Rep. Emanuel Chris Welch

Filed: 3/19/2013

 

 


 

 


 
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1
AMENDMENT TO HOUSE BILL 3201

2    AMENDMENT NO. ______. Amend House Bill 3201 by replacing
3everything after the enacting clause with the following:
 
4    "Section 5. The Illinois Municipal Code is amended by
5changing Section 11-74.4-9 as follows:
 
6    (65 ILCS 5/11-74.4-9)   (from Ch. 24, par. 11-74.4-9)
7    Sec. 11-74.4-9. Equalized assessed value of property.
8    (a) If a municipality by ordinance provides for tax
9increment allocation financing pursuant to Section 11-74.4-8,
10the county clerk immediately thereafter shall determine (1) the
11most recently ascertained equalized assessed value of each lot,
12block, tract or parcel of real property within such
13redevelopment project area from which shall be deducted the
14homestead exemptions under Article 15 of the Property Tax Code,
15which value shall be the "initial equalized assessed value" of
16each such piece of property, and (2) the total equalized

 

 

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1assessed value of all taxable real property within such
2redevelopment project area by adding together the most recently
3ascertained equalized assessed value of each taxable lot,
4block, tract, or parcel of real property within such project
5area, from which shall be deducted the homestead exemptions
6provided by Sections 15-170, 15-175, and 15-176 of the Property
7Tax Code, and shall certify such amount as the "total initial
8equalized assessed value" of the taxable real property within
9such project area.
10     Notwithstanding any other provision of law, in the case of
11any redevelopment project area established by the Village of
12Bellwood on or after January 1, 2005 and prior to the effective
13date of this amendatory Act of the 98th General Assembly, if
14each taxing district located in whole or in part within the
15redevelopment project area submits a letter to the Clerk of the
16House of Representatives, the Secretary of the Senate, and the
17county clerk on or before December 31, 2013 supporting the
18change in "total initial equalized assessed value", as provided
19in this paragraph, then the "total initial equalized assessed
20value" shall be the equalized assessed value of each taxable
21lot, block, tract, or parcel of real property within that
22redevelopment project area for the 2012 levy year. As soon as
23possible after the last letter of support is received, the
24county clerk shall recertify the "total initial equalized
25assessed value" of those redevelopment project areas in
26accordance with the provisions of this amendatory Act of the

 

 

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198th General Assembly.
2    (b) In reference to any municipality which has adopted tax
3increment financing after January 1, 1978, and in respect to
4which the county clerk has certified the "total initial
5equalized assessed value" of the property in the redevelopment
6area, the municipality may thereafter request the clerk in
7writing to adjust the initial equalized value of all taxable
8real property within the redevelopment project area by
9deducting therefrom the exemptions under Article 15 of the
10Property Tax Code applicable to each lot, block, tract or
11parcel of real property within such redevelopment project area.
12The county clerk shall immediately after the written request to
13adjust the total initial equalized value is received determine
14the total homestead exemptions in the redevelopment project
15area provided by Sections 15-170, 15-175, and 15-176 of the
16Property Tax Code by adding together the homestead exemptions
17provided by said Sections on each lot, block, tract or parcel
18of real property within such redevelopment project area and
19then shall deduct the total of said exemptions from the total
20initial equalized assessed value. The county clerk shall then
21promptly certify such amount as the "total initial equalized
22assessed value as adjusted" of the taxable real property within
23such redevelopment project area.
24    (c) After the county clerk has certified the "total initial
25equalized assessed value" of the taxable real property in such
26area, then in respect to every taxing district containing a

 

 

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1redevelopment project area, the county clerk or any other
2official required by law to ascertain the amount of the
3equalized assessed value of all taxable property within such
4district for the purpose of computing the rate per cent of tax
5to be extended upon taxable property within such district,
6shall in every year that tax increment allocation financing is
7in effect ascertain the amount of value of taxable property in
8a redevelopment project area by including in such amount the
9lower of the current equalized assessed value or the certified
10"total initial equalized assessed value" of all taxable real
11property in such area, except that after he has certified the
12"total initial equalized assessed value as adjusted" he shall
13in the year of said certification if tax rates have not been
14extended and in every year thereafter that tax increment
15allocation financing is in effect ascertain the amount of value
16of taxable property in a redevelopment project area by
17including in such amount the lower of the current equalized
18assessed value or the certified "total initial equalized
19assessed value as adjusted" of all taxable real property in
20such area. The rate per cent of tax determined shall be
21extended to the current equalized assessed value of all
22property in the redevelopment project area in the same manner
23as the rate per cent of tax is extended to all other taxable
24property in the taxing district. The method of extending taxes
25established under this Section shall terminate when the
26municipality adopts an ordinance dissolving the special tax

 

 

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1allocation fund for the redevelopment project area. This
2Division shall not be construed as relieving property owners
3within a redevelopment project area from paying a uniform rate
4of taxes upon the current equalized assessed value of their
5taxable property as provided in the Property Tax Code.
6(Source: P.A. 95-644, eff. 10-12-07.)
 
7    Section 99. Effective date. This Act takes effect upon
8becoming law.".