97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
SB2862

 

Introduced 1/24/2012, by Sen. Martin A. Sandoval

 

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, 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 (b) the rate of increase approved by voters). Effective immediately.


LRB097 17076 HLH 62274 b

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

 

 

A BILL FOR

 

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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

 

 

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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

 

 

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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

 

 

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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; (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; and (p) made for road purposes in the

 

 

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1first year after a township assumes the rights, powers, duties,
2assets, property, liabilities, obligations, and
3responsibilities of a road district abolished under the
4provisions of Section 6-133 of the Illinois Highway Code.
5    "Aggregate extension" for the taxing districts to which
6this Law did not apply before the 1995 levy year (except taxing
7districts subject to this Law in accordance with Section
818-213) means the annual corporate extension for the taxing
9district and those special purpose extensions that are made
10annually for the taxing district, excluding special purpose
11extensions: (a) made for the taxing district to pay interest or
12principal on general obligation bonds that were approved by
13referendum; (b) made for any taxing district to pay interest or
14principal on general obligation bonds issued before March 1,
151995; (c) made for any taxing district to pay interest or
16principal on bonds issued to refund or continue to refund those
17bonds issued before March 1, 1995; (d) made for any taxing
18district to pay interest or principal on bonds issued to refund
19or continue to refund bonds issued after March 1, 1995 that
20were approved by referendum; (e) made for any taxing district
21to pay interest or principal on revenue bonds issued before
22March 1, 1995 for payment of which a property tax levy or the
23full faith and credit of the unit of local government is
24pledged; however, a tax for the payment of interest or
25principal on those bonds shall be made only after the governing
26body of the unit of local government finds that all other

 

 

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1sources for payment are insufficient to make those payments;
2(f) made for payments under a building commission lease when
3the lease payments are for the retirement of bonds issued by
4the commission before March 1, 1995 to pay for the building
5project; (g) made for payments due under installment contracts
6entered into before March 1, 1995; (h) made for payments of
7principal and interest on bonds issued under the Metropolitan
8Water Reclamation District Act to finance construction
9projects initiated before October 1, 1991; (h-4) made for
10stormwater management purposes by the Metropolitan Water
11Reclamation District of Greater Chicago under Section 12 of the
12Metropolitan Water Reclamation District Act; (i) made for
13payments of principal and interest on limited bonds, as defined
14in Section 3 of the Local Government Debt Reform Act, in an
15amount not to exceed the debt service extension base less the
16amount in items (b), (c), and (e) of this definition for
17non-referendum obligations, except obligations initially
18issued pursuant to referendum and bonds described in subsection
19(h) of this definition; (j) made for payments of principal and
20interest on bonds issued under Section 15 of the Local
21Government Debt Reform Act; (k) made for payments of principal
22and interest on bonds authorized by Public Act 88-503 and
23issued under Section 20a of the Chicago Park District Act for
24aquarium or museum projects; (l) made for payments of principal
25and interest on bonds authorized by Public Act 87-1191 or
2693-601 and (i) issued pursuant to Section 21.2 of the Cook

 

 

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1County Forest Preserve District Act, (ii) issued under Section
242 of the Cook County Forest Preserve District Act for
3zoological park projects, or (iii) issued under Section 44.1 of
4the Cook County Forest Preserve District Act for botanical
5gardens projects; (m) made pursuant to Section 34-53.5 of the
6School Code, whether levied annually or not; (n) made to fund
7expenses of providing joint recreational programs for the
8handicapped under Section 5-8 of the Park District Code or
9Section 11-95-14 of the Illinois Municipal Code; (o) made by
10the Chicago Park District for recreational programs for the
11handicapped under subsection (c) of Section 7.06 of the Chicago
12Park District Act; (p) made for contributions to a
13firefighter's pension fund created under Article 4 of the
14Illinois Pension Code, to the extent of the amount certified
15under item (5) of Section 4-134 of the Illinois Pension Code;
16and (q) made by Ford Heights School District 169 under Section
1717-9.02 of the School Code.
18    "Aggregate extension" for all taxing districts to which
19this Law applies in accordance with Section 18-213, except for
20those taxing districts subject to paragraph (2) of subsection
21(e) of Section 18-213, means the annual corporate extension for
22the taxing district and those special purpose extensions that
23are made annually for the taxing district, excluding special
24purpose extensions: (a) made for the taxing district to pay
25interest or principal on general obligation bonds that were
26approved by referendum; (b) made for any taxing district to pay

 

 

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

 

 

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1under installment contracts entered into before the date on
2which the referendum making this Law applicable to the taxing
3district is held; (h) made for payments of principal and
4interest on limited bonds, as defined in Section 3 of the Local
5Government Debt Reform Act, in an amount not to exceed the debt
6service extension base less the amount in items (b), (c), and
7(e) of this definition for non-referendum obligations, except
8obligations initially issued pursuant to referendum; (i) made
9for payments of principal and interest on bonds issued under
10Section 15 of the Local Government Debt Reform Act; (j) made
11for a qualified airport authority to pay interest or principal
12on general obligation bonds issued for the purpose of paying
13obligations due under, or financing airport facilities
14required to be acquired, constructed, installed or equipped
15pursuant to, contracts entered into before March 1, 1996 (but
16not including any amendments to such a contract taking effect
17on or after that date); (k) made to fund expenses of providing
18joint recreational programs for the handicapped under Section
195-8 of the Park District Code or Section 11-95-14 of the
20Illinois Municipal Code; (l) made for contributions to a
21firefighter's pension fund created under Article 4 of the
22Illinois Pension Code, to the extent of the amount certified
23under item (5) of Section 4-134 of the Illinois Pension Code;
24and (m) made for the taxing district to pay interest or
25principal on general obligation bonds issued pursuant to
26Section 19-3.10 of the School Code.

 

 

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

 

 

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1commission lease when the lease payments are for the retirement
2of bonds issued by the commission before the effective date of
3this amendatory Act of 1997 to pay for the building project;
4(g) made for payments due under installment contracts entered
5into before the effective date of this amendatory Act of 1997;
6(h) made for payments of principal and interest on limited
7bonds, as defined in Section 3 of the Local Government Debt
8Reform Act, in an amount not to exceed the debt service
9extension base less the amount in items (b), (c), and (e) of
10this 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; and (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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1    "Debt service extension base" means an amount equal to that
2portion of the extension for a taxing district for the 1994
3levy year, or for those taxing districts subject to this Law in
4accordance with Section 18-213, except for those subject to
5paragraph (2) of subsection (e) of Section 18-213, for the levy
6year in which the referendum making this Law applicable to the
7taxing district is held, or for those taxing districts subject
8to this Law in accordance with paragraph (2) of subsection (e)
9of Section 18-213 for the 1996 levy year, constituting an
10extension for payment of principal and interest on bonds issued
11by the taxing district without referendum, but not including
12excluded non-referendum bonds. For park districts (i) that were
13first subject to this Law in 1991 or 1995 and (ii) whose
14extension for the 1994 levy year for the payment of principal
15and interest on bonds issued by the park district without
16referendum (but not including excluded non-referendum bonds)
17was less than 51% of the amount for the 1991 levy year
18constituting an extension for payment of principal and interest
19on bonds issued by the park district without referendum (but
20not including excluded non-referendum bonds), "debt service
21extension base" means an amount equal to that portion of the
22extension for the 1991 levy year constituting an extension for
23payment of principal and interest on bonds issued by the park
24district without referendum (but not including excluded
25non-referendum bonds). A debt service extension base
26established or increased at any time pursuant to any provision

 

 

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1of this Law, except Section 18-212, shall be increased each
2year commencing with the later of (i) the 2009 levy year or
3(ii) the first levy year in which this Law becomes applicable
4to the taxing district, by the lesser of 5% or the percentage
5increase in the Consumer Price Index during the 12-month
6calendar year preceding the levy year. The debt service
7extension base may be established or increased as provided
8under Section 18-212. "Excluded non-referendum bonds" means
9(i) bonds authorized by Public Act 88-503 and issued under
10Section 20a of the Chicago Park District Act for aquarium and
11museum projects; (ii) bonds issued under Section 15 of the
12Local Government Debt Reform Act; or (iii) refunding
13obligations issued to refund or to continue to refund
14obligations initially issued pursuant to referendum.
15    "Special purpose extensions" include, but are not limited
16to, extensions for levies made on an annual basis for
17unemployment and workers' compensation, self-insurance,
18contributions to pension plans, and extensions made pursuant to
19Section 6-601 of the Illinois Highway Code for a road
20district's permanent road fund whether levied annually or not.
21The extension for a special service area is not included in the
22aggregate extension.
23    "Aggregate extension base" means the taxing district's
24last preceding aggregate extension as adjusted under Sections
2518-135, 18-215, and 18-230. An adjustment under Section 18-135
26shall be made for the 2007 levy year and all subsequent levy

 

 

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1years whenever one or more counties within which a taxing
2district is located (i) used estimated valuations or rates when
3extending taxes in the taxing district for the last preceding
4levy year that resulted in the over or under extension of
5taxes, or (ii) increased or decreased the tax extension for the
6last preceding levy year as required by Section 18-135(c).
7Whenever an adjustment is required under Section 18-135, the
8aggregate extension base of the taxing district shall be equal
9to the amount that the aggregate extension of the taxing
10district would have been for the last preceding levy year if
11either or both (i) actual, rather than estimated, valuations or
12rates had been used to calculate the extension of taxes for the
13last levy year, or (ii) the tax extension for the last
14preceding levy year had not been adjusted as required by
15subsection (c) of Section 18-135.
16    "Levy year" has the same meaning as "year" under Section
171-155.
18    "New property" means (i) the assessed value, after final
19board of review or board of appeals action, of new improvements
20or additions to existing improvements on any parcel of real
21property that increase the assessed value of that real property
22during the levy year multiplied by the equalization factor
23issued by the Department under Section 17-30, (ii) the assessed
24value, after final board of review or board of appeals action,
25of real property not exempt from real estate taxation, which
26real property was exempt from real estate taxation for any

 

 

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1portion of the immediately preceding levy year, multiplied by
2the equalization factor issued by the Department under Section
317-30, including the assessed value, upon final stabilization
4of occupancy after new construction is complete, of any real
5property located within the boundaries of an otherwise or
6previously exempt military reservation that is intended for
7residential use and owned by or leased to a private corporation
8or other entity, and (iii) in counties that classify in
9accordance with Section 4 of Article IX of the Illinois
10Constitution, an incentive property's additional assessed
11value resulting from a scheduled increase in the level of
12assessment as applied to the first year final board of review
13market value. In addition, the county clerk in a county
14containing a population of 3,000,000 or more shall include in
15the 1997 recovered tax increment value for any school district,
16any recovered tax increment value that was applicable to the
171995 tax year calculations.
18    "Qualified airport authority" means an airport authority
19organized under the Airport Authorities Act and located in a
20county bordering on the State of Wisconsin and having a
21population in excess of 200,000 and not greater than 500,000.
22    "Recovered tax increment value" means, except as otherwise
23provided in this paragraph, the amount of the current year's
24equalized assessed value, in the first year after a
25municipality terminates the designation of an area as a
26redevelopment project area previously established under the

 

 

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

 

 

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

 

 

SB2862- 18 -LRB097 17076 HLH 62274 b

1or shall be reduced by the amount of the rate decrease, as the
2case may be, or (ii) in the case of a limiting rate increase,
3the limiting rate shall be equal to the rate set forth in the
4proposition approved by the voters for each of the years
5specified in the proposition, after which the limiting rate of
6the taxing district shall be calculated as otherwise provided.
7(Source: P.A. 96-501, eff. 8-14-09; 96-517, eff. 8-14-09;
896-1000, eff. 7-2-10; 96-1202, eff. 7-22-10; 97-611, eff.
91-1-12.)
 
10    (35 ILCS 200/18-205)
11    Sec. 18-205. Referendum to increase the extension
12limitation. A taxing district is limited to an extension
13limitation as defined in Section 18-185 of 5% or the percentage
14increase in the Consumer Price Index during the 12-month
15calendar year preceding the levy year, whichever is less. A
16taxing district may increase its extension limitation for one
17or more levy years if that taxing district holds a referendum
18before the levy date for the first levy year at which a
19majority of voters voting on the issue approves adoption of a
20higher extension limitation. Referenda shall be conducted at a
21regularly scheduled election in accordance with the Election
22Code. The question shall be presented in substantially the
23following manner for all elections held after March 21, 2006:
24        Shall the extension limitation under the Property Tax
25    Extension Limitation Law for (insert the legal name,

 

 

SB2862- 19 -LRB097 17076 HLH 62274 b

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

 

 

SB2862- 20 -LRB097 17076 HLH 62274 b

1    (insert percentage equal to the average annual percentage
2    increase or decrease for the prior 3 levy years, at the
3    time the submission of the question is initiated by the
4    taxing district, in the amount of (A) the equalized
5    assessed value of the taxable property in the taxing
6    district less (B) the new property included in the
7    equalized assessed value), the approximate amount of the
8    additional tax extendable against such property for the ...
9    levy year is estimated to be $... and for the ... levy year
10    is estimated to be $....
11    Paragraph (2) shall be included only if the increased
12extension limitation will be applicable for more than one year
13and shall list each levy year for which the increased extension
14limitation will be applicable. The additional tax shown for
15each levy year shall be the approximate dollar amount of the
16increase over the amount of the most recently completed
17extension at the time the submission of the question is
18initiated by the taxing district. The approximate amount of the
19additional tax extendable shall be calculated by using (A)
20either (i) the lesser of 5% or the percentage increase in the
21Consumer Price Index for the prior levy year (or an estimate of
22the percentage increase for the prior levy year if the increase
23is unavailable at the time the submission of the question is
24initiated by the taxing district) or (ii) 0%, as applicable,
25(B) the percentage increase proposed in the question, and (C)
26the last known equalized assessed value and aggregate extension

 

 

SB2862- 21 -LRB097 17076 HLH 62274 b

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