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94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB3602
Introduced 2/24/2005, by Rep. Michael Tryon SYNOPSIS AS INTRODUCED:
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Amends the Property Tax Extension Limitation Law in the Property Tax Code. Makes changes to the procedure for applying a new rate increase or decrease that was approved by a referendum. Provides that when a new rate or a rate increase or decrease, first effective for the current levy year, has been approved by referendum, the procedure for adding the rate increase shall be to add the total rate increase approved by the referendum to the total limited rate of all capped funds for the year following the approval. Provides that the rate increase or decrease is determined by subtracting the prior maximum rate for the fund or funds, approved by referenda, from the newly established maximum rate or rates approved. |
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| FISCAL NOTE ACT MAY APPLY | |
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY |
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A BILL FOR
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HB3602 |
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LRB094 10401 BDD 40671 b |
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| AN ACT concerning revenue.
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| Be it enacted by the People of the State of Illinois, |
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| represented in the General Assembly:
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| Section 5. The Property Tax Code is amended by changing |
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| Section 18-230 as follows:
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| (35 ILCS 200/18-230)
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| Sec. 18-230. Rate increase or decrease factor. When a new |
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| rate or a rate increase or decrease, first effective for the |
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| current levy year, has been approved by referendum, the |
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| procedure for adding such rate increase shall be to add the |
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| total rate increase approved by said referendum, to the total |
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| limited rate of all capped funds, for the year following said |
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| approval. Said rate increase or decrease is determined by |
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| subtracting the prior maximum rate for the fund or funds, |
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| approved by referenda, from the newly established maximum rate |
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| or rates approved. If a district wishes to increase revenue |
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| more than by using the above stated formula, it will be |
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| necessary for said district to follow the procedures set forth |
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| in Sec. 18-205.
When a new rate or a rate
increase or decrease |
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| first effective for the current levy year has been
approved by |
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| referendum, the aggregate extension base, as adjusted in |
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| Sections
18-215 and 18-220, shall be multiplied by a rate |
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| increase (or decrease) factor.
The numerator of the rate |
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| increase (or decrease) factor is the total combined
rate for |
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| the funds that made up the aggregate extension for the taxing |
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| district
for the prior year plus the rate increase approved or |
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| minus the rate decrease
approved. The denominator of the rate |
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| increase or decrease factor is the total
combined rate for the |
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| funds that made up the aggregate extension for the prior
year. |
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| For those taxing districts for which a new rate or a rate |
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| increase has
been approved by referendum held after December |
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| 31, 1988, and
that did not increase their rate to the new |