Illinois General Assembly - Illinois Compiled Statutes

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35 ILCS 200/30-25

(35 ILCS 200/30-25)

Sec. 30-25.

Distributions from account.

(a)  At the direction of the corporate
authorities of a taxing district, the treasurer of the taxing district  shall
disburse the amounts held in the tax reimbursement account. Unless the taxing
district has divided the moneys as provided in subsection (b), disbursements
shall
be made to all of the owners of taxable homestead property within the taxing
district.  Each owner of taxable homestead property shall receive a
proportionate share of the total disbursement based on the amount of ad valorem
taxes on taxable homestead property paid by the owner to the taxing district
under the most recent tax bill.

(b) The corporate authorities of a taxing district may direct the
treasurer to
divide the moneys deposited into the account into 2 separate pools to be
designated the homestead property pool and the commercial or industrial
property pool. The
amount to be deposited into each pool shall be determined by the corporate
authorities of the taxing district, except that at least 50% of the moneys in
the
account shall be deposited into the homestead property pool. The treasurer
shall
disburse the amounts held in each pool in the tax reimbursement account at the
direction of the corporate authorities.  Disbursements from the homestead
property
pool shall be made to all of the owners of taxable homestead property within
the
taxing district.  Each owner of taxable homestead property shall receive a
proportionate share of the total disbursement from the pool based on the amount
of
ad valorem taxes on taxable homestead property paid by the owner to the taxing
district under the most recent tax bill.  Disbursements from the commercial or
industrial
property pool shall be made to all of the owners of taxable commercial or
industrial
property,
except those owners whose property is located within a tax increment financing
district or those owners whose property is classified as an apartment building.
Each eligible owner of taxable commercial or industrial property shall receive
a
proportionate share of the total disbursement from the pool based on the amount
of
ad valorem taxes on taxable commercial or industrial property paid by the owner
to the
taxing district under the most recent tax bill.

(c) In determining the proportionate share of each owner of homestead
property, the numerator
shall
be the amount of taxes on homestead property paid by that owner to the
taxing district under the most recent tax bill, and the denominator shall
be the aggregate total of all taxes on homestead property paid by all
owners to the taxing district under the most recent tax bills.

(d) In determining the proportionate share of each owner of commercial or
industrial
property, the numerator shall be the amount of taxes on commercial or
industrial property
paid by that owner to the taxing district under the most recent tax bill, and
the
denominator shall be the aggregate total of all taxes on commercial or
industrial property
paid by all owners to the taxing district under the most recent tax bills less
taxes
paid on commercial or industrial property located in a tax increment financing
district
and
taxes paid on an apartment building.

(Source: P.A. 90-471, eff. 8-17-97.)