103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB4695

 

Introduced 2/6/2024, by Rep. Tim Ozinga

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 200/18-50.3 new
35 ILCS 200/18-185

    Amends the Property Tax Code. Sets forth procedures for calculating a taxing district's maximum extension if the taxing district's population has decreased when compared with the taxing district's population in the immediately preceding taxable year. Effective immediately.


LRB103 36311 HLH 66409 b

 

 

A BILL FOR

 

HB4695LRB103 36311 HLH 66409 b

1    AN ACT concerning revenue.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Property Tax Code is amended by changing
5Section 18-185 and by adding Section 18-50.3 as follows:
 
6    (35 ILCS 200/18-50.3 new)
7    Sec. 18-50.3. Limitation on tax extensions.
8Notwithstanding any other provision of law, beginning in
9taxable year 2025, prior to calculating the aggregate
10extension for any taxing district that is subject to a maximum
11extension limitation under any provision of law, the county
12clerk shall determine the change in the taxing district's
13population when compared with the taxing district's population
14in the immediately preceding taxable year using the population
15estimates prepared by the United States Census Bureau. If the
16county clerk determines that the population of the taxing
17district has decreased, the county clerk shall extend for that
18taxing district a rate against all taxable property in the
19taxing district that generates an amount that does not exceed
20the lesser of (i) the taxing district's aggregate extension
21for the taxable year or (ii) the taxing district's maximum
22aggregate extension for the taxable year, multiplied by 1
23minus the percentage decrease in the taxing district's

 

 

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1population when compared with the taxing district's population
2in the immediately preceding taxable year.
3    As used in this Section:
4    "Aggregate extension" means the annual corporate extension
5for the taxing district and those special purpose extensions
6that are made annually for the taxing district.
7    "Maximum aggregate extension" means the maximum amount
8that the taxing district is allowed to extend by law without
9regard to the adjustment under this Section.
 
10    (35 ILCS 200/18-185)
11    Sec. 18-185. Short title; definitions. This Division 5
12may be cited as the Property Tax Extension Limitation Law. As
13used in this Division 5:
14    "Consumer Price Index" means the Consumer Price Index for
15All Urban Consumers for all items published by the United
16States Department of Labor.
17    "Extension limitation" means (a) the lesser of 5% or the
18percentage increase in the Consumer Price Index during the
1912-month calendar year preceding the levy year or (b) the rate
20of increase approved by voters under Section 18-205.
21    "Affected county" means a county of 3,000,000 or more
22inhabitants or a county contiguous to a county of 3,000,000 or
23more inhabitants.
24    "Taxing district" has the same meaning provided in Section
251-150, except as otherwise provided in this Section. For the

 

 

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11991 through 1994 levy years only, "taxing district" includes
2only each non-home rule taxing district having the majority of
3its 1990 equalized assessed value within any county or
4counties contiguous to a county with 3,000,000 or more
5inhabitants. Beginning with the 1995 levy year, "taxing
6district" includes only each non-home rule taxing district
7subject to this Law before the 1995 levy year and each non-home
8rule taxing district not subject to this Law before the 1995
9levy year having the majority of its 1994 equalized assessed
10value in an affected county or counties. Beginning with the
11levy year in which this Law becomes applicable to a taxing
12district as provided in Section 18-213, "taxing district" also
13includes those taxing districts made subject to this Law as
14provided in Section 18-213.
15    "Aggregate extension" for taxing districts to which this
16Law applied before the 1995 levy year means the annual
17corporate extension for the taxing district and those special
18purpose extensions that are made annually for the taxing
19district, excluding special purpose extensions: (a) made for
20the taxing district to pay interest or principal on general
21obligation bonds that were approved by referendum; (b) made
22for any taxing district to pay interest or principal on
23general obligation bonds issued before October 1, 1991; (c)
24made for any taxing district to pay interest or principal on
25bonds issued to refund or continue to refund those bonds
26issued before October 1, 1991; (d) made for any taxing

 

 

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1district to pay interest or principal on bonds issued to
2refund or continue to refund bonds issued after October 1,
31991 that were approved by referendum; (e) made for any taxing
4district to pay interest or principal on revenue bonds issued
5before October 1, 1991 for payment of which a property tax levy
6or the full faith and credit of the unit of local government is
7pledged; however, a tax for the payment of interest or
8principal on those bonds shall be made only after the
9governing body of the unit of local government finds that all
10other sources for payment are insufficient to make those
11payments; (f) made for payments under a building commission
12lease when the lease payments are for the retirement of bonds
13issued by the commission before October 1, 1991, to pay for the
14building project; (g) made for payments due under installment
15contracts entered into before October 1, 1991; (h) made for
16payments of principal and interest on bonds issued under the
17Metropolitan Water Reclamation District Act to finance
18construction projects initiated before October 1, 1991; (i)
19made for payments of principal and interest on limited bonds,
20as defined in Section 3 of the Local Government Debt Reform
21Act, in an amount not to exceed the debt service extension base
22less the amount in items (b), (c), (e), and (h) of this
23definition for non-referendum obligations, except obligations
24initially issued pursuant to referendum; (j) made for payments
25of principal and interest on bonds issued under Section 15 of
26the Local Government Debt Reform Act; (k) made by a school

 

 

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1district that participates in the Special Education District
2of Lake County, created by special education joint agreement
3under Section 10-22.31 of the School Code, for payment of the
4school district's share of the amounts required to be
5contributed by the Special Education District of Lake County
6to the Illinois Municipal Retirement Fund under Article 7 of
7the Illinois Pension Code; the amount of any extension under
8this item (k) shall be certified by the school district to the
9county clerk; (l) made to fund expenses of providing joint
10recreational programs for persons with disabilities under
11Section 5-8 of the Park District Code or Section 11-95-14 of
12the Illinois Municipal Code; (m) made for temporary relocation
13loan repayment purposes pursuant to Sections 2-3.77 and
1417-2.2d of the School Code; (n) made for payment of principal
15and interest on any bonds issued under the authority of
16Section 17-2.2d of the School Code; (o) made for contributions
17to a firefighter's pension fund created under Article 4 of the
18Illinois Pension Code, to the extent of the amount certified
19under item (5) of Section 4-134 of the Illinois Pension Code;
20and (p) made for road purposes in the first year after a
21township assumes the rights, powers, duties, assets, property,
22liabilities, obligations, and responsibilities of a road
23district abolished under the provisions of Section 6-133 of
24the Illinois Highway Code.
25    "Aggregate extension" for the taxing districts to which
26this Law did not apply before the 1995 levy year (except taxing

 

 

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1districts subject to this Law in accordance with Section
218-213) means the annual corporate extension for the taxing
3district and those special purpose extensions that are made
4annually for the taxing district, excluding special purpose
5extensions: (a) made for the taxing district to pay interest
6or principal on general obligation bonds that were approved by
7referendum; (b) made for any taxing district to pay interest
8or principal on general obligation bonds issued before March
91, 1995; (c) made for any taxing district to pay interest or
10principal on bonds issued to refund or continue to refund
11those bonds issued before March 1, 1995; (d) made for any
12taxing district to pay interest or principal on bonds issued
13to refund or continue to refund bonds issued after March 1,
141995 that were approved by referendum; (e) made for any taxing
15district to pay interest or principal on revenue bonds issued
16before March 1, 1995 for payment of which a property tax levy
17or the full faith and credit of the unit of local government is
18pledged; however, a tax for the payment of interest or
19principal on those bonds shall be made only after the
20governing body of the unit of local government finds that all
21other sources for payment are insufficient to make those
22payments; (f) made for payments under a building commission
23lease when the lease payments are for the retirement of bonds
24issued by the commission before March 1, 1995 to pay for the
25building project; (g) made for payments due under installment
26contracts entered into before March 1, 1995; (h) made for

 

 

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1payments of principal and interest on bonds issued under the
2Metropolitan Water Reclamation District Act to finance
3construction projects initiated before October 1, 1991; (h-4)
4made for stormwater management purposes by the Metropolitan
5Water Reclamation District of Greater Chicago under Section 12
6of the Metropolitan Water Reclamation District Act; (h-8) made
7for payments of principal and interest on bonds issued under
8Section 9.6a of the Metropolitan Water Reclamation District
9Act to make contributions to the pension fund established
10under Article 13 of the Illinois Pension Code; (i) made for
11payments of principal and interest on limited bonds, as
12defined in Section 3 of the Local Government Debt Reform Act,
13in an amount not to exceed the debt service extension base less
14the amount in items (b), (c), and (e) of this definition for
15non-referendum obligations, except obligations initially
16issued pursuant to referendum and bonds described in
17subsections (h) and (h-8) of this definition; (j) made for
18payments of principal and interest on bonds issued under
19Section 15 of the Local Government Debt Reform Act; (k) made
20for payments of principal and interest on bonds authorized by
21Public Act 88-503 and issued under Section 20a of the Chicago
22Park District Act for aquarium or museum projects and bonds
23issued under Section 20a of the Chicago Park District Act for
24the purpose of making contributions to the pension fund
25established under Article 12 of the Illinois Pension Code; (l)
26made for payments of principal and interest on bonds

 

 

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1authorized by Public Act 87-1191 or 93-601 and (i) issued
2pursuant to Section 21.2 of the Cook County Forest Preserve
3District Act, (ii) issued under Section 42 of the Cook County
4Forest Preserve District Act for zoological park projects, or
5(iii) issued under Section 44.1 of the Cook County Forest
6Preserve District Act for botanical gardens projects; (m) made
7pursuant to Section 34-53.5 of the School Code, whether levied
8annually or not; (n) made to fund expenses of providing joint
9recreational programs for persons with disabilities under
10Section 5-8 of the Park District Code or Section 11-95-14 of
11the Illinois Municipal Code; (o) made by the Chicago Park
12District for recreational programs for persons with
13disabilities under subsection (c) of Section 7.06 of the
14Chicago Park District Act; (p) made for contributions to a
15firefighter's pension fund created under Article 4 of the
16Illinois Pension Code, to the extent of the amount certified
17under item (5) of Section 4-134 of the Illinois Pension Code;
18(q) made by Ford Heights School District 169 under Section
1917-9.02 of the School Code; and (r) made for the purpose of
20making employer contributions to the Public School Teachers'
21Pension and Retirement Fund of Chicago under Section 34-53 of
22the School Code.
23    "Aggregate extension" for all taxing districts to which
24this Law applies in accordance with Section 18-213, except for
25those taxing districts subject to paragraph (2) of subsection
26(e) of Section 18-213, means the annual corporate extension

 

 

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1for the taxing district and those special purpose extensions
2that are made annually for the taxing district, excluding
3special purpose extensions: (a) made for the taxing district
4to pay interest or principal on general obligation bonds that
5were approved by referendum; (b) made for any taxing district
6to pay interest or principal on general obligation bonds
7issued before the date on which the referendum making this Law
8applicable to the taxing district is held; (c) made for any
9taxing district to pay interest or principal on bonds issued
10to refund or continue to refund those bonds issued before the
11date on which the referendum making this Law applicable to the
12taxing district is held; (d) made for any taxing district to
13pay interest or principal on bonds issued to refund or
14continue to refund bonds issued after the date on which the
15referendum making this Law applicable to the taxing district
16is held if the bonds were approved by referendum after the date
17on which the referendum making this Law applicable to the
18taxing district is held; (e) made for any taxing district to
19pay interest or principal on revenue bonds issued before the
20date on which the referendum making this Law applicable to the
21taxing district is held for payment of which a property tax
22levy or the full faith and credit of the unit of local
23government is pledged; however, a tax for the payment of
24interest or principal on those bonds shall be made only after
25the governing body of the unit of local government finds that
26all other sources for payment are insufficient to make those

 

 

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1payments; (f) made for payments under a building commission
2lease when the lease payments are for the retirement of bonds
3issued by the commission before the date on which the
4referendum making this Law applicable to the taxing district
5is held to pay for the building project; (g) made for payments
6due under installment contracts entered into before the date
7on which the referendum making this Law applicable to the
8taxing district is held; (h) made for payments of principal
9and interest on limited bonds, as defined in Section 3 of the
10Local Government Debt Reform Act, in an amount not to exceed
11the debt service extension base less the amount in items (b),
12(c), and (e) of this definition for non-referendum
13obligations, except obligations initially issued pursuant to
14referendum; (i) made for payments of principal and interest on
15bonds issued under Section 15 of the Local Government Debt
16Reform Act; (j) made for a qualified airport authority to pay
17interest or principal on general obligation bonds issued for
18the purpose of paying obligations due under, or financing
19airport facilities required to be acquired, constructed,
20installed or equipped pursuant to, contracts entered into
21before March 1, 1996 (but not including any amendments to such
22a contract taking effect on or after that date); (k) made to
23fund expenses of providing joint recreational programs for
24persons with disabilities under Section 5-8 of the Park
25District Code or Section 11-95-14 of the Illinois Municipal
26Code; (l) made for contributions to a firefighter's pension

 

 

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1fund created under Article 4 of the Illinois Pension Code, to
2the extent of the amount certified under item (5) of Section
34-134 of the Illinois Pension Code; and (m) made for the taxing
4district to pay interest or principal on general obligation
5bonds issued pursuant to Section 19-3.10 of the School Code.
6    "Aggregate extension" for all taxing districts to which
7this Law applies in accordance with paragraph (2) of
8subsection (e) of Section 18-213 means the annual corporate
9extension for the taxing district and those special purpose
10extensions that are made annually for the taxing district,
11excluding special purpose extensions: (a) made for the taxing
12district to pay interest or principal on general obligation
13bonds that were approved by referendum; (b) made for any
14taxing district to pay interest or principal on general
15obligation bonds issued before March 7, 1997 (the effective
16date of Public Act 89-718); (c) made for any taxing district to
17pay interest or principal on bonds issued to refund or
18continue to refund those bonds issued before March 7, 1997
19(the effective date of Public Act 89-718); (d) made for any
20taxing district to pay interest or principal on bonds issued
21to refund or continue to refund bonds issued after March 7,
221997 (the effective date of Public Act 89-718) if the bonds
23were approved by referendum after March 7, 1997 (the effective
24date of Public Act 89-718); (e) made for any taxing district to
25pay interest or principal on revenue bonds issued before March
267, 1997 (the effective date of Public Act 89-718) for payment

 

 

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1of which a property tax levy or the full faith and credit of
2the unit of local government is pledged; however, a tax for the
3payment of interest or principal on those bonds shall be made
4only after the governing body of the unit of local government
5finds that all other sources for payment are insufficient to
6make those payments; (f) made for payments under a building
7commission lease when the lease payments are for the
8retirement of bonds issued by the commission before March 7,
91997 (the effective date of Public Act 89-718) to pay for the
10building project; (g) made for payments due under installment
11contracts entered into before March 7, 1997 (the effective
12date of Public Act 89-718); (h) made for payments of principal
13and interest on limited bonds, as defined in Section 3 of the
14Local Government Debt Reform Act, in an amount not to exceed
15the debt service extension base less the amount in items (b),
16(c), and (e) of this definition for non-referendum
17obligations, except obligations initially issued pursuant to
18referendum; (i) made for payments of principal and interest on
19bonds issued under Section 15 of the Local Government Debt
20Reform Act; (j) made for a qualified airport authority to pay
21interest or principal on general obligation bonds issued for
22the purpose of paying obligations due under, or financing
23airport facilities required to be acquired, constructed,
24installed or equipped pursuant to, contracts entered into
25before March 1, 1996 (but not including any amendments to such
26a contract taking effect on or after that date); (k) made to

 

 

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1fund expenses of providing joint recreational programs for
2persons with disabilities under Section 5-8 of the Park
3District Code or Section 11-95-14 of the Illinois Municipal
4Code; and (l) made for contributions to a firefighter's
5pension fund created under Article 4 of the Illinois Pension
6Code, to the extent of the amount certified under item (5) of
7Section 4-134 of the Illinois Pension Code.
8    "Debt service extension base" means an amount equal to
9that portion of the extension for a taxing district for the
101994 levy year, or for those taxing districts subject to this
11Law in accordance with Section 18-213, except for those
12subject to paragraph (2) of subsection (e) of Section 18-213,
13for the levy year in which the referendum making this Law
14applicable to the taxing district is held, or for those taxing
15districts subject to this Law in accordance with paragraph (2)
16of subsection (e) of Section 18-213 for the 1996 levy year,
17constituting an extension for payment of principal and
18interest on bonds issued by the taxing district without
19referendum, but not including excluded non-referendum bonds.
20For park districts (i) that were first subject to this Law in
211991 or 1995 and (ii) whose extension for the 1994 levy year
22for the payment of principal and interest on bonds issued by
23the park district without referendum (but not including
24excluded non-referendum bonds) was less than 51% of the amount
25for the 1991 levy year constituting an extension for payment
26of principal and interest on bonds issued by the park district

 

 

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1without referendum (but not including excluded non-referendum
2bonds), "debt service extension base" means an amount equal to
3that portion of the extension for the 1991 levy year
4constituting an extension for payment of principal and
5interest on bonds issued by the park district without
6referendum (but not including excluded non-referendum bonds).
7A debt service extension base established or increased at any
8time pursuant to any provision of this Law, except Section
918-212, shall be increased each year commencing with the later
10of (i) the 2009 levy year or (ii) the first levy year in which
11this Law becomes applicable to the taxing district, by the
12lesser of 5% or the percentage increase in the Consumer Price
13Index during the 12-month calendar year preceding the levy
14year. The debt service extension base may be established or
15increased as provided under Section 18-212. "Excluded
16non-referendum bonds" means (i) bonds authorized by Public Act
1788-503 and issued under Section 20a of the Chicago Park
18District Act for aquarium and museum projects; (ii) bonds
19issued under Section 15 of the Local Government Debt Reform
20Act; or (iii) refunding obligations issued to refund or to
21continue to refund obligations initially issued pursuant to
22referendum.
23    "Special purpose extensions" include, but are not limited
24to, extensions for levies made on an annual basis for
25unemployment and workers' compensation, self-insurance,
26contributions to pension plans, and extensions made pursuant

 

 

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1to Section 6-601 of the Illinois Highway Code for a road
2district's permanent road fund whether levied annually or not.
3The extension for a special service area is not included in the
4aggregate extension.
5    "Aggregate extension base" means the taxing district's
6last preceding aggregate extension as adjusted under Sections
718-135, 18-215, 18-230, 18-206, and 18-233. Beginning with
8levy year 2022, for taxing districts that are specified in
9Section 18-190.7, the taxing district's aggregate extension
10base shall be calculated as provided in Section 18-190.7. An
11adjustment under Section 18-135 shall be made for the 2007
12levy year and all subsequent levy years whenever one or more
13counties within which a taxing district is located (i) used
14estimated valuations or rates when extending taxes in the
15taxing district for the last preceding levy year that resulted
16in the over or under extension of taxes, or (ii) increased or
17decreased the tax extension for the last preceding levy year
18as required by Section 18-135(c). Whenever an adjustment is
19required under Section 18-135, the aggregate extension base of
20the taxing district shall be equal to the amount that the
21aggregate extension of the taxing district would have been for
22the last preceding levy year if either or both (i) actual,
23rather than estimated, valuations or rates had been used to
24calculate the extension of taxes for the last levy year, or
25(ii) the tax extension for the last preceding levy year had not
26been adjusted as required by subsection (c) of Section 18-135.

 

 

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1    Notwithstanding any other provision of law, for levy year
22012, the aggregate extension base for West Northfield School
3District No. 31 in Cook County shall be $12,654,592.
4    Notwithstanding any other provision of law, for levy year
52022, the aggregate extension base of a home equity assurance
6program that levied at least $1,000,000 in property taxes in
7levy year 2019 or 2020 under the Home Equity Assurance Act
8shall be the amount that the program's aggregate extension
9base for levy year 2021 would have been if the program had
10levied a property tax for levy year 2021.
11    "Levy year" has the same meaning as "year" under Section
121-155.
13    "New property" means (i) the assessed value, after final
14board of review or board of appeals action, of new
15improvements or additions to existing improvements on any
16parcel of real property that increase the assessed value of
17that real property during the levy year multiplied by the
18equalization factor issued by the Department under Section
1917-30, (ii) the assessed value, after final board of review or
20board of appeals action, of real property not exempt from real
21estate taxation, which real property was exempt from real
22estate taxation for any portion of the immediately preceding
23levy year, multiplied by the equalization factor issued by the
24Department under Section 17-30, including the assessed value,
25upon final stabilization of occupancy after new construction
26is complete, of any real property located within the

 

 

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1boundaries of an otherwise or previously exempt military
2reservation that is intended for residential use and owned by
3or leased to a private corporation or other entity, (iii) in
4counties that classify in accordance with Section 4 of Article
5IX of the Illinois Constitution, an incentive property's
6additional assessed value resulting from a scheduled increase
7in the level of assessment as applied to the first year final
8board of review market value, and (iv) any increase in
9assessed value due to oil or gas production from an oil or gas
10well required to be permitted under the Hydraulic Fracturing
11Regulatory Act that was not produced in or accounted for
12during the previous levy year. In addition, the county clerk
13in a county containing a population of 3,000,000 or more shall
14include in the 1997 recovered tax increment value for any
15school district, any recovered tax increment value that was
16applicable to the 1995 tax year calculations.
17    "Qualified airport authority" means an airport authority
18organized under the Airport Authorities Act and located in a
19county bordering on the State of Wisconsin and having a
20population in excess of 200,000 and not greater than 500,000.
21    "Recovered tax increment value" means, except as otherwise
22provided in this paragraph, the amount of the current year's
23equalized assessed value, in the first year after a
24municipality terminates the designation of an area as a
25redevelopment project area previously established under the
26Tax Increment Allocation Redevelopment Act in the Illinois

 

 

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1Municipal Code, previously established under the Industrial
2Jobs Recovery Law in the Illinois Municipal Code, previously
3established under the Economic Development Project Area Tax
4Increment Act of 1995, or previously established under the
5Economic Development Area Tax Increment Allocation Act, of
6each taxable lot, block, tract, or parcel of real property in
7the redevelopment project area over and above the initial
8equalized assessed value of each property in the redevelopment
9project area. For the taxes which are extended for the 1997
10levy year, the recovered tax increment value for a non-home
11rule taxing district that first became subject to this Law for
12the 1995 levy year because a majority of its 1994 equalized
13assessed value was in an affected county or counties shall be
14increased if a municipality terminated the designation of an
15area in 1993 as a redevelopment project area previously
16established under the Tax Increment Allocation Redevelopment
17Act in the Illinois Municipal Code, previously established
18under the Industrial Jobs Recovery Law in the Illinois
19Municipal Code, or previously established under the Economic
20Development Area Tax Increment Allocation Act, by an amount
21equal to the 1994 equalized assessed value of each taxable
22lot, block, tract, or parcel of real property in the
23redevelopment project area over and above the initial
24equalized assessed value of each property in the redevelopment
25project area. In the first year after a municipality removes a
26taxable lot, block, tract, or parcel of real property from a

 

 

HB4695- 19 -LRB103 36311 HLH 66409 b

1redevelopment project area established under the Tax Increment
2Allocation Redevelopment Act in the Illinois Municipal Code,
3the Industrial Jobs Recovery Law in the Illinois Municipal
4Code, or the Economic Development Area Tax Increment
5Allocation Act, "recovered tax increment value" means the
6amount of the current year's equalized assessed value of each
7taxable lot, block, tract, or parcel of real property removed
8from the redevelopment project area over and above the initial
9equalized assessed value of that real property before removal
10from the redevelopment project area.
11    Except as otherwise provided in this Section, "limiting
12rate" means a fraction the numerator of which is the last
13preceding aggregate extension base times an amount equal to
14one plus the extension limitation defined in this Section and
15the denominator of which is the current year's equalized
16assessed value of all real property in the territory under the
17jurisdiction of the taxing district during the prior levy
18year. For those taxing districts that reduced their aggregate
19extension for the last preceding levy year, except for school
20districts that reduced their extension for educational
21purposes pursuant to Section 18-206, the highest aggregate
22extension in any of the last 3 preceding levy years shall be
23used for the purpose of computing the limiting rate. The
24denominator shall not include new property or the recovered
25tax increment value. If a new rate, a rate decrease, or a
26limiting rate increase has been approved at an election held

 

 

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1after March 21, 2006, then (i) the otherwise applicable
2limiting rate shall be increased by the amount of the new rate
3or shall be reduced by the amount of the rate decrease, as the
4case may be, or (ii) in the case of a limiting rate increase,
5the limiting rate shall be equal to the rate set forth in the
6proposition approved by the voters for each of the years
7specified in the proposition, after which the limiting rate of
8the taxing district shall be calculated as otherwise provided.
9In the case of a taxing district that obtained referendum
10approval for an increased limiting rate on March 20, 2012, the
11limiting rate for tax year 2012 shall be the rate that
12generates the approximate total amount of taxes extendable for
13that tax year, as set forth in the proposition approved by the
14voters; this rate shall be the final rate applied by the county
15clerk for the aggregate of all capped funds of the district for
16tax year 2012. For taxable years 2024 and thereafter, the
17limiting rate is subject to adjustment under Section 18-50.3.
18(Source: P.A. 102-263, eff. 8-6-21; 102-311, eff. 8-6-21;
19102-519, eff. 8-20-21; 102-558, eff. 8-20-21; 102-707, eff.
204-22-22; 102-813, eff. 5-13-22; 102-895, eff. 5-23-22;
21103-154, eff. 6-30-23.)
 
22    Section 99. Effective date. This Act takes effect upon
23becoming law.