PROPERTY TAX-2-YEAR MORATORIUM House SponsorsRep. Jack D. Franks 1/11/2005HouseSession Sine Die 35 ILCS 200/20-3 new Amends the Property Tax Code. Provides that, notwithstanding any other law to the contrary, for taxable years 2003 and 2004, the rate on any tax imposed under the Act may not be increased from the rate imposed in the 2002 taxable year. A school district, however, may increase property tax rates by referendum. Provides that, notwithstanding any other law to the contrary, for taxable years 2003 and 2004, the equalized assessed value of property shall be the same as the equalized assessed value of that property for the 2002 taxable year. If, however, a parcel of property is improved during taxable year 2003 or 2004, the assessment of that property shall be the assessment for the 2002 taxable year plus the increase in assessed value solely as a result of the improvement and, once the 2002 assessment is increased to reflect an improvement, the assessment for that property shall remain the same for the duration of the assessment freeze period. Effective immediately.Fiscal Note (Illinois Department of Revenue) House Bill 66 imposes a two-year moratorium on property tax increases for taxable years 2003 and 2004. However, a school district may increase property tax rates if the question is submitted to voters at a regular election and approved by a majority of those voting. HB 66 would have an unknown negative impact on units of local government. Under the State Aid Formula, the State may have to compensate school districts for a portion of the loss of property tax revenue due to decreased equalized assessed property value. 1/2/2003HousePrefiled with Clerk by Rep. Jack D. Franks 1/8/2003HouseFirst Reading 1/8/2003HouseReferred to Rules Committee 1/23/2003HouseAssigned to Revenue Committee 2/11/2003HouseFiscal Note Filed 3/13/2003HouseRule 19(a) / Re-referred to Rules Committee 1/11/2005HouseSession Sine Die