97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
SB1772

 

Introduced 2/9/2011, by Sen. Edward D. Maloney

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 200/18-53 new
35 ILCS 200/18-185

    Amends the Property Tax Code. Authorizes taxing districts to adopt a levy, without referendum approval, to recapture revenue lost by certain refunds. Exempts the recapture levy from the definition of "aggregate extension" in the Property Tax Extension Limitation Law. Allows a taxpayer who has received a refund to have a portion of the refund amount included in the extension of the district's recapture levy against his or her property abated. Effective immediately.


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FISCAL NOTE ACT MAY APPLY
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

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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 adding
5Sections 18-53 and 18-185 as follows:
 
6    (35 ILCS 200/18-53 new)
7    Sec. 18-53. Recovery of revenue lost due to tax refunds.
8    (a) When a taxing district is required to refund a portion
9of the property tax revenue distributed to that taxing district
10because of a decision of the Property Tax Appeal Board, an
11assessment or exemption decision of the Department of Revenue,
12a court order issued pursuant to an assessment valuation
13complaint under item (3) of subsection (b) of Section 23-15, or
14an administrative decision of a local assessing official
15reducing the assessed value of a property within the district,
16that taxing district may, without referendum, adopt a levy to
17recapture the revenue lost by the refund or refunds. The
18recapture levy must be identified as a separate item in the
19district's regular levy ordinance and it must not exceed an
20amount equal to the aggregate refunds paid by the district for
21the prior calendar year. At the district's option the recapture
22levy may be extended in successive annual installments, but the
23total of all installments shall not exceed the amount allowed

 

 

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1under this Section for a single levy. Within 45 days after a
2request by a taxing district, the county treasurer must certify
3the aggregate refunds paid by a taxing district for purposes of
4this Section. For purposes of the Property Tax Extension
5Limitation Law, the taxing district's aggregate extension base
6does not include the recapture levy authorized under this
7Section.
8    (b) Whenever the county treasurer certifies aggregate
9refunds at the request of a taxing district under this Section,
10the treasurer shall keep records of the individual refunds
11included in the aggregate. All such information shall be
12provided to the county clerk. The county clerk shall keep a
13record of that information and of any recapture levy that may
14thereafter be extended, so that the amount of the extension may
15be distinguished from any other levies and extensions for that
16district. The county treasurer's and the county clerk's records
17under this Section are available to the public upon request.
18    (c) Any taxpayer who has received a refund of taxes paid on
19his or her property that has been included in a recapture levy
20or levies by one or more taxing districts under this Section
21shall have the right to have a portion of the refund amount
22included in the extension of each district's recapture levy
23against his or her property abated to the extent that the
24refund amount included in each district's recapture levy
25exceeds $1,000. The abatement may be granted only upon
26application as provided in this Section, and submission of the

 

 

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1application shall not delay or otherwise affect the normal tax
2extension and billing process. For purposes of this Section,
3the "property" for which the recapture extension may be abated
4is defined as one or more parcels that were the subject of a
5consolidated refund. If the taxing district's recapture levy
6and extension was made in a lesser amount than the aggregate of
7all refunds certified by the treasurer for that district, each
8abatement shall reflect that same proportionate reduction.
9    (d) A taxpayer seeking an abatement under this Section
10shall apply to the county treasurer after the issuance of the
11second installment tax bill including the amount sought to be
12abated, but no later than the due date under Section 23-10 for
13tax objection complaints regarding tax levies of the year for
14which the recapture levy was extended. The county treasurer may
15prescribe the form in which the application shall be made. The
16application shall include a copy of the decision or order which
17gave rise to the refund and must specify the abatement claimed.
18The treasurer, assisted if necessary by the county clerk, shall
19confirm (i) whether the refund identified in the application
20was included within the appropriate treasurer's certification
21of aggregate refunds and (ii) the percentage that the refund
22represents of the total recapture levy, and, upon such
23confirmation, the abatement must be allowed as provided in this
24Section. If the taxes abated have been paid they must be
25refunded. The treasurer shall determine whether to allow or
26deny the application and shall advise the applicant of the

 

 

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1determination within 90 days after its submission, and a
2failure to make an express determination within that time shall
3be deemed a denial. If the treasurer cannot determine whether
4the application should be allowed, or otherwise denies the
5application, any taxpayer who has paid the tax subject to the
6claimed abatement may petition the circuit court for a refund
7in the time and manner provided in Section 20-175. Any refund
8granted pursuant to an abatement may not be included in a
9recapture levy under this Section.
10    (e) The county treasurer and county clerk shall mark their
11records to reflect that any taxes abated under this Section and
12any lien with respect to those taxes shall be null and void.
 
13    (35 ILCS 200/18-185)
14    Sec. 18-185. Short title; definitions. This Division 5 may
15be cited as the Property Tax Extension Limitation Law. As used
16in this Division 5:
17    "Consumer Price Index" means the Consumer Price Index for
18All Urban Consumers for all items published by the United
19States Department of Labor.
20    "Extension limitation" means (a) the lesser of 5% or the
21percentage increase in the Consumer Price Index during the
2212-month calendar year preceding the levy year or (b) the rate
23of increase approved by voters under Section 18-205.
24    "Affected county" means a county of 3,000,000 or more
25inhabitants or a county contiguous to a county of 3,000,000 or

 

 

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1more inhabitants.
2    "Taxing district" has the same meaning provided in Section
31-150, except as otherwise provided in this Section. For the
41991 through 1994 levy years only, "taxing district" includes
5only each non-home rule taxing district having the majority of
6its 1990 equalized assessed value within any county or counties
7contiguous to a county with 3,000,000 or more inhabitants.
8Beginning with the 1995 levy year, "taxing district" includes
9only each non-home rule taxing district subject to this Law
10before the 1995 levy year and each non-home rule taxing
11district not subject to this Law before the 1995 levy year
12having the majority of its 1994 equalized assessed value in an
13affected county or counties. Beginning with the levy year in
14which this Law becomes applicable to a taxing district as
15provided in Section 18-213, "taxing district" also includes
16those taxing districts made subject to this Law as provided in
17Section 18-213.
18    "Aggregate extension" for taxing districts to which this
19Law applied before the 1995 levy year means the annual
20corporate extension for the taxing district and those special
21purpose extensions that are made annually for the taxing
22district, excluding special purpose extensions: (a) made for
23the taxing district to pay interest or principal on general
24obligation bonds that were approved by referendum; (b) made for
25any taxing district to pay interest or principal on general
26obligation bonds issued before October 1, 1991; (c) made for

 

 

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

 

 

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1referendum; (j) made for payments of principal and interest on
2bonds issued under Section 15 of the Local Government Debt
3Reform Act; (k) made by a school district that participates in
4the Special Education District of Lake County, created by
5special education joint agreement under Section 10-22.31 of the
6School Code, for payment of the school district's share of the
7amounts required to be contributed by the Special Education
8District of Lake County to the Illinois Municipal Retirement
9Fund under Article 7 of the Illinois Pension Code; the amount
10of any extension under this item (k) shall be certified by the
11school district to the county clerk; (l) made to fund expenses
12of providing joint recreational programs for the handicapped
13under Section 5-8 of the Park District Code or Section 11-95-14
14of the Illinois Municipal Code; (m) made for temporary
15relocation loan repayment purposes pursuant to Sections 2-3.77
16and 17-2.2d of the School Code; (n) made for payment of
17principal and interest on any bonds issued under the authority
18of Section 17-2.2d of the School Code; and (o) made for
19contributions to a firefighter's pension fund created under
20Article 4 of the Illinois Pension Code, to the extent of the
21amount certified under item (5) of Section 4-134 of the
22Illinois Pension Code; and (p) made as a recapture levy under
23Section 18-53 of the Property Tax Code.
24    "Aggregate extension" for the taxing districts to which
25this Law did not apply before the 1995 levy year (except taxing
26districts subject to this Law in accordance with Section

 

 

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118-213) means the annual corporate extension for the taxing
2district and those special purpose extensions that are made
3annually for the taxing district, excluding special purpose
4extensions: (a) made for the taxing district to pay interest or
5principal on general obligation bonds that were approved by
6referendum; (b) made for any taxing district to pay interest or
7principal on general obligation bonds issued before March 1,
81995; (c) made for any taxing district to pay interest or
9principal on bonds issued to refund or continue to refund those
10bonds issued before March 1, 1995; (d) made for any taxing
11district to pay interest or principal on bonds issued to refund
12or continue to refund bonds issued after March 1, 1995 that
13were approved by referendum; (e) made for any taxing district
14to pay interest or principal on revenue bonds issued before
15March 1, 1995 for payment of which a property tax levy or the
16full faith and credit of the unit of local government is
17pledged; however, a tax for the payment of interest or
18principal on those bonds shall be made only after the governing
19body of the unit of local government finds that all other
20sources for payment are insufficient to make those payments;
21(f) made for payments under a building commission lease when
22the lease payments are for the retirement of bonds issued by
23the commission before March 1, 1995 to pay for the building
24project; (g) made for payments due under installment contracts
25entered into before March 1, 1995; (h) made for payments of
26principal and interest on bonds issued under the Metropolitan

 

 

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1Water Reclamation District Act to finance construction
2projects initiated before October 1, 1991; (h-4) made for
3stormwater management purposes by the Metropolitan Water
4Reclamation District of Greater Chicago under Section 12 of the
5Metropolitan Water Reclamation District Act; (i) made for
6payments of principal and interest on limited bonds, as defined
7in Section 3 of the Local Government Debt Reform Act, in an
8amount not to exceed the debt service extension base less the
9amount in items (b), (c), and (e) of this definition for
10non-referendum obligations, except obligations initially
11issued pursuant to referendum and bonds described in subsection
12(h) of this definition; (j) made for payments of principal and
13interest on bonds issued under Section 15 of the Local
14Government Debt Reform Act; (k) made for payments of principal
15and interest on bonds authorized by Public Act 88-503 and
16issued under Section 20a of the Chicago Park District Act for
17aquarium or museum projects; (l) made for payments of principal
18and interest on bonds authorized by Public Act 87-1191 or
1993-601 and (i) issued pursuant to Section 21.2 of the Cook
20County Forest Preserve District Act, (ii) issued under Section
2142 of the Cook County Forest Preserve District Act for
22zoological park projects, or (iii) issued under Section 44.1 of
23the Cook County Forest Preserve District Act for botanical
24gardens projects; (m) made pursuant to Section 34-53.5 of the
25School Code, whether levied annually or not; (n) made to fund
26expenses of providing joint recreational programs for the

 

 

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1handicapped under Section 5-8 of the Park District Code or
2Section 11-95-14 of the Illinois Municipal Code; (o) made by
3the Chicago Park District for recreational programs for the
4handicapped under subsection (c) of Section 7.06 of the Chicago
5Park District Act; (p) made for contributions to a
6firefighter's pension fund created under Article 4 of the
7Illinois Pension Code, to the extent of the amount certified
8under item (5) of Section 4-134 of the Illinois Pension Code;
9and (q) made by Ford Heights School District 169 under Section
1017-9.02 of the School Code; and (r) made as a recapture levy
11under Section 18-53 of the Property Tax Code.
12    "Aggregate extension" for all taxing districts to which
13this Law applies in accordance with Section 18-213, except for
14those taxing districts subject to paragraph (2) of subsection
15(e) of Section 18-213, means the annual corporate extension for
16the taxing district and those special purpose extensions that
17are made annually for the taxing district, excluding special
18purpose extensions: (a) made for the taxing district to pay
19interest or principal on general obligation bonds that were
20approved by referendum; (b) made for any taxing district to pay
21interest or principal on general obligation bonds issued before
22the date on which the referendum making this Law applicable to
23the taxing district is held; (c) made for any taxing district
24to pay interest or principal on bonds issued to refund or
25continue to refund those bonds issued before the date on which
26the referendum making this Law applicable to the taxing

 

 

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

 

 

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1(e) of this definition for non-referendum obligations, except
2obligations initially issued pursuant to referendum; (i) made
3for payments of principal and interest on bonds issued under
4Section 15 of the Local Government Debt Reform Act; (j) made
5for a qualified airport authority to pay interest or principal
6on general obligation bonds issued for the purpose of paying
7obligations due under, or financing airport facilities
8required to be acquired, constructed, installed or equipped
9pursuant to, contracts entered into before March 1, 1996 (but
10not including any amendments to such a contract taking effect
11on or after that date); (k) made to fund expenses of providing
12joint recreational programs for the handicapped under Section
135-8 of the Park District Code or Section 11-95-14 of the
14Illinois Municipal Code; (l) 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;
18and (m) made for the taxing district to pay interest or
19principal on general obligation bonds issued pursuant to
20Section 19-3.10 of the School Code; and (n) made as a recapture
21levy under Section 18-53 of the Property Tax Code.
22    "Aggregate extension" for all taxing districts to which
23this Law applies in accordance with paragraph (2) of subsection
24(e) of Section 18-213 means the annual corporate extension for
25the taxing district and those special purpose extensions that
26are made annually for the taxing district, excluding special

 

 

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1purpose extensions: (a) made for the taxing district to pay
2interest or principal on general obligation bonds that were
3approved by referendum; (b) made for any taxing district to pay
4interest or principal on general obligation bonds issued before
5the effective date of this amendatory Act of 1997; (c) made for
6any taxing district to pay interest or principal on bonds
7issued to refund or continue to refund those bonds issued
8before the effective date of this amendatory Act of 1997; (d)
9made for any taxing district to pay interest or principal on
10bonds issued to refund or continue to refund bonds issued after
11the effective date of this amendatory Act of 1997 if the bonds
12were approved by referendum after the effective date of this
13amendatory Act of 1997; (e) made for any taxing district to pay
14interest or principal on revenue bonds issued before the
15effective date of this amendatory Act of 1997 for payment of
16which a property tax levy or the full faith and credit of the
17unit of local government is pledged; however, a tax for the
18payment of interest or principal on those bonds shall be made
19only after the governing body of the unit of local government
20finds that all other sources for payment are insufficient to
21make those payments; (f) made for payments under a building
22commission lease when the lease payments are for the retirement
23of bonds issued by the commission before the effective date of
24this amendatory Act of 1997 to pay for the building project;
25(g) made for payments due under installment contracts entered
26into before the effective date of this amendatory Act of 1997;

 

 

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1(h) made for payments of principal and interest on limited
2bonds, as defined in Section 3 of the Local Government Debt
3Reform Act, in an amount not to exceed the debt service
4extension base less the amount in items (b), (c), and (e) of
5this definition for non-referendum obligations, except
6obligations initially issued pursuant to referendum; (i) made
7for payments of principal and interest on bonds issued under
8Section 15 of the Local Government Debt Reform Act; (j) made
9for a qualified airport authority to pay interest or principal
10on general obligation bonds issued for the purpose of paying
11obligations due under, or financing airport facilities
12required to be acquired, constructed, installed or equipped
13pursuant to, contracts entered into before March 1, 1996 (but
14not including any amendments to such a contract taking effect
15on or after that date); (k) made to fund expenses of providing
16joint recreational programs for the handicapped under Section
175-8 of the Park District Code or Section 11-95-14 of the
18Illinois Municipal Code; and (l) made for contributions to a
19firefighter's pension fund created under Article 4 of the
20Illinois Pension Code, to the extent of the amount certified
21under item (5) of Section 4-134 of the Illinois Pension Code;
22and (m) made as a recapture levy under 18-53 of the Property
23Tax Code.
24    "Debt service extension base" means an amount equal to that
25portion of the extension for a taxing district for the 1994
26levy year, or for those taxing districts subject to this Law in

 

 

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1accordance with Section 18-213, except for those subject to
2paragraph (2) of subsection (e) of Section 18-213, for the levy
3year in which the referendum making this Law applicable to the
4taxing district is held, or for those taxing districts subject
5to this Law in accordance with paragraph (2) of subsection (e)
6of Section 18-213 for the 1996 levy year, constituting an
7extension for payment of principal and interest on bonds issued
8by the taxing district without referendum, but not including
9excluded non-referendum bonds. For park districts (i) that were
10first subject to this Law in 1991 or 1995 and (ii) whose
11extension for the 1994 levy year for the payment of principal
12and interest on bonds issued by the park district without
13referendum (but not including excluded non-referendum bonds)
14was less than 51% of the amount for the 1991 levy year
15constituting an extension for payment of principal and interest
16on bonds issued by the park district without referendum (but
17not including excluded non-referendum bonds), "debt service
18extension base" means an amount equal to that portion of the
19extension for the 1991 levy year constituting an extension for
20payment of principal and interest on bonds issued by the park
21district without referendum (but not including excluded
22non-referendum bonds). A debt service extension base
23established or increased at any time pursuant to any provision
24of this Law, except Section 18-212, shall be increased each
25year commencing with the later of (i) the 2009 levy year or
26(ii) the first levy year in which this Law becomes applicable

 

 

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1to the taxing district, by the lesser of 5% or the percentage
2increase in the Consumer Price Index during the 12-month
3calendar year preceding the levy year. The debt service
4extension base may be established or increased as provided
5under Section 18-212. "Excluded non-referendum bonds" means
6(i) bonds authorized by Public Act 88-503 and issued under
7Section 20a of the Chicago Park District Act for aquarium and
8museum projects; (ii) bonds issued under Section 15 of the
9Local Government Debt Reform Act; or (iii) refunding
10obligations issued to refund or to continue to refund
11obligations initially issued pursuant to referendum.
12    "Special purpose extensions" include, but are not limited
13to, extensions for levies made on an annual basis for
14unemployment and workers' compensation, self-insurance,
15contributions to pension plans, and extensions made pursuant to
16Section 6-601 of the Illinois Highway Code for a road
17district's permanent road fund whether levied annually or not.
18The extension for a special service area is not included in the
19aggregate extension.
20    "Aggregate extension base" means the taxing district's
21last preceding aggregate extension as adjusted under Sections
2218-135, 18-215, and 18-230. An adjustment under Section 18-135
23shall be made for the 2007 levy year and all subsequent levy
24years whenever one or more counties within which a taxing
25district is located (i) used estimated valuations or rates when
26extending taxes in the taxing district for the last preceding

 

 

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1levy year that resulted in the over or under extension of
2taxes, or (ii) increased or decreased the tax extension for the
3last preceding levy year as required by Section 18-135(c).
4Whenever an adjustment is required under Section 18-135, the
5aggregate extension base of the taxing district shall be equal
6to the amount that the aggregate extension of the taxing
7district would have been for the last preceding levy year if
8either or both (i) actual, rather than estimated, valuations or
9rates had been used to calculate the extension of taxes for the
10last levy year, or (ii) the tax extension for the last
11preceding levy year had not been adjusted as required by
12subsection (c) of Section 18-135.
13    "Levy year" has the same meaning as "year" under Section
141-155.
15    "New property" means (i) the assessed value, after final
16board of review or board of appeals action, of new improvements
17or additions to existing improvements on any parcel of real
18property that increase the assessed value of that real property
19during the levy year multiplied by the equalization factor
20issued by the Department under Section 17-30, (ii) the assessed
21value, after final board of review or board of appeals action,
22of real property not exempt from real estate taxation, which
23real property was exempt from real estate taxation for any
24portion of the immediately preceding levy year, multiplied by
25the equalization factor issued by the Department under Section
2617-30, including the assessed value, upon final stabilization

 

 

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1of occupancy after new construction is complete, of any real
2property located within the boundaries of an otherwise or
3previously exempt military reservation that is intended for
4residential use and owned by or leased to a private corporation
5or other entity, and (iii) in counties that classify in
6accordance with Section 4 of Article IX of the Illinois
7Constitution, an incentive property's additional assessed
8value resulting from a scheduled increase in the level of
9assessment as applied to the first year final board of review
10market value. In addition, the county clerk in a county
11containing a population of 3,000,000 or more shall include in
12the 1997 recovered tax increment value for any school district,
13any recovered tax increment value that was applicable to the
141995 tax year calculations.
15    "Qualified airport authority" means an airport authority
16organized under the Airport Authorities Act and located in a
17county bordering on the State of Wisconsin and having a
18population in excess of 200,000 and not greater than 500,000.
19    "Recovered tax increment value" means, except as otherwise
20provided in this paragraph, the amount of the current year's
21equalized assessed value, in the first year after a
22municipality terminates the designation of an area as a
23redevelopment project area previously established under the
24Tax Increment Allocation Development Act in the Illinois
25Municipal Code, previously established under the Industrial
26Jobs Recovery Law in the Illinois Municipal Code, previously

 

 

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

 

 

SB1772- 20 -LRB097 10094 HLH 50273 b

1the Illinois Municipal Code, or the Economic Development Area
2Tax Increment Allocation Act, "recovered tax increment value"
3means the amount of the current year's equalized assessed value
4of each taxable lot, block, tract, or parcel of real property
5removed from the redevelopment project area over and above the
6initial equalized assessed value of that real property before
7removal from the redevelopment project area.
8    Except as otherwise provided in this Section, "limiting
9rate" means a fraction the numerator of which is the last
10preceding aggregate extension base times an amount equal to one
11plus the extension limitation defined in this Section and the
12denominator of which is the current year's equalized assessed
13value of all real property in the territory under the
14jurisdiction of the taxing district during the prior levy year.
15For those taxing districts that reduced their aggregate
16extension for the last preceding levy year, the highest
17aggregate extension in any of the last 3 preceding levy years
18shall be used for the purpose of computing the limiting rate.
19The denominator shall not include new property or the recovered
20tax increment value. If a new rate, a rate decrease, or a
21limiting rate increase has been approved at an election held
22after March 21, 2006, then (i) the otherwise applicable
23limiting rate shall be increased by the amount of the new rate
24or shall be reduced by the amount of the rate decrease, as the
25case may be, or (ii) in the case of a limiting rate increase,
26the limiting rate shall be equal to the rate set forth in the

 

 

SB1772- 21 -LRB097 10094 HLH 50273 b

1proposition approved by the voters for each of the years
2specified in the proposition, after which the limiting rate of
3the taxing district shall be calculated as otherwise provided.
4(Source: P.A. 95-90, eff. 1-1-08; 95-331, eff. 8-21-07; 95-404,
5eff. 1-1-08; 95-876, eff. 8-21-08; 96-501, eff. 8-14-09;
696-517, eff. 8-14-09; 96-1000, eff. 7-2-10; 96-1202, eff.
77-22-10.)
 
8    Section 99. Effective date. This Act takes effect upon
9becoming law.