|
| | 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. |
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| | A BILL FOR |
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1 | | AN ACT concerning revenue. |
2 | | Be it enacted by the People of the State of Illinois, |
3 | | represented in the General Assembly: |
4 | | Section 5. The Property Tax Code is amended by changing |
5 | | Section 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. |
8 | | Notwithstanding any other provision of law, beginning in |
9 | | taxable year 2025, prior to calculating the aggregate |
10 | | extension for any taxing district that is subject to a maximum |
11 | | extension limitation under any provision of law, the county |
12 | | clerk shall determine the change in the taxing district's |
13 | | population when compared with the taxing district's population |
14 | | in the immediately preceding taxable year using the population |
15 | | estimates prepared by the United States Census Bureau. If the |
16 | | county clerk determines that the population of the taxing |
17 | | district has decreased, the county clerk shall extend for that |
18 | | taxing district a rate against all taxable property in the |
19 | | taxing district that generates an amount that does not exceed |
20 | | the lesser of (i) the taxing district's aggregate extension |
21 | | for the taxable year or (ii) the taxing district's maximum |
22 | | aggregate extension for the taxable year, multiplied by 1 |
23 | | minus the percentage decrease in the taxing district's |
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1 | | population when compared with the taxing district's population |
2 | | in the immediately preceding taxable year. |
3 | | As used in this Section: |
4 | | "Aggregate extension" means the annual corporate extension |
5 | | for the taxing district and those special purpose extensions |
6 | | that are made annually for the taxing district. |
7 | | "Maximum aggregate extension" means the maximum amount |
8 | | that the taxing district is allowed to extend by law without |
9 | | regard to the adjustment under this Section. |
10 | | (35 ILCS 200/18-185) |
11 | | Sec. 18-185. Short title; definitions. This Division 5 |
12 | | may be cited as the Property Tax Extension Limitation Law. As |
13 | | used in this Division 5: |
14 | | "Consumer Price Index" means the Consumer Price Index for |
15 | | All Urban Consumers for all items published by the United |
16 | | States Department of Labor. |
17 | | "Extension limitation" means (a) the lesser of 5% or the |
18 | | percentage increase in the Consumer Price Index during the |
19 | | 12-month calendar year preceding the levy year or (b) the rate |
20 | | of increase approved by voters under Section 18-205. |
21 | | "Affected county" means a county of 3,000,000 or more |
22 | | inhabitants or a county contiguous to a county of 3,000,000 or |
23 | | more inhabitants. |
24 | | "Taxing district" has the same meaning provided in Section |
25 | | 1-150, except as otherwise provided in this Section. For the |
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1 | | 1991 through 1994 levy years only, "taxing district" includes |
2 | | only each non-home rule taxing district having the majority of |
3 | | its 1990 equalized assessed value within any county or |
4 | | counties contiguous to a county with 3,000,000 or more |
5 | | inhabitants. Beginning with the 1995 levy year, "taxing |
6 | | district" includes only each non-home rule taxing district |
7 | | subject to this Law before the 1995 levy year and each non-home |
8 | | rule taxing district not subject to this Law before the 1995 |
9 | | levy year having the majority of its 1994 equalized assessed |
10 | | value in an affected county or counties. Beginning with the |
11 | | levy year in which this Law becomes applicable to a taxing |
12 | | district as provided in Section 18-213, "taxing district" also |
13 | | includes those taxing districts made subject to this Law as |
14 | | provided in Section 18-213. |
15 | | "Aggregate extension" for taxing districts to which this |
16 | | Law applied before the 1995 levy year means the annual |
17 | | corporate extension for the taxing district and those special |
18 | | purpose extensions that are made annually for the taxing |
19 | | district, excluding special purpose extensions: (a) made for |
20 | | the taxing district to pay interest or principal on general |
21 | | obligation bonds that were approved by referendum; (b) made |
22 | | for any taxing district to pay interest or principal on |
23 | | general obligation bonds issued before October 1, 1991; (c) |
24 | | made for any taxing district to pay interest or principal on |
25 | | bonds issued to refund or continue to refund those bonds |
26 | | issued before October 1, 1991; (d) made for any taxing |
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1 | | district to pay interest or principal on bonds issued to |
2 | | refund or continue to refund bonds issued after October 1, |
3 | | 1991 that were approved by referendum; (e) made for any taxing |
4 | | district to pay interest or principal on revenue bonds issued |
5 | | before October 1, 1991 for payment of which a property tax levy |
6 | | or the full faith and credit of the unit of local government is |
7 | | pledged; however, a tax for the payment of interest or |
8 | | principal on those bonds shall be made only after the |
9 | | governing body of the unit of local government finds that all |
10 | | other sources for payment are insufficient to make those |
11 | | payments; (f) made for payments under a building commission |
12 | | lease when the lease payments are for the retirement of bonds |
13 | | issued by the commission before October 1, 1991, to pay for the |
14 | | building project; (g) made for payments due under installment |
15 | | contracts entered into before October 1, 1991; (h) made for |
16 | | payments of principal and interest on bonds issued under the |
17 | | Metropolitan Water Reclamation District Act to finance |
18 | | construction projects initiated before October 1, 1991; (i) |
19 | | made for payments of principal and interest on limited bonds, |
20 | | as defined in Section 3 of the Local Government Debt Reform |
21 | | Act, in an amount not to exceed the debt service extension base |
22 | | less the amount in items (b), (c), (e), and (h) of this |
23 | | definition for non-referendum obligations, except obligations |
24 | | initially issued pursuant to referendum; (j) made for payments |
25 | | of principal and interest on bonds issued under Section 15 of |
26 | | the Local Government Debt Reform Act; (k) made by a school |
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1 | | district that participates in the Special Education District |
2 | | of Lake County, created by special education joint agreement |
3 | | under Section 10-22.31 of the School Code, for payment of the |
4 | | school district's share of the amounts required to be |
5 | | contributed by the Special Education District of Lake County |
6 | | to the Illinois Municipal Retirement Fund under Article 7 of |
7 | | the Illinois Pension Code; the amount of any extension under |
8 | | this item (k) shall be certified by the school district to the |
9 | | county clerk; (l) made to fund expenses of providing joint |
10 | | recreational programs for persons with disabilities under |
11 | | Section 5-8 of the Park District Code or Section 11-95-14 of |
12 | | the Illinois Municipal Code; (m) made for temporary relocation |
13 | | loan repayment purposes pursuant to Sections 2-3.77 and |
14 | | 17-2.2d of the School Code; (n) made for payment of principal |
15 | | and interest on any bonds issued under the authority of |
16 | | Section 17-2.2d of the School Code; (o) made for contributions |
17 | | to a firefighter's pension fund created under Article 4 of the |
18 | | Illinois Pension Code, to the extent of the amount certified |
19 | | under item (5) of Section 4-134 of the Illinois Pension Code; |
20 | | and (p) made for road purposes in the first year after a |
21 | | township assumes the rights, powers, duties, assets, property, |
22 | | liabilities, obligations, and responsibilities of a road |
23 | | district abolished under the provisions of Section 6-133 of |
24 | | the Illinois Highway Code. |
25 | | "Aggregate extension" for the taxing districts to which |
26 | | this Law did not apply before the 1995 levy year (except taxing |
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1 | | districts subject to this Law in accordance with Section |
2 | | 18-213) means the annual corporate extension for the taxing |
3 | | district and those special purpose extensions that are made |
4 | | annually for the taxing district, excluding special purpose |
5 | | extensions: (a) made for the taxing district to pay interest |
6 | | or principal on general obligation bonds that were approved by |
7 | | referendum; (b) made for any taxing district to pay interest |
8 | | or principal on general obligation bonds issued before March |
9 | | 1, 1995; (c) made for any taxing district to pay interest or |
10 | | principal on bonds issued to refund or continue to refund |
11 | | those bonds issued before March 1, 1995; (d) made for any |
12 | | taxing district to pay interest or principal on bonds issued |
13 | | to refund or continue to refund bonds issued after March 1, |
14 | | 1995 that were approved by referendum; (e) made for any taxing |
15 | | district to pay interest or principal on revenue bonds issued |
16 | | before March 1, 1995 for payment of which a property tax levy |
17 | | or the full faith and credit of the unit of local government is |
18 | | pledged; however, a tax for the payment of interest or |
19 | | principal on those bonds shall be made only after the |
20 | | governing body of the unit of local government finds that all |
21 | | other sources for payment are insufficient to make those |
22 | | payments; (f) made for payments under a building commission |
23 | | lease when the lease payments are for the retirement of bonds |
24 | | issued by the commission before March 1, 1995 to pay for the |
25 | | building project; (g) made for payments due under installment |
26 | | contracts entered into before March 1, 1995; (h) made for |
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1 | | payments of principal and interest on bonds issued under the |
2 | | Metropolitan Water Reclamation District Act to finance |
3 | | construction projects initiated before October 1, 1991; (h-4) |
4 | | made for stormwater management purposes by the Metropolitan |
5 | | Water Reclamation District of Greater Chicago under Section 12 |
6 | | of the Metropolitan Water Reclamation District Act; (h-8) made |
7 | | for payments of principal and interest on bonds issued under |
8 | | Section 9.6a of the Metropolitan Water Reclamation District |
9 | | Act to make contributions to the pension fund established |
10 | | under Article 13 of the Illinois Pension Code; (i) made for |
11 | | payments of principal and interest on limited bonds, as |
12 | | defined in Section 3 of the Local Government Debt Reform Act, |
13 | | in an amount not to exceed the debt service extension base less |
14 | | the amount in items (b), (c), and (e) of this definition for |
15 | | non-referendum obligations, except obligations initially |
16 | | issued pursuant to referendum and bonds described in |
17 | | subsections (h) and (h-8) of this definition; (j) made for |
18 | | payments of principal and interest on bonds issued under |
19 | | Section 15 of the Local Government Debt Reform Act; (k) made |
20 | | for payments of principal and interest on bonds authorized by |
21 | | Public Act 88-503 and issued under Section 20a of the Chicago |
22 | | Park District Act for aquarium or museum projects and bonds |
23 | | issued under Section 20a of the Chicago Park District Act for |
24 | | the purpose of making contributions to the pension fund |
25 | | established under Article 12 of the Illinois Pension Code; (l) |
26 | | made for payments of principal and interest on bonds |
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1 | | authorized by Public Act 87-1191 or 93-601 and (i) issued |
2 | | pursuant to Section 21.2 of the Cook County Forest Preserve |
3 | | District Act, (ii) issued under Section 42 of the Cook County |
4 | | Forest Preserve District Act for zoological park projects, or |
5 | | (iii) issued under Section 44.1 of the Cook County Forest |
6 | | Preserve District Act for botanical gardens projects; (m) made |
7 | | pursuant to Section 34-53.5 of the School Code, whether levied |
8 | | annually or not; (n) made to fund expenses of providing joint |
9 | | recreational programs for persons with disabilities under |
10 | | Section 5-8 of the Park District Code or Section 11-95-14 of |
11 | | the Illinois Municipal Code; (o) made by the Chicago Park |
12 | | District for recreational programs for persons with |
13 | | disabilities under subsection (c) of Section 7.06 of the |
14 | | Chicago Park District Act; (p) made for contributions to a |
15 | | firefighter's pension fund created under Article 4 of the |
16 | | Illinois Pension Code, to the extent of the amount certified |
17 | | under item (5) of Section 4-134 of the Illinois Pension Code; |
18 | | (q) made by Ford Heights School District 169 under Section |
19 | | 17-9.02 of the School Code; and (r) made for the purpose of |
20 | | making employer contributions to the Public School Teachers' |
21 | | Pension and Retirement Fund of Chicago under Section 34-53 of |
22 | | the School Code. |
23 | | "Aggregate extension" for all taxing districts to which |
24 | | this Law applies in accordance with Section 18-213, except for |
25 | | those taxing districts subject to paragraph (2) of subsection |
26 | | (e) of Section 18-213, means the annual corporate extension |
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1 | | for the taxing district and those special purpose extensions |
2 | | that are made annually for the taxing district, excluding |
3 | | special purpose extensions: (a) made for the taxing district |
4 | | to pay interest or principal on general obligation bonds that |
5 | | were approved by referendum; (b) made for any taxing district |
6 | | to pay interest or principal on general obligation bonds |
7 | | issued before the date on which the referendum making this Law |
8 | | applicable to the taxing district is held; (c) made for any |
9 | | taxing district to pay interest or principal on bonds issued |
10 | | to refund or continue to refund those bonds issued before the |
11 | | date on which the referendum making this Law applicable to the |
12 | | taxing district is held; (d) made for any taxing district to |
13 | | pay interest or principal on bonds issued to refund or |
14 | | continue to refund bonds issued after the date on which the |
15 | | referendum making this Law applicable to the taxing district |
16 | | is held if the bonds were approved by referendum after the date |
17 | | on which the referendum making this Law applicable to the |
18 | | taxing district is held; (e) made for any taxing district to |
19 | | pay interest or principal on revenue bonds issued before the |
20 | | date on which the referendum making this Law applicable to the |
21 | | taxing district is held for payment of which a property tax |
22 | | levy or the full faith and credit of the unit of local |
23 | | government is pledged; however, a tax for the payment of |
24 | | interest or principal on those bonds shall be made only after |
25 | | the governing body of the unit of local government finds that |
26 | | all other sources for payment are insufficient to make those |
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1 | | payments; (f) made for payments under a building commission |
2 | | lease when the lease payments are for the retirement of bonds |
3 | | issued by the commission before the date on which the |
4 | | referendum making this Law applicable to the taxing district |
5 | | is held to pay for the building project; (g) made for payments |
6 | | due under installment contracts entered into before the date |
7 | | on which the referendum making this Law applicable to the |
8 | | taxing district is held; (h) made for payments of principal |
9 | | and interest on limited bonds, as defined in Section 3 of the |
10 | | Local Government Debt Reform Act, in an amount not to exceed |
11 | | the debt service extension base less the amount in items (b), |
12 | | (c), and (e) of this definition for non-referendum |
13 | | obligations, except obligations initially issued pursuant to |
14 | | referendum; (i) made for payments of principal and interest on |
15 | | bonds issued under Section 15 of the Local Government Debt |
16 | | Reform Act; (j) made for a qualified airport authority to pay |
17 | | interest or principal on general obligation bonds issued for |
18 | | the purpose of paying obligations due under, or financing |
19 | | airport facilities required to be acquired, constructed, |
20 | | installed or equipped pursuant to, contracts entered into |
21 | | before March 1, 1996 (but not including any amendments to such |
22 | | a contract taking effect on or after that date); (k) made to |
23 | | fund expenses of providing joint recreational programs for |
24 | | persons with disabilities under Section 5-8 of the Park |
25 | | District Code or Section 11-95-14 of the Illinois Municipal |
26 | | Code; (l) made for contributions to a firefighter's pension |
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1 | | fund created under Article 4 of the Illinois Pension Code, to |
2 | | the extent of the amount certified under item (5) of Section |
3 | | 4-134 of the Illinois Pension Code; and (m) made for the taxing |
4 | | district to pay interest or principal on general obligation |
5 | | bonds issued pursuant to Section 19-3.10 of the School Code. |
6 | | "Aggregate extension" for all taxing districts to which |
7 | | this Law applies in accordance with paragraph (2) of |
8 | | subsection (e) of Section 18-213 means the annual corporate |
9 | | extension for the taxing district and those special purpose |
10 | | extensions that are made annually for the taxing district, |
11 | | excluding special purpose extensions: (a) made for the taxing |
12 | | district to pay interest or principal on general obligation |
13 | | bonds that were approved by referendum; (b) made for any |
14 | | taxing district to pay interest or principal on general |
15 | | obligation bonds issued before March 7, 1997 (the effective |
16 | | date of Public Act 89-718); (c) made for any taxing district to |
17 | | pay interest or principal on bonds issued to refund or |
18 | | continue to refund those bonds issued before March 7, 1997 |
19 | | (the effective date of Public Act 89-718); (d) made for any |
20 | | taxing district to pay interest or principal on bonds issued |
21 | | to refund or continue to refund bonds issued after March 7, |
22 | | 1997 (the effective date of Public Act 89-718) if the bonds |
23 | | were approved by referendum after March 7, 1997 (the effective |
24 | | date of Public Act 89-718); (e) made for any taxing district to |
25 | | pay interest or principal on revenue bonds issued before March |
26 | | 7, 1997 (the effective date of Public Act 89-718) for payment |
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1 | | of which a property tax levy or the full faith and credit of |
2 | | the unit of local government is pledged; however, a tax for the |
3 | | payment of interest or principal on those bonds shall be made |
4 | | only after the governing body of the unit of local government |
5 | | finds that all other sources for payment are insufficient to |
6 | | make those payments; (f) made for payments under a building |
7 | | commission lease when the lease payments are for the |
8 | | retirement of bonds issued by the commission before March 7, |
9 | | 1997 (the effective date of Public Act 89-718) to pay for the |
10 | | building project; (g) made for payments due under installment |
11 | | contracts entered into before March 7, 1997 (the effective |
12 | | date of Public Act 89-718); (h) made for payments of principal |
13 | | and interest on limited bonds, as defined in Section 3 of the |
14 | | Local Government Debt Reform Act, in an amount not to exceed |
15 | | the debt service extension base less the amount in items (b), |
16 | | (c), and (e) of this definition for non-referendum |
17 | | obligations, except obligations initially issued pursuant to |
18 | | referendum; (i) made for payments of principal and interest on |
19 | | bonds issued under Section 15 of the Local Government Debt |
20 | | Reform Act; (j) made for a qualified airport authority to pay |
21 | | interest or principal on general obligation bonds issued for |
22 | | the purpose of paying obligations due under, or financing |
23 | | airport facilities required to be acquired, constructed, |
24 | | installed or equipped pursuant to, contracts entered into |
25 | | before March 1, 1996 (but not including any amendments to such |
26 | | a contract taking effect on or after that date); (k) made to |
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1 | | fund expenses of providing joint recreational programs for |
2 | | persons with disabilities under Section 5-8 of the Park |
3 | | District Code or Section 11-95-14 of the Illinois Municipal |
4 | | Code; and (l) made for contributions to a firefighter's |
5 | | pension fund created under Article 4 of the Illinois Pension |
6 | | Code, to the extent of the amount certified under item (5) of |
7 | | Section 4-134 of the Illinois Pension Code. |
8 | | "Debt service extension base" means an amount equal to |
9 | | that portion of the extension for a taxing district for the |
10 | | 1994 levy year, or for those taxing districts subject to this |
11 | | Law in accordance with Section 18-213, except for those |
12 | | subject to paragraph (2) of subsection (e) of Section 18-213, |
13 | | for the levy year in which the referendum making this Law |
14 | | applicable to the taxing district is held, or for those taxing |
15 | | districts subject to this Law in accordance with paragraph (2) |
16 | | of subsection (e) of Section 18-213 for the 1996 levy year, |
17 | | constituting an extension for payment of principal and |
18 | | interest on bonds issued by the taxing district without |
19 | | referendum, but not including excluded non-referendum bonds. |
20 | | For park districts (i) that were first subject to this Law in |
21 | | 1991 or 1995 and (ii) whose extension for the 1994 levy year |
22 | | for the payment of principal and interest on bonds issued by |
23 | | the park district without referendum (but not including |
24 | | excluded non-referendum bonds) was less than 51% of the amount |
25 | | for the 1991 levy year constituting an extension for payment |
26 | | of principal and interest on bonds issued by the park district |
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1 | | without referendum (but not including excluded non-referendum |
2 | | bonds), "debt service extension base" means an amount equal to |
3 | | that portion of the extension for the 1991 levy year |
4 | | constituting an extension for payment of principal and |
5 | | interest on bonds issued by the park district without |
6 | | referendum (but not including excluded non-referendum bonds). |
7 | | A debt service extension base established or increased at any |
8 | | time pursuant to any provision of this Law, except Section |
9 | | 18-212, shall be increased each year commencing with the later |
10 | | of (i) the 2009 levy year or (ii) the first levy year in which |
11 | | this Law becomes applicable to the taxing district, by the |
12 | | lesser of 5% or the percentage increase in the Consumer Price |
13 | | Index during the 12-month calendar year preceding the levy |
14 | | year. The debt service extension base may be established or |
15 | | increased as provided under Section 18-212. "Excluded |
16 | | non-referendum bonds" means (i) bonds authorized by Public Act |
17 | | 88-503 and issued under Section 20a of the Chicago Park |
18 | | District Act for aquarium and museum projects; (ii) bonds |
19 | | issued under Section 15 of the Local Government Debt Reform |
20 | | Act; or (iii) refunding obligations issued to refund or to |
21 | | continue to refund obligations initially issued pursuant to |
22 | | referendum. |
23 | | "Special purpose extensions" include, but are not limited |
24 | | to, extensions for levies made on an annual basis for |
25 | | unemployment and workers' compensation, self-insurance, |
26 | | contributions to pension plans, and extensions made pursuant |
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1 | | to Section 6-601 of the Illinois Highway Code for a road |
2 | | district's permanent road fund whether levied annually or not. |
3 | | The extension for a special service area is not included in the |
4 | | aggregate extension. |
5 | | "Aggregate extension base" means the taxing district's |
6 | | last preceding aggregate extension as adjusted under Sections |
7 | | 18-135, 18-215, 18-230, 18-206, and 18-233. Beginning with |
8 | | levy year 2022, for taxing districts that are specified in |
9 | | Section 18-190.7, the taxing district's aggregate extension |
10 | | base shall be calculated as provided in Section 18-190.7. An |
11 | | adjustment under Section 18-135 shall be made for the 2007 |
12 | | levy year and all subsequent levy years whenever one or more |
13 | | counties within which a taxing district is located (i) used |
14 | | estimated valuations or rates when extending taxes in the |
15 | | taxing district for the last preceding levy year that resulted |
16 | | in the over or under extension of taxes, or (ii) increased or |
17 | | decreased the tax extension for the last preceding levy year |
18 | | as required by Section 18-135(c). Whenever an adjustment is |
19 | | required under Section 18-135, the aggregate extension base of |
20 | | the taxing district shall be equal to the amount that the |
21 | | aggregate extension of the taxing district would have been for |
22 | | the last preceding levy year if either or both (i) actual, |
23 | | rather than estimated, valuations or rates had been used to |
24 | | calculate the extension of taxes for the last levy year, or |
25 | | (ii) the tax extension for the last preceding levy year had not |
26 | | been adjusted as required by subsection (c) of Section 18-135. |
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1 | | Notwithstanding any other provision of law, for levy year |
2 | | 2012, the aggregate extension base for West Northfield School |
3 | | District No. 31 in Cook County shall be $12,654,592. |
4 | | Notwithstanding any other provision of law, for levy year |
5 | | 2022, the aggregate extension base of a home equity assurance |
6 | | program that levied at least $1,000,000 in property taxes in |
7 | | levy year 2019 or 2020 under the Home Equity Assurance Act |
8 | | shall be the amount that the program's aggregate extension |
9 | | base for levy year 2021 would have been if the program had |
10 | | levied a property tax for levy year 2021. |
11 | | "Levy year" has the same meaning as "year" under Section |
12 | | 1-155. |
13 | | "New property" means (i) the assessed value, after final |
14 | | board of review or board of appeals action, of new |
15 | | improvements or additions to existing improvements on any |
16 | | parcel of real property that increase the assessed value of |
17 | | that real property during the levy year multiplied by the |
18 | | equalization factor issued by the Department under Section |
19 | | 17-30, (ii) the assessed value, after final board of review or |
20 | | board of appeals action, of real property not exempt from real |
21 | | estate taxation, which real property was exempt from real |
22 | | estate taxation for any portion of the immediately preceding |
23 | | levy year, multiplied by the equalization factor issued by the |
24 | | Department under Section 17-30, including the assessed value, |
25 | | upon final stabilization of occupancy after new construction |
26 | | is complete, of any real property located within the |
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1 | | boundaries of an otherwise or previously exempt military |
2 | | reservation that is intended for residential use and owned by |
3 | | or leased to a private corporation or other entity, (iii) in |
4 | | counties that classify in accordance with Section 4 of Article |
5 | | IX of the Illinois Constitution, an incentive property's |
6 | | additional assessed value resulting from a scheduled increase |
7 | | in the level of assessment as applied to the first year final |
8 | | board of review market value, and (iv) any increase in |
9 | | assessed value due to oil or gas production from an oil or gas |
10 | | well required to be permitted under the Hydraulic Fracturing |
11 | | Regulatory Act that was not produced in or accounted for |
12 | | during the previous levy year. In addition, the county clerk |
13 | | in a county containing a population of 3,000,000 or more shall |
14 | | include in the 1997 recovered tax increment value for any |
15 | | school district, any recovered tax increment value that was |
16 | | applicable to the 1995 tax year calculations. |
17 | | "Qualified airport authority" means an airport authority |
18 | | organized under the Airport Authorities Act and located in a |
19 | | county bordering on the State of Wisconsin and having a |
20 | | population in excess of 200,000 and not greater than 500,000. |
21 | | "Recovered tax increment value" means, except as otherwise |
22 | | provided in this paragraph, the amount of the current year's |
23 | | equalized assessed value, in the first year after a |
24 | | municipality terminates the designation of an area as a |
25 | | redevelopment project area previously established under the |
26 | | Tax Increment Allocation Redevelopment Act in the Illinois |
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1 | | Municipal Code, previously established under the Industrial |
2 | | Jobs Recovery Law in the Illinois Municipal Code, previously |
3 | | established under the Economic Development Project Area Tax |
4 | | Increment Act of 1995, or previously established under the |
5 | | Economic Development Area Tax Increment Allocation Act, of |
6 | | each taxable lot, block, tract, or parcel of real property in |
7 | | the redevelopment project area over and above the initial |
8 | | equalized assessed value of each property in the redevelopment |
9 | | project area. For the taxes which are extended for the 1997 |
10 | | levy year, the recovered tax increment value for a non-home |
11 | | rule taxing district that first became subject to this Law for |
12 | | the 1995 levy year because a majority of its 1994 equalized |
13 | | assessed value was in an affected county or counties shall be |
14 | | increased if a municipality terminated the designation of an |
15 | | area in 1993 as a redevelopment project area previously |
16 | | established under the Tax Increment Allocation Redevelopment |
17 | | Act in the Illinois Municipal Code, previously established |
18 | | under the Industrial Jobs Recovery Law in the Illinois |
19 | | Municipal Code, or previously established under the Economic |
20 | | Development Area Tax Increment Allocation Act, by an amount |
21 | | equal to the 1994 equalized assessed value of each taxable |
22 | | lot, block, tract, or parcel of real property in the |
23 | | redevelopment project area over and above the initial |
24 | | equalized assessed value of each property in the redevelopment |
25 | | project area. In the first year after a municipality removes a |
26 | | taxable lot, block, tract, or parcel of real property from a |
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1 | | redevelopment project area established under the Tax Increment |
2 | | Allocation Redevelopment Act in the Illinois Municipal Code, |
3 | | the Industrial Jobs Recovery Law in the Illinois Municipal |
4 | | Code, or the Economic Development Area Tax Increment |
5 | | Allocation Act, "recovered tax increment value" means the |
6 | | amount of the current year's equalized assessed value of each |
7 | | taxable lot, block, tract, or parcel of real property removed |
8 | | from the redevelopment project area over and above the initial |
9 | | equalized assessed value of that real property before removal |
10 | | from the redevelopment project area. |
11 | | Except as otherwise provided in this Section, "limiting |
12 | | rate" means a fraction the numerator of which is the last |
13 | | preceding aggregate extension base times an amount equal to |
14 | | one plus the extension limitation defined in this Section and |
15 | | the denominator of which is the current year's equalized |
16 | | assessed value of all real property in the territory under the |
17 | | jurisdiction of the taxing district during the prior levy |
18 | | year. For those taxing districts that reduced their aggregate |
19 | | extension for the last preceding levy year, except for school |
20 | | districts that reduced their extension for educational |
21 | | purposes pursuant to Section 18-206, the highest aggregate |
22 | | extension in any of the last 3 preceding levy years shall be |
23 | | used for the purpose of computing the limiting rate. The |
24 | | denominator shall not include new property or the recovered |
25 | | tax increment value. If a new rate, a rate decrease, or a |
26 | | limiting rate increase has been approved at an election held |
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1 | | after March 21, 2006, then (i) the otherwise applicable |
2 | | limiting rate shall be increased by the amount of the new rate |
3 | | or shall be reduced by the amount of the rate decrease, as the |
4 | | case may be, or (ii) in the case of a limiting rate increase, |
5 | | the limiting rate shall be equal to the rate set forth in the |
6 | | proposition approved by the voters for each of the years |
7 | | specified in the proposition, after which the limiting rate of |
8 | | the taxing district shall be calculated as otherwise provided. |
9 | | In the case of a taxing district that obtained referendum |
10 | | approval for an increased limiting rate on March 20, 2012, the |
11 | | limiting rate for tax year 2012 shall be the rate that |
12 | | generates the approximate total amount of taxes extendable for |
13 | | that tax year, as set forth in the proposition approved by the |
14 | | voters; this rate shall be the final rate applied by the county |
15 | | clerk for the aggregate of all capped funds of the district for |
16 | | tax year 2012. For taxable years 2024 and thereafter, the |
17 | | limiting 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; |
19 | | 102-519, eff. 8-20-21; 102-558, eff. 8-20-21; 102-707, eff. |
20 | | 4-22-22; 102-813, eff. 5-13-22; 102-895, eff. 5-23-22; |
21 | | 103-154, eff. 6-30-23.) |
22 | | Section 99. Effective date. This Act takes effect upon |
23 | | becoming law. |