97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB4608

 

Introduced 2/1/2012, by Rep. Jack D. Franks

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 200/18-185
35 ILCS 200/18-205

    Amends the Property Tax Extension Limitation Law in the Property Tax Code. Provides that, for all taxing districts located in whole or in part within a county with a population between 300,000 and 400,000, if the total equalized assessed value of all taxable property in the taxing district for the current levy year (excluding new property, recovered tax increment value, and property that is annexed to or disconnected from the taxing district in the current levy year) is less than the total equalized assessed value of all taxable property in the taxing district for the previous levy year, then the extension limitation is (a) 0% or (b) the rate of increase approved by voters (instead of the lesser of 5% or the percentage increase in the Consumer Price Index during the 12-month calendar year preceding the levy year or the rate of increase approved by voters). Effective immediately.


LRB097 19879 HLH 65163 b

FISCAL NOTE ACT MAY APPLY
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB4608LRB097 19879 HLH 65163 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, for all taxing
18districts located in whole or in part within a county with a
19population between 300,000 and 400,000 according to the most
20recent federal decennial census, if the total equalized
21assessed value of all taxable property in the taxing district
22for the current levy year (excluding new property, recovered
23tax increment value, and property that is annexed to or

 

 

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1disconnected from the taxing district in the current levy year)
2is less than the total equalized assessed value of all taxable
3property in the taxing district for the previous levy year,
4then the extension limitation is (a) 0% or (b) the rate of
5increase approved by voters under Section 18-205.
6    "Affected county" means a county of 3,000,000 or more
7inhabitants or a county contiguous to a county of 3,000,000 or
8more inhabitants.
9    "Taxing district" has the same meaning provided in Section
101-150, except as otherwise provided in this Section. For the
111991 through 1994 levy years only, "taxing district" includes
12only each non-home rule taxing district having the majority of
13its 1990 equalized assessed value within any county or counties
14contiguous to a county with 3,000,000 or more inhabitants.
15Beginning with the 1995 levy year, "taxing district" includes
16only each non-home rule taxing district subject to this Law
17before the 1995 levy year and each non-home rule taxing
18district not subject to this Law before the 1995 levy year
19having the majority of its 1994 equalized assessed value in an
20affected county or counties. Beginning with the levy year in
21which this Law becomes applicable to a taxing district as
22provided in Section 18-213, "taxing district" also includes
23those taxing districts made subject to this Law as provided in
24Section 18-213.
25    "Aggregate extension" for taxing districts to which this
26Law applied before the 1995 levy year means the annual

 

 

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

 

 

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1Reclamation District Act to finance construction projects
2initiated before October 1, 1991; (i) made for payments of
3principal and interest on limited bonds, as defined in Section
43 of the Local Government Debt Reform Act, in an amount not to
5exceed the debt service extension base less the amount in items
6(b), (c), (e), and (h) of this definition for non-referendum
7obligations, except obligations initially issued pursuant to
8referendum; (j) made for payments of principal and interest on
9bonds issued under Section 15 of the Local Government Debt
10Reform Act; (k) made by a school district that participates in
11the Special Education District of Lake County, created by
12special education joint agreement under Section 10-22.31 of the
13School Code, for payment of the school district's share of the
14amounts required to be contributed by the Special Education
15District of Lake County to the Illinois Municipal Retirement
16Fund under Article 7 of the Illinois Pension Code; the amount
17of any extension under this item (k) shall be certified by the
18school district to the county clerk; (l) made to fund expenses
19of providing joint recreational programs for the handicapped
20under Section 5-8 of the Park District Code or Section 11-95-14
21of the Illinois Municipal Code; (m) made for temporary
22relocation loan repayment purposes pursuant to Sections 2-3.77
23and 17-2.2d of the School Code; (n) made for payment of
24principal and interest on any bonds issued under the authority
25of Section 17-2.2d of the School Code; (o) made for
26contributions to a firefighter's pension fund created under

 

 

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1Article 4 of the Illinois Pension Code, to the extent of the
2amount certified under item (5) of Section 4-134 of the
3Illinois Pension Code; and (p) made for road purposes in the
4first year after a township assumes the rights, powers, duties,
5assets, property, liabilities, obligations, and
6responsibilities of a road district abolished under the
7provisions of Section 6-133 of the Illinois Highway Code.
8    "Aggregate extension" for the taxing districts to which
9this Law did not apply before the 1995 levy year (except taxing
10districts subject to this Law in accordance with Section
1118-213) means the annual corporate extension for the taxing
12district and those special purpose extensions that are made
13annually for the taxing district, excluding special purpose
14extensions: (a) made for the taxing district to pay interest or
15principal on general obligation bonds that were approved by
16referendum; (b) made for any taxing district to pay interest or
17principal on general obligation bonds issued before March 1,
181995; (c) made for any taxing district to pay interest or
19principal on bonds issued to refund or continue to refund those
20bonds issued before March 1, 1995; (d) made for any taxing
21district to pay interest or principal on bonds issued to refund
22or continue to refund bonds issued after March 1, 1995 that
23were approved by referendum; (e) made for any taxing district
24to pay interest or principal on revenue bonds issued before
25March 1, 1995 for payment of which a property tax levy or the
26full faith and credit of the unit of local government is

 

 

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1pledged; however, a tax for the payment of interest or
2principal on those bonds shall be made only after the governing
3body of the unit of local government finds that all other
4sources for payment are insufficient to make those payments;
5(f) made for payments under a building commission lease when
6the lease payments are for the retirement of bonds issued by
7the commission before March 1, 1995 to pay for the building
8project; (g) made for payments due under installment contracts
9entered into before March 1, 1995; (h) made for payments of
10principal and interest on bonds issued under the Metropolitan
11Water Reclamation District Act to finance construction
12projects initiated before October 1, 1991; (h-4) made for
13stormwater management purposes by the Metropolitan Water
14Reclamation District of Greater Chicago under Section 12 of the
15Metropolitan Water Reclamation District Act; (i) made for
16payments of principal and interest on limited bonds, as defined
17in Section 3 of the Local Government Debt Reform Act, in an
18amount not to exceed the debt service extension base less the
19amount in items (b), (c), and (e) of this definition for
20non-referendum obligations, except obligations initially
21issued pursuant to referendum and bonds described in subsection
22(h) of this definition; (j) made for payments of principal and
23interest on bonds issued under Section 15 of the Local
24Government Debt Reform Act; (k) made for payments of principal
25and interest on bonds authorized by Public Act 88-503 and
26issued under Section 20a of the Chicago Park District Act for

 

 

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1aquarium or museum projects; (l) made for payments of principal
2and interest on bonds authorized by Public Act 87-1191 or
393-601 and (i) issued pursuant to Section 21.2 of the Cook
4County Forest Preserve District Act, (ii) issued under Section
542 of the Cook County Forest Preserve District Act for
6zoological park projects, or (iii) issued under Section 44.1 of
7the Cook County Forest Preserve District Act for botanical
8gardens projects; (m) made pursuant to Section 34-53.5 of the
9School Code, whether levied annually or not; (n) made to fund
10expenses of providing joint recreational programs for the
11handicapped under Section 5-8 of the Park District Code or
12Section 11-95-14 of the Illinois Municipal Code; (o) made by
13the Chicago Park District for recreational programs for the
14handicapped under subsection (c) of Section 7.06 of the Chicago
15Park District Act; (p) made for contributions to a
16firefighter's pension fund created under Article 4 of the
17Illinois Pension Code, to the extent of the amount certified
18under item (5) of Section 4-134 of the Illinois Pension Code;
19and (q) made by Ford Heights School District 169 under Section
2017-9.02 of the School Code.
21    "Aggregate extension" for all taxing districts to which
22this Law applies in accordance with Section 18-213, except for
23those taxing districts subject to paragraph (2) of subsection
24(e) of Section 18-213, means the annual corporate extension for
25the taxing district and those special purpose extensions that
26are made annually for the taxing district, excluding special

 

 

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

 

 

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1issued by the commission before the date on which the
2referendum making this Law applicable to the taxing district is
3held to pay for the building project; (g) made for payments due
4under installment contracts entered into before the date on
5which the referendum making this Law applicable to the taxing
6district is held; (h) made for payments of principal and
7interest on limited bonds, as defined in Section 3 of the Local
8Government Debt Reform Act, in an amount not to exceed the debt
9service extension base less the amount in items (b), (c), and
10(e) of this definition for non-referendum obligations, except
11obligations initially issued pursuant to referendum; (i) made
12for payments of principal and interest on bonds issued under
13Section 15 of the Local Government Debt Reform Act; (j) made
14for a qualified airport authority to pay interest or principal
15on general obligation bonds issued for the purpose of paying
16obligations due under, or financing airport facilities
17required to be acquired, constructed, installed or equipped
18pursuant to, contracts entered into before March 1, 1996 (but
19not including any amendments to such a contract taking effect
20on or after that date); (k) made to fund expenses of providing
21joint recreational programs for the handicapped under Section
225-8 of the Park District Code or Section 11-95-14 of the
23Illinois Municipal Code; (l) made for contributions to a
24firefighter's pension fund created under Article 4 of the
25Illinois Pension Code, to the extent of the amount certified
26under item (5) of Section 4-134 of the Illinois Pension Code;

 

 

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1and (m) made for the taxing district to pay interest or
2principal on general obligation bonds issued pursuant to
3Section 19-3.10 of the School Code.
4    "Aggregate extension" for all taxing districts to which
5this Law applies in accordance with paragraph (2) of subsection
6(e) of Section 18-213 means the annual corporate extension for
7the taxing district and those special purpose extensions that
8are made annually for the taxing district, excluding special
9purpose extensions: (a) made for the taxing district to pay
10interest or principal on general obligation bonds that were
11approved by referendum; (b) made for any taxing district to pay
12interest or principal on general obligation bonds issued before
13the effective date of this amendatory Act of 1997; (c) made for
14any taxing district to pay interest or principal on bonds
15issued to refund or continue to refund those bonds issued
16before the effective date of this amendatory Act of 1997; (d)
17made for any taxing district to pay interest or principal on
18bonds issued to refund or continue to refund bonds issued after
19the effective date of this amendatory Act of 1997 if the bonds
20were approved by referendum after the effective date of this
21amendatory Act of 1997; (e) made for any taxing district to pay
22interest or principal on revenue bonds issued before the
23effective date of this amendatory Act of 1997 for payment of
24which a property tax levy or the full faith and credit of the
25unit of local government is pledged; however, a tax for the
26payment of interest or principal on those bonds shall be made

 

 

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1only after the governing body of the unit of local government
2finds that all other sources for payment are insufficient to
3make those payments; (f) made for payments under a building
4commission lease when the lease payments are for the retirement
5of bonds issued by the commission before the effective date of
6this amendatory Act of 1997 to pay for the building project;
7(g) made for payments due under installment contracts entered
8into before the effective date of this amendatory Act of 1997;
9(h) made for payments of principal and interest on limited
10bonds, as defined in Section 3 of the Local Government Debt
11Reform Act, in an amount not to exceed the debt service
12extension base less the amount in items (b), (c), and (e) of
13this definition for non-referendum obligations, except
14obligations initially issued pursuant to referendum; (i) made
15for payments of principal and interest on bonds issued under
16Section 15 of the Local Government Debt Reform Act; (j) made
17for a qualified airport authority to pay interest or principal
18on general obligation bonds issued for the purpose of paying
19obligations due under, or financing airport facilities
20required to be acquired, constructed, installed or equipped
21pursuant to, contracts entered into before March 1, 1996 (but
22not including any amendments to such a contract taking effect
23on or after that date); (k) made to fund expenses of providing
24joint recreational programs for the handicapped under Section
255-8 of the Park District Code or Section 11-95-14 of the
26Illinois Municipal Code; and (l) made for contributions to a

 

 

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1firefighter's pension fund created under Article 4 of the
2Illinois Pension Code, to the extent of the amount certified
3under item (5) of Section 4-134 of the Illinois Pension Code.
4    "Debt service extension base" means an amount equal to that
5portion of the extension for a taxing district for the 1994
6levy year, or for those taxing districts subject to this Law in
7accordance with Section 18-213, except for those subject to
8paragraph (2) of subsection (e) of Section 18-213, for the levy
9year in which the referendum making this Law applicable to the
10taxing district is held, or for those taxing districts subject
11to this Law in accordance with paragraph (2) of subsection (e)
12of Section 18-213 for the 1996 levy year, constituting an
13extension for payment of principal and interest on bonds issued
14by the taxing district without referendum, but not including
15excluded non-referendum bonds. For park districts (i) that were
16first subject to this Law in 1991 or 1995 and (ii) whose
17extension for the 1994 levy year for the payment of principal
18and interest on bonds issued by the park district without
19referendum (but not including excluded non-referendum bonds)
20was less than 51% of the amount for the 1991 levy year
21constituting an extension for payment of principal and interest
22on bonds issued by the park district without referendum (but
23not including excluded non-referendum bonds), "debt service
24extension base" means an amount equal to that portion of the
25extension for the 1991 levy year constituting an extension for
26payment of principal and interest on bonds issued by the park

 

 

HB4608- 13 -LRB097 19879 HLH 65163 b

1district without referendum (but not including excluded
2non-referendum bonds). A debt service extension base
3established or increased at any time pursuant to any provision
4of this Law, except Section 18-212, shall be increased each
5year commencing with the later of (i) the 2009 levy year or
6(ii) the first levy year in which this Law becomes applicable
7to the taxing district, by the lesser of 5% or the percentage
8increase in the Consumer Price Index during the 12-month
9calendar year preceding the levy year. The debt service
10extension base may be established or increased as provided
11under Section 18-212. "Excluded non-referendum bonds" means
12(i) bonds authorized by Public Act 88-503 and issued under
13Section 20a of the Chicago Park District Act for aquarium and
14museum projects; (ii) bonds issued under Section 15 of the
15Local Government Debt Reform Act; or (iii) refunding
16obligations issued to refund or to continue to refund
17obligations initially issued pursuant to referendum.
18    "Special purpose extensions" include, but are not limited
19to, extensions for levies made on an annual basis for
20unemployment and workers' compensation, self-insurance,
21contributions to pension plans, and extensions made pursuant to
22Section 6-601 of the Illinois Highway Code for a road
23district's permanent road fund whether levied annually or not.
24The extension for a special service area is not included in the
25aggregate extension.
26    "Aggregate extension base" means the taxing district's

 

 

HB4608- 14 -LRB097 19879 HLH 65163 b

1last preceding aggregate extension as adjusted under Sections
218-135, 18-215, and 18-230. An adjustment under Section 18-135
3shall be made for the 2007 levy year and all subsequent levy
4years whenever one or more counties within which a taxing
5district is located (i) used estimated valuations or rates when
6extending taxes in the taxing district for the last preceding
7levy year that resulted in the over or under extension of
8taxes, or (ii) increased or decreased the tax extension for the
9last preceding levy year as required by Section 18-135(c).
10Whenever an adjustment is required under Section 18-135, the
11aggregate extension base of the taxing district shall be equal
12to the amount that the aggregate extension of the taxing
13district would have been for the last preceding levy year if
14either or both (i) actual, rather than estimated, valuations or
15rates had been used to calculate the extension of taxes for the
16last levy year, or (ii) the tax extension for the last
17preceding levy year had not been adjusted as required by
18subsection (c) of Section 18-135.
19    "Levy year" has the same meaning as "year" under Section
201-155.
21    "New property" means (i) the assessed value, after final
22board of review or board of appeals action, of new improvements
23or additions to existing improvements on any parcel of real
24property that increase the assessed value of that real property
25during the levy year multiplied by the equalization factor
26issued by the Department under Section 17-30, (ii) the assessed

 

 

HB4608- 15 -LRB097 19879 HLH 65163 b

1value, after final board of review or board of appeals action,
2of real property not exempt from real estate taxation, which
3real property was exempt from real estate taxation for any
4portion of the immediately preceding levy year, multiplied by
5the equalization factor issued by the Department under Section
617-30, including the assessed value, upon final stabilization
7of occupancy after new construction is complete, of any real
8property located within the boundaries of an otherwise or
9previously exempt military reservation that is intended for
10residential use and owned by or leased to a private corporation
11or other entity, and (iii) in counties that classify in
12accordance with Section 4 of Article IX of the Illinois
13Constitution, an incentive property's additional assessed
14value resulting from a scheduled increase in the level of
15assessment as applied to the first year final board of review
16market value. In addition, the county clerk in a county
17containing a population of 3,000,000 or more shall include in
18the 1997 recovered tax increment value for any school district,
19any recovered tax increment value that was applicable to the
201995 tax year calculations.
21    "Qualified airport authority" means an airport authority
22organized under the Airport Authorities Act and located in a
23county bordering on the State of Wisconsin and having a
24population in excess of 200,000 and not greater than 500,000.
25    "Recovered tax increment value" means, except as otherwise
26provided in this paragraph, the amount of the current year's

 

 

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

 

 

HB4608- 17 -LRB097 19879 HLH 65163 b

1the initial equalized assessed value of each property in the
2redevelopment project area. In the first year after a
3municipality removes a taxable lot, block, tract, or parcel of
4real property from a redevelopment project area established
5under the Tax Increment Allocation Development Act in the
6Illinois Municipal Code, the Industrial Jobs Recovery Law in
7the Illinois Municipal Code, or the Economic Development Area
8Tax Increment Allocation Act, "recovered tax increment value"
9means the amount of the current year's equalized assessed value
10of each taxable lot, block, tract, or parcel of real property
11removed from the redevelopment project area over and above the
12initial equalized assessed value of that real property before
13removal from the redevelopment project area.
14    Except as otherwise provided in this Section, "limiting
15rate" means a fraction the numerator of which is the last
16preceding aggregate extension base times an amount equal to one
17plus the extension limitation defined in this Section and the
18denominator of which is the current year's equalized assessed
19value of all real property in the territory under the
20jurisdiction of the taxing district during the prior levy year.
21For those taxing districts that reduced their aggregate
22extension for the last preceding levy year, the highest
23aggregate extension in any of the last 3 preceding levy years
24shall be used for the purpose of computing the limiting rate.
25The denominator shall not include new property or the recovered
26tax increment value. If a new rate, a rate decrease, or a

 

 

HB4608- 18 -LRB097 19879 HLH 65163 b

1limiting rate increase has been approved at an election held
2after March 21, 2006, then (i) the otherwise applicable
3limiting rate shall be increased by the amount of the new rate
4or shall be reduced by the amount of the rate decrease, as the
5case may be, or (ii) in the case of a limiting rate increase,
6the limiting rate shall be equal to the rate set forth in the
7proposition approved by the voters for each of the years
8specified in the proposition, after which the limiting rate of
9the taxing district shall be calculated as otherwise provided.
10(Source: P.A. 96-501, eff. 8-14-09; 96-517, eff. 8-14-09;
1196-1000, eff. 7-2-10; 96-1202, eff. 7-22-10; 97-611, eff.
121-1-12.)
 
13    (35 ILCS 200/18-205)
14    Sec. 18-205. Referendum to increase the extension
15limitation. A taxing district is limited to an extension
16limitation as defined in Section 18-185 of 5% or the percentage
17increase in the Consumer Price Index during the 12-month
18calendar year preceding the levy year, whichever is less. A
19taxing district may increase its extension limitation for one
20or more levy years if that taxing district holds a referendum
21before the levy date for the first levy year at which a
22majority of voters voting on the issue approves adoption of a
23higher extension limitation. Referenda shall be conducted at a
24regularly scheduled election in accordance with the Election
25Code. The question shall be presented in substantially the

 

 

HB4608- 19 -LRB097 19879 HLH 65163 b

1following manner for all elections held after March 21, 2006:
2        Shall the extension limitation under the Property Tax
3    Extension Limitation Law for (insert the legal name,
4    number, if any, and county or counties of the taxing
5    district and geographic or other common name by which a
6    school or community college district is known and referred
7    to), Illinois, be increased from (applicable extension
8    limitation) the lesser of 5% or the percentage increase in
9    the Consumer Price Index over the prior levy year to
10    (insert the percentage of the proposed increase)% per year
11    for (insert each levy year for which the increased
12    extension limitation will apply)?
13The votes must be recorded as "Yes" or "No".
14If a majority of voters voting on the issue approves the
15adoption of the increase, the increase shall be applicable for
16each levy year specified.
17    The ballot for any question submitted pursuant to this
18Section shall have printed thereon, but not as a part of the
19question submitted, only the following supplemental
20information (which shall be supplied to the election authority
21by the taxing district) in substantially the following form:
22        (1) For the (insert the first levy year for which the
23    increased extension limitation will be applicable) levy
24    year the approximate amount of the additional tax
25    extendable against property containing a single family
26    residence and having a fair market value at the time of the

 

 

HB4608- 20 -LRB097 19879 HLH 65163 b

1    referendum of $100,000 is estimated to be $....
2        (2) Based upon an average annual percentage increase
3    (or decrease) in the market value of such property of ...%
4    (insert percentage equal to the average annual percentage
5    increase or decrease for the prior 3 levy years, at the
6    time the submission of the question is initiated by the
7    taxing district, in the amount of (A) the equalized
8    assessed value of the taxable property in the taxing
9    district less (B) the new property included in the
10    equalized assessed value), the approximate amount of the
11    additional tax extendable against such property for the ...
12    levy year is estimated to be $... and for the ... levy year
13    is estimated to be $....
14    Paragraph (2) shall be included only if the increased
15extension limitation will be applicable for more than one year
16and shall list each levy year for which the increased extension
17limitation will be applicable. The additional tax shown for
18each levy year shall be the approximate dollar amount of the
19increase over the amount of the most recently completed
20extension at the time the submission of the question is
21initiated by the taxing district. The approximate amount of the
22additional tax extendable shall be calculated by using (A)
23either (i) the lesser of 5% or the percentage increase in the
24Consumer Price Index for the prior levy year (or an estimate of
25the percentage increase for the prior levy year if the increase
26is unavailable at the time the submission of the question is

 

 

HB4608- 21 -LRB097 19879 HLH 65163 b

1initiated by the taxing district) or (ii) 0%, as applicable,
2(B) the percentage increase proposed in the question, and (C)
3the last known equalized assessed value and aggregate extension
4base of the taxing district at the time the submission of the
5question is initiated by the taxing district. The approximate
6amount of the tax extendable shall be calculated (i) without
7regard to any property tax exemptions and (ii) based upon the
8percentage level of assessment prescribed for such property by
9statute or by ordinance of the county board in counties which
10classify property for purposes of taxation in accordance with
11Section 4 of Article IX of the Constitution. Any notice
12required to be published in connection with the submission of
13the question shall also contain this supplemental information
14and shall not contain any other supplemental information. Any
15error, miscalculation, or inaccuracy in computing any amount
16set forth on the ballot or in the notice that is not deliberate
17shall not invalidate or affect the validity of any proposition
18approved. Notice of the referendum shall be published and
19posted as otherwise required by law, and the submission of the
20question shall be initiated as provided by law.
21(Source: P.A. 94-976, eff. 6-30-06.)
 
22    Section 99. Effective date. This Act takes effect upon
23becoming law.