10for a qualified airport authority to pay interest or principal
11on general obligation bonds issued for the purpose of paying
12obligations due under, or financing airport facilities
13required to be acquired, constructed, installed or equipped
14pursuant to, contracts entered into before March 1, 1996 (but
15not including any amendments to such a contract taking effect
16on or after that date); (k) made to fund expenses of providing
17joint recreational programs for the handicapped under Section
185-8 of the Park District Code or Section 11-95-14 of the
19Illinois Municipal Code; and (l) made for contributions to a
20firefighter's pension fund created under Article 4 of the
21Illinois Pension Code, to the extent of the amount certified
22under item (5) of Section 4-134 of the Illinois Pension Code.
23    "Debt service extension base" means an amount equal to that
24portion of the extension for a taxing district for the 1994
25levy year, or for those taxing districts subject to this Law in
26accordance with Section 18-213, except for those subject to

 

 

HB3793 Engrossed- 12 -LRB097 12395 HLH 56861 b

1paragraph (2) of subsection (e) of Section 18-213, for the levy
2year in which the referendum making this Law applicable to the
3taxing district is held, or for those taxing districts subject
4to this Law in accordance with paragraph (2) of subsection (e)
5of Section 18-213 for the 1996 levy year, constituting an
6extension for payment of principal and interest on bonds issued
7by the taxing district without referendum, but not including
8excluded non-referendum bonds. For park districts (i) that were
9first subject to this Law in 1991 or 1995 and (ii) whose
10extension for the 1994 levy year for the payment of principal
11and interest on bonds issued by the park district without
12referendum (but not including excluded non-referendum bonds)
13was less than 51% of the amount for the 1991 levy year
14constituting an extension for payment of principal and interest
15on bonds issued by the park district without referendum (but
16not including excluded non-referendum bonds), "debt service
17extension base" means an amount equal to that portion of the
18extension for the 1991 levy year constituting an extension for
19payment of principal and interest on bonds issued by the park
20district without referendum (but not including excluded
21non-referendum bonds). A debt service extension base
22established or increased at any time pursuant to any provision
23of this Law, except Section 18-212, shall be increased each
24year commencing with the later of (i) the 2009 levy year or
25(ii) the first levy year in which this Law becomes applicable
26to the taxing district, by the lesser of 5% or the percentage

 

 

HB3793 Engrossed- 13 -LRB097 12395 HLH 56861 b

1increase in the Consumer Price Index during the 12-month
2calendar year preceding the levy year. The debt service
3extension base may be established or increased as provided
4under Section 18-212. "Excluded non-referendum bonds" means
5(i) bonds authorized by Public Act 88-503 and issued under
6Section 20a of the Chicago Park District Act for aquarium and
7museum projects; (ii) bonds issued under Section 15 of the
8Local Government Debt Reform Act; or (iii) refunding
9obligations issued to refund or to continue to refund
10obligations initially issued pursuant to referendum.
11    "Special purpose extensions" include, but are not limited
12to, extensions for levies made on an annual basis for
13unemployment and workers' compensation, self-insurance,
14contributions to pension plans, and extensions made pursuant to
15Section 6-601 of the Illinois Highway Code for a road
16district's permanent road fund whether levied annually or not.
17The extension for a special service area is not included in the
18aggregate extension.
19    "Aggregate extension base" means the taxing district's
20last preceding aggregate extension as adjusted under Sections
2118-135, 18-215, and 18-230. An adjustment under Section 18-135
22shall be made for the 2007 levy year and all subsequent levy
23years whenever one or more counties within which a taxing
24district is located (i) used estimated valuations or rates when
25extending taxes in the taxing district for the last preceding
26levy year that resulted in the over or under extension of

 

 

HB3793 Engrossed- 14 -LRB097 12395 HLH 56861 b

1taxes, or (ii) increased or decreased the tax extension for the
2last preceding levy year as required by Section 18-135(c).
3Whenever an adjustment is required under Section 18-135, the
4aggregate extension base of the taxing district shall be equal
5to the amount that the aggregate extension of the taxing
6district would have been for the last preceding levy year if
7either or both (i) actual, rather than estimated, valuations or
8rates had been used to calculate the extension of taxes for the
9last levy year, or (ii) the tax extension for the last
10preceding levy year had not been adjusted as required by
11subsection (c) of Section 18-135.
12    "Levy year" has the same meaning as "year" under Section
131-155.
14    "New property" means (i) the assessed value, after final
15board of review or board of appeals action, of new improvements
16or additions to existing improvements on any parcel of real
17property that increase the assessed value of that real property
18during the levy year multiplied by the equalization factor
19issued by the Department under Section 17-30, (ii) the assessed
20value, after final board of review or board of appeals action,
21of real property not exempt from real estate taxation, which
22real property was exempt from real estate taxation for any
23portion of the immediately preceding levy year, multiplied by
24the equalization factor issued by the Department under Section
2517-30, including the assessed value, upon final stabilization
26of occupancy after new construction is complete, of any real

 

 

HB3793 Engrossed- 15 -LRB097 12395 HLH 56861 b

1property located within the boundaries of an otherwise or
2previously exempt military reservation that is intended for
3residential use and owned by or leased to a private corporation
4or other entity, and (iii) in counties that classify in
5accordance with Section 4 of Article IX of the Illinois
6Constitution, an incentive property's additional assessed
7value resulting from a scheduled increase in the level of
8assessment as applied to the first year final board of review
9market value. In addition, the county clerk in a county
10containing a population of 3,000,000 or more shall include in
11the 1997 recovered tax increment value for any school district,
12any recovered tax increment value that was applicable to the
131995 tax year calculations.
14    "Qualified airport authority" means an airport authority
15organized under the Airport Authorities Act and located in a
16county bordering on the State of Wisconsin and having a
17population in excess of 200,000 and not greater than 500,000.
18    "Recovered tax increment value" means, except as otherwise
19provided in this paragraph, the amount of the current year's
20equalized assessed value, in the first year after a
21municipality terminates the designation of an area as a
22redevelopment project area previously established under the
23Tax Increment Allocation Development Act in the Illinois
24Municipal Code, previously established under the Industrial
25Jobs Recovery Law in the Illinois Municipal Code, previously
26established under the Economic Development Project Area Tax

 

 

HB3793 Engrossed- 16 -LRB097 12395 HLH 56861 b

1Increment Act of 1995, or previously established under the
2Economic Development Area Tax Increment Allocation Act, of each
3taxable lot, block, tract, or parcel of real property in the
4redevelopment project area over and above the initial equalized
5assessed value of each property in the redevelopment project
6area. For the taxes which are extended for the 1997 levy year,
7the recovered tax increment value for a non-home rule taxing
8district that first became subject to this Law for the 1995
9levy year because a majority of its 1994 equalized assessed
10value was in an affected county or counties shall be increased
11if a municipality terminated the designation of an area in 1993
12as a redevelopment project area previously established under
13the Tax Increment Allocation Development Act in the Illinois
14Municipal Code, previously established under the Industrial
15Jobs Recovery Law in the Illinois Municipal Code, or previously
16established under the Economic Development Area Tax Increment
17Allocation Act, by an amount equal to the 1994 equalized
18assessed value of each taxable lot, block, tract, or parcel of
19real property in the redevelopment project area over and above
20the initial equalized assessed value of each property in the
21redevelopment project area. In the first year after a
22municipality removes a taxable lot, block, tract, or parcel of
23real property from a redevelopment project area established
24under the Tax Increment Allocation Development Act in the
25Illinois Municipal Code, the Industrial Jobs Recovery Law in
26the Illinois Municipal Code, or the Economic Development Area

 

 

HB3793 Engrossed- 17 -LRB097 12395 HLH 56861 b

1Tax Increment Allocation Act, "recovered tax increment value"
2means the amount of the current year's equalized assessed value
3of each taxable lot, block, tract, or parcel of real property
4removed from the redevelopment project area over and above the
5initial equalized assessed value of that real property before
6removal from the redevelopment project area.
7    Except as otherwise provided in this Section, "limiting
8rate" means a fraction the numerator of which is the last
9preceding aggregate extension base times an amount equal to one
10plus the extension limitation defined in this Section and the
11denominator of which is the current year's equalized assessed
12value of all real property in the territory under the
13jurisdiction of the taxing district during the prior levy year.
14For those taxing districts that reduced their aggregate
15extension for the last preceding levy year, the highest
16aggregate extension in any of the last 3 preceding levy years
17shall be used for the purpose of computing the limiting rate.
18The denominator shall not include new property or the recovered
19tax increment value. If a new rate, a rate decrease, or a
20limiting rate increase has been approved at an election held
21after March 21, 2006, then (i) the otherwise applicable
22limiting rate shall be increased by the amount of the new rate
23or shall be reduced by the amount of the rate decrease, as the
24case may be, or (ii) in the case of a limiting rate increase,
25the limiting rate shall be equal to the rate set forth in the
26proposition approved by the voters for each of the years

 

 

HB3793 Engrossed- 18 -LRB097 12395 HLH 56861 b

1specified in the proposition, after which the limiting rate of
2the taxing district shall be calculated as otherwise provided.
3(Source: P.A. 95-90, eff. 1-1-08; 95-331, eff. 8-21-07; 95-404,
4eff. 1-1-08; 95-876, eff. 8-21-08; 96-501, eff. 8-14-09;
596-517, eff. 8-14-09; 96-1000, eff. 7-2-10; 96-1202, eff.
67-22-10.)
 
7    (35 ILCS 200/18-205)
8    Sec. 18-205. Referendum to increase the extension
9limitation. A taxing district is limited to an extension
10limitation as defined in Section 18-185 of 5% or the percentage
11increase in the Consumer Price Index during the 12-month
12calendar year preceding the levy year, whichever is less. A
13taxing district may increase its extension limitation for one
14or more levy years if that taxing district holds a referendum
15before the levy date for the first levy year at which a
16majority of voters voting on the issue approves adoption of a
17higher extension limitation. Referenda shall be conducted at a
18regularly scheduled election in accordance with the Election
19Code. The question shall be presented in substantially the
20following manner for all elections held after March 21, 2006:
21        Shall the extension limitation under the Property Tax
22    Extension Limitation Law for (insert the legal name,
23    number, if any, and county or counties of the taxing
24    district and geographic or other common name by which a
25    school or community college district is known and referred

 

 

HB3793 Engrossed- 19 -LRB097 12395 HLH 56861 b

1    to), Illinois, be increased from (applicable extension
2    limitation) the lesser of 5% or the percentage increase in
3    the Consumer Price Index over the prior levy year to
4    (insert the percentage of the proposed increase)% per year
5    for (insert each levy year for which the increased
6    extension limitation will apply)?
7The votes must be recorded as "Yes" or "No".
8If a majority of voters voting on the issue approves the
9adoption of the increase, the increase shall be applicable for
10each levy year specified.
11    The ballot for any question submitted pursuant to this
12Section shall have printed thereon, but not as a part of the
13question submitted, only the following supplemental
14information (which shall be supplied to the election authority
15by the taxing district) in substantially the following form:
16        (1) For the (insert the first levy year for which the
17    increased extension limitation will be applicable) levy
18    year the approximate amount of the additional tax
19    extendable against property containing a single family
20    residence and having a fair market value at the time of the
21    referendum of $100,000 is estimated to be $....
22        (2) Based upon an average annual percentage increase
23    (or decrease) in the market value of such property of ...%
24    (insert percentage equal to the average annual percentage
25    increase or decrease for the prior 3 levy years, at the
26    time the submission of the question is initiated by the

 

 

HB3793 Engrossed- 20 -LRB097 12395 HLH 56861 b

1    taxing district, in the amount of (A) the equalized
2    assessed value of the taxable property in the taxing
3    district less (B) the new property included in the
4    equalized assessed value), the approximate amount of the
5    additional tax extendable against such property for the ...
6    levy year is estimated to be $... and for the ... levy year
7    is estimated to be $....
8    Paragraph (2) shall be included only if the increased
9extension limitation will be applicable for more than one year
10and shall list each levy year for which the increased extension
11limitation will be applicable. The additional tax shown for
12each levy year shall be the approximate dollar amount of the
13increase over the amount of the most recently completed
14extension at the time the submission of the question is
15initiated by the taxing district. The approximate amount of the
16additional tax extendable shall be calculated by using (A)
17either (i) the lesser of 5% or the percentage increase in the
18Consumer Price Index for the prior levy year (or an estimate of
19the percentage increase for the prior levy year if the increase
20is unavailable at the time the submission of the question is
21initiated by the taxing district) or (ii) 0%, as applicable,
22(B) the percentage increase proposed in the question, and (C)
23the last known equalized assessed value and aggregate extension
24base of the taxing district at the time the submission of the
25question is initiated by the taxing district. The approximate
26amount of the tax extendable shall be calculated (i) without

 

 

HB3793 Engrossed- 21 -LRB097 12395 HLH 56861 b

1regard to any property tax exemptions and (ii) based upon the
2percentage level of assessment prescribed for such property by
3statute or by ordinance of the county board in counties which
4classify property for purposes of taxation in accordance with
5Section 4 of Article IX of the Constitution. Any notice
6required to be published in connection with the submission of
7the question shall also contain this supplemental information
8and shall not contain any other supplemental information. Any
9error, miscalculation, or inaccuracy in computing any amount
10set forth on the ballot or in the notice that is not deliberate
11shall not invalidate or affect the validity of any proposition
12approved. Notice of the referendum shall be published and
13posted as otherwise required by law, and the submission of the
14question shall be initiated as provided by law.
15(Source: P.A. 94-976, eff. 6-30-06.)
 
16    Section 99. Effective date. This Act takes effect upon
17becoming law.