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91_SB0052sam001
LRB9101534PTpkam
1 AMENDMENT TO SENATE BILL 52
2 AMENDMENT NO. . Amend Senate Bill 52 by replacing
3 everything after the enacting clause with the following:
4 "Section 5. The Property Tax Code is amended by changing
5 Section 18-150 as follows:
6 (35 ILCS 200/18-150)
7 Sec. 18-150. Extension in one total. In counties with
8 3,000,000 or more inhabitants, the county clerk shall, and in
9 all other counties the county clerk may, extend on each
10 valuation of property the sum of the taxes to be extended
11 upon the property in one total. When collected, the taxes
12 shall be divided among the taxing bodies levying the same in
13 proportion to the rates as determined by the clerk, after
14 deducting from any tax the amount or amounts, if any, ruled
15 invalid by the final judgment of a court of competent
16 jurisdiction, and in the event a municipality has adopted tax
17 increment financing under Division 74.4 of Article 11 of the
18 Illinois Municipal Code, after deducting from any tax, except
19 from a tax levied by a township to retire bonds issued to
20 satisfy court-ordered damages, the amount to be placed in the
21 special tax allocation fund, and distributing the amount to
22 be placed in the special fund to the municipal treasurer
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1 under Section 11-74.4-8 of that Act. The clerk shall certify
2 in the collector's books the rates as determined for
3 extension in such manner as to indicate the different taxes
4 entering into each total. All officers dealing with such
5 extensions, shall record them by totals. The clerk shall
6 show in the collector's books the total tax due each taxing
7 body as extended.
8 If (i) a county clerk does not extend in one total on
9 each valuation of property the sum of the taxes to be
10 extended upon the property and (ii) a municipality has
11 adopted tax increment financing under Division 74.4 of
12 Article 11 of the Illinois Municipal Code, then the clerk may
13 not deduct the amount to be placed in the special tax
14 allocation fund from a tax levied by a township to retire
15 bonds issued to satisfy court-ordered damages.
16 (Source: P.A. 79-1525; 88-455.)
17 Section 10. The Illinois Municipal Code is amended by
18 changing Section 11-74.4-8 as follows:
19 (65 ILCS 5/11-74.4-8) (from Ch. 24, par. 11-74.4-8)
20 Sec. 11-74.4-8. A municipality may not adopt tax
21 increment financing in a redevelopment project area after the
22 effective date of this amendatory Act of 1997 that will
23 encompass an area that is currently included in an enterprise
24 zone created under the Illinois Enterprise Zone Act unless
25 that municipality, pursuant to Section 5.4 of the Illinois
26 Enterprise Zone Act, amends the enterprise zone designating
27 ordinance to limit the eligibility for tax abatements as
28 provided in Section 5.4.1 of the Illinois Enterprise Zone
29 Act. A municipality, at the time a redevelopment project
30 area is designated, may adopt tax increment allocation
31 financing by passing an ordinance providing that the ad
32 valorem taxes, if any, arising from the levies upon taxable
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1 real property in such redevelopment project area by taxing
2 districts and tax rates determined in the manner provided in
3 paragraph (c) of Section 11-74.4-9 each year after the
4 effective date of the ordinance until redevelopment project
5 costs and all municipal obligations financing redevelopment
6 project costs incurred under this Division have been paid
7 shall be divided as follows:
8 (a) That portion of taxes levied upon each taxable lot,
9 block, tract or parcel of real property which is attributable
10 to the lower of the current equalized assessed value or the
11 initial equalized assessed value of each such taxable lot,
12 block, tract or parcel of real property in the redevelopment
13 project area shall be allocated to and when collected shall
14 be paid by the county collector to the respective affected
15 taxing districts in the manner required by law in the absence
16 of the adoption of tax increment allocation financing.
17 (b) Except from a tax levied by a township to retire
18 bonds issued to satisfy court-ordered damages, that portion,
19 if any, of such taxes which is attributable to the increase
20 in the current equalized assessed valuation of each taxable
21 lot, block, tract or parcel of real property in the
22 redevelopment project area over and above the initial
23 equalized assessed value of each property in the project area
24 shall be allocated to and when collected shall be paid to the
25 municipal treasurer who shall deposit said taxes into a
26 special fund called the special tax allocation fund of the
27 municipality for the purpose of paying redevelopment project
28 costs and obligations incurred in the payment thereof. In any
29 county with a population of 3,000,000 or more that has
30 adopted a procedure for collecting taxes that provides for
31 one or more of the installments of the taxes to be billed and
32 collected on an estimated basis, the municipal treasurer
33 shall be paid for deposit in the special tax allocation fund
34 of the municipality, from the taxes collected from estimated
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1 bills issued for property in the redevelopment project area,
2 the difference between the amount actually collected from
3 each taxable lot, block, tract, or parcel of real property
4 within the redevelopment project area and an amount
5 determined by multiplying the rate at which taxes were last
6 extended against the taxable lot, block, track, or parcel of
7 real property in the manner provided in subsection (c) of
8 Section 11-74.4-9 by the initial equalized assessed value of
9 the property divided by the number of installments in which
10 real estate taxes are billed and collected within the county,
11 provided each of the following conditions are met:
12 (1) The total equalized assessed value of the
13 redevelopment project area as last determined was not
14 less than 175% of the total initial equalized assessed
15 value.
16 (2) Not more than 50% of the total equalized
17 assessed value of the redevelopment project area as last
18 determined is attributable to a piece of property
19 assigned a single real estate index number.
20 (3) The municipal clerk has certified to the county
21 clerk that the municipality has issued its obligations to
22 which there has been pledged the incremental property
23 taxes of the redevelopment project area or taxes levied
24 and collected on any or all property in the municipality
25 or the full faith and credit of the municipality to pay
26 or secure payment for all or a portion of the
27 redevelopment project costs. The certification shall be
28 filed annually no later than September 1 for the
29 estimated taxes to be distributed in the following year;
30 however, for the year 1992 the certification shall be
31 made at any time on or before March 31, 1992.
32 (4) The municipality has not requested that the
33 total initial equalized assessed value of real property
34 be adjusted as provided in subsection (b) of Section
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1 11-74.4-9.
2 It is the intent of this Division that after the
3 effective date of this amendatory Act of 1988 a
4 municipality's own ad valorem tax arising from levies on
5 taxable real property be included in the determination of
6 incremental revenue in the manner provided in paragraph (c)
7 of Section 11-74.4-9. If the municipality does not extend
8 such a tax, it shall annually deposit in the municipality's
9 Special Tax Increment Fund an amount equal to 10% of the
10 total contributions to the fund from all other taxing
11 districts in that year. The annual 10% deposit required by
12 this paragraph shall be limited to the actual amount of
13 municipally produced incremental tax revenues available to
14 the municipality from taxpayers located in the redevelopment
15 project area in that year if: (a) the plan for the area
16 restricts the use of the property primarily to industrial
17 purposes, (b) the municipality establishing the redevelopment
18 project area is a home-rule community with a 1990 population
19 of between 25,000 and 50,000, (c) the municipality is wholly
20 located within a county with a 1990 population of over
21 750,000 and (d) the redevelopment project area was
22 established by the municipality prior to June 1, 1990. This
23 payment shall be in lieu of a contribution of ad valorem
24 taxes on real property. If no such payment is made, any
25 redevelopment project area of the municipality shall be
26 dissolved.
27 If a municipality has adopted tax increment allocation
28 financing by ordinance and the County Clerk thereafter
29 certifies the "total initial equalized assessed value as
30 adjusted" of the taxable real property within such
31 redevelopment project area in the manner provided in
32 paragraph (b) of Section 11-74.4-9, each year after the date
33 of the certification of the total initial equalized assessed
34 value as adjusted until redevelopment project costs and all
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1 municipal obligations financing redevelopment project costs
2 have been paid the ad valorem taxes, if any, arising from the
3 levies upon the taxable real property in such redevelopment
4 project area by taxing districts and tax rates determined in
5 the manner provided in paragraph (c) of Section 11-74.4-9
6 shall be divided as follows:
7 (1) That portion of the taxes levied upon each
8 taxable lot, block, tract or parcel of real property
9 which is attributable to the lower of the current
10 equalized assessed value or "current equalized assessed
11 value as adjusted" or the initial equalized assessed
12 value of each such taxable lot, block, tract, or parcel
13 of real property existing at the time tax increment
14 financing was adopted, minus the total current homestead
15 exemptions provided by Sections 15-170 and 15-175 of the
16 Property Tax Code in the redevelopment project area shall
17 be allocated to and when collected shall be paid by the
18 county collector to the respective affected taxing
19 districts in the manner required by law in the absence of
20 the adoption of tax increment allocation financing.
21 (2) That portion, if any, of such taxes which is
22 attributable to the increase in the current equalized
23 assessed valuation of each taxable lot, block, tract, or
24 parcel of real property in the redevelopment project
25 area, over and above the initial equalized assessed value
26 of each property existing at the time tax increment
27 financing was adopted, minus the total current homestead
28 exemptions pertaining to each piece of property provided
29 by Sections 15-170 and 15-175 of the Property Tax Code in
30 the redevelopment project area, shall be allocated to and
31 when collected shall be paid to the municipal Treasurer,
32 who shall deposit said taxes into a special fund called
33 the special tax allocation fund of the municipality for
34 the purpose of paying redevelopment project costs and
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1 obligations incurred in the payment thereof.
2 The municipality may pledge in the ordinance the funds in
3 and to be deposited in the special tax allocation fund for
4 the payment of such costs and obligations. No part of the
5 current equalized assessed valuation of each property in the
6 redevelopment project area attributable to any increase above
7 the total initial equalized assessed value, or the total
8 initial equalized assessed value as adjusted, of such
9 properties shall be used in calculating the general State
10 school aid formula, provided for in Section 18-8 of the
11 School Code, until such time as all redevelopment project
12 costs have been paid as provided for in this Section.
13 Whenever a municipality issues bonds for the purpose of
14 financing redevelopment project costs, such municipality may
15 provide by ordinance for the appointment of a trustee, which
16 may be any trust company within the State, and for the
17 establishment of such funds or accounts to be maintained by
18 such trustee as the municipality shall deem necessary to
19 provide for the security and payment of the bonds. If such
20 municipality provides for the appointment of a trustee, such
21 trustee shall be considered the assignee of any payments
22 assigned by the municipality pursuant to such ordinance and
23 this Section. Any amounts paid to such trustee as assignee
24 shall be deposited in the funds or accounts established
25 pursuant to such trust agreement, and shall be held by such
26 trustee in trust for the benefit of the holders of the bonds,
27 and such holders shall have a lien on and a security interest
28 in such funds or accounts so long as the bonds remain
29 outstanding and unpaid. Upon retirement of the bonds, the
30 trustee shall pay over any excess amounts held to the
31 municipality for deposit in the special tax allocation fund.
32 When such redevelopment projects costs, including without
33 limitation all municipal obligations financing redevelopment
34 project costs incurred under this Division, have been paid,
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1 all surplus funds then remaining in the special tax
2 allocation fund shall be distributed by being paid by the
3 municipal treasurer to the Department of Revenue, the
4 municipality and the county collector; first to the
5 Department of Revenue and the municipality in direct
6 proportion to the tax incremental revenue received from the
7 State and the municipality, but not to exceed the total
8 incremental revenue received from the State or the
9 municipality less any annual surplus distribution of
10 incremental revenue previously made; with any remaining funds
11 to be paid to the County Collector who shall immediately
12 thereafter pay said funds to the taxing districts in the
13 redevelopment project area in the same manner and proportion
14 as the most recent distribution by the county collector to
15 the affected districts of real property taxes from real
16 property in the redevelopment project area.
17 Upon the payment of all redevelopment project costs,
18 retirement of obligations and the distribution of any excess
19 monies pursuant to this Section, the municipality shall adopt
20 an ordinance dissolving the special tax allocation fund for
21 the redevelopment project area and terminating the
22 designation of the redevelopment project area as a
23 redevelopment project area. If a municipality extends
24 estimated dates of completion of a redevelopment project and
25 retirement of obligations to finance a redevelopment project,
26 as allowed by this amendatory Act of 1993, that extension
27 shall not extend the property tax increment allocation
28 financing authorized by this Section. Thereafter the rates
29 of the taxing districts shall be extended and taxes levied,
30 collected and distributed in the manner applicable in the
31 absence of the adoption of tax increment allocation
32 financing.
33 Nothing in this Section shall be construed as relieving
34 property in such redevelopment project areas from being
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1 assessed as provided in the Property Tax Code or as relieving
2 owners of such property from paying a uniform rate of taxes,
3 as required by Section 4 of Article 9 of the Illinois
4 Constitution.
5 (Source: P.A. 90-258, eff. 7-30-97.)
6 Section 99. Effective date. This Act takes effect upon
7 becoming law.".