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Public Act 92-0226
SB573 Enrolled LRB9202627TAtm
AN ACT concerning taxes.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Property Tax Code is amended by adding
Section 27-93 as follows:
(35 ILCS 200/27-93 new)
Sec. 27-93. Refunds; special service area fund. If the
corporate authorities determine that excess revenues exist in
a special service area fund at the end of the life of the
special service area and if the option to abate a portion of
the final tax levy for the special service area is no longer
available, then the excess funds must be refunded to the
taxpayers of record for all parcels within the special
service area, as of the date the refund is declared, on a pro
rata basis based upon each parcel's proportionate share of
the total equalized assessed valuation of all parcels within
the special service area. In processing the refund, the
county or municipality may deduct not more than 5% of the
amount declared to be refunded to cover its costs and
expenses relative to declaring and making the refund.
Passed in the General Assembly May 09, 2001.
Approved August 02, 2001.
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