Rep. Jack D. Franks

Filed: 10/19/2011

 

 


 

 


 
09700SB2073ham004LRB097 06332 HLH 58441 a

1
AMENDMENT TO SENATE BILL 2073

2    AMENDMENT NO. ______. Amend Senate Bill 2073, AS AMENDED,
3by replacing everything after the enacting clause with the
4following:
 
5    "Section 5. The Property Tax Code is amended by changing
6Sections 18-185 and 18-205 as follows:
 
7    (35 ILCS 200/18-185)
8    Sec. 18-185. Short title; definitions. This Division 5 may
9be cited as the Property Tax Extension Limitation Law. As used
10in this Division 5:
11    "Consumer Price Index" means the Consumer Price Index for
12All Urban Consumers for all items published by the United
13States Department of Labor.
14    "Extension limitation" means (a) the lesser of 5% or the
15percentage increase in the Consumer Price Index during the
1612-month calendar year preceding the levy year or (b) the rate

 

 

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1of increase approved by voters under Section 18-205.
2Notwithstanding any other provision of law, if the total
3equalized assessed value of all taxable property in the taxing
4district for the current levy year (excluding new property,
5recovered tax increment value, and property that is annexed to
6or disconnected from the taxing district in the current levy
7year) is less than the total equalized assessed value of all
8taxable property in the taxing district for the previous levy
9year, then the extension limitation is (a) 0% or (b) the rate
10of increase approved by voters under Section 18-205.
11    "Affected county" means a county of 3,000,000 or more
12inhabitants or a county contiguous to a county of 3,000,000 or
13more inhabitants.
14    "Taxing district" has the same meaning provided in Section
151-150, except as otherwise provided in this Section. For the
161991 through 1994 levy years only, "taxing district" includes
17only each non-home rule taxing district having the majority of
18its 1990 equalized assessed value within any county or counties
19contiguous to a county with 3,000,000 or more inhabitants.
20Beginning with the 1995 levy year, "taxing district" includes
21only each non-home rule taxing district subject to this Law
22before the 1995 levy year and each non-home rule taxing
23district not subject to this Law before the 1995 levy year
24having the majority of its 1994 equalized assessed value in an
25affected county or counties. Beginning with the levy year in
26which this Law becomes applicable to a taxing district as

 

 

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1provided in Section 18-213, "taxing district" also includes
2those taxing districts made subject to this Law as provided in
3Section 18-213.
4    "Aggregate extension" for taxing districts to which this
5Law applied before the 1995 levy year means the annual
6corporate extension for the taxing district and those special
7purpose extensions that are made annually for the taxing
8district, excluding special purpose extensions: (a) made for
9the taxing district to pay interest or principal on general
10obligation bonds that were approved by referendum; (b) made for
11any taxing district to pay interest or principal on general
12obligation bonds issued before October 1, 1991; (c) made for
13any taxing district to pay interest or principal on bonds
14issued to refund or continue to refund those bonds issued
15before October 1, 1991; (d) made for any taxing district to pay
16interest or principal on bonds issued to refund or continue to
17refund bonds issued after October 1, 1991 that were approved by
18referendum; (e) made for any taxing district to pay interest or
19principal on revenue bonds issued before October 1, 1991 for
20payment of which a property tax levy or the full faith and
21credit of the unit of local government is pledged; however, a
22tax for the payment of interest or principal on those bonds
23shall be made only after the governing body of the unit of
24local government finds that all other sources for payment are
25insufficient to make those payments; (f) made for payments
26under a building commission lease when the lease payments are

 

 

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1for the retirement of bonds issued by the commission before
2October 1, 1991, to pay for the building project; (g) made for
3payments due under installment contracts entered into before
4October 1, 1991; (h) made for payments of principal and
5interest on bonds issued under the Metropolitan Water
6Reclamation District Act to finance construction projects
7initiated before October 1, 1991; (i) made for payments of
8principal and interest on limited bonds, as defined in Section
93 of the Local Government Debt Reform Act, in an amount not to
10exceed the debt service extension base less the amount in items
11(b), (c), (e), and (h) of this definition for non-referendum
12obligations, except obligations initially issued pursuant to
13referendum; (j) made for payments of principal and interest on
14bonds issued under Section 15 of the Local Government Debt
15Reform Act; (k) made by a school district that participates in
16the Special Education District of Lake County, created by
17special education joint agreement under Section 10-22.31 of the
18School Code, for payment of the school district's share of the
19amounts required to be contributed by the Special Education
20District of Lake County to the Illinois Municipal Retirement
21Fund under Article 7 of the Illinois Pension Code; the amount
22of any extension under this item (k) shall be certified by the
23school district to the county clerk; (l) made to fund expenses
24of providing joint recreational programs for the handicapped
25under Section 5-8 of the Park District Code or Section 11-95-14
26of the Illinois Municipal Code; (m) made for temporary

 

 

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1relocation loan repayment purposes pursuant to Sections 2-3.77
2and 17-2.2d of the School Code; (n) made for payment of
3principal and interest on any bonds issued under the authority
4of Section 17-2.2d of the School Code; (o) made for
5contributions to a firefighter's pension fund created under
6Article 4 of the Illinois Pension Code, to the extent of the
7amount certified under item (5) of Section 4-134 of the
8Illinois Pension Code; and (p) made for road purposes in the
9first year after a township assumes the rights, powers, duties,
10assets, property, liabilities, obligations, and
11responsibilities of a road district abolished under the
12provisions of Section 6-133 of the Illinois Highway Code.
13    "Aggregate extension" for the taxing districts to which
14this Law did not apply before the 1995 levy year (except taxing
15districts subject to this Law in accordance with Section
1618-213) means the annual corporate extension for the taxing
17district and those special purpose extensions that are made
18annually for the taxing district, excluding special purpose
19extensions: (a) made for the taxing district to pay interest or
20principal on general obligation bonds that were approved by
21referendum; (b) made for any taxing district to pay interest or
22principal on general obligation bonds issued before March 1,
231995; (c) made for any taxing district to pay interest or
24principal on bonds issued to refund or continue to refund those
25bonds issued before March 1, 1995; (d) made for any taxing
26district to pay interest or principal on bonds issued to refund

 

 

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1or continue to refund bonds issued after March 1, 1995 that
2were approved by referendum; (e) made for any taxing district
3to pay interest or principal on revenue bonds issued before
4March 1, 1995 for payment of which a property tax levy or the
5full faith and credit of the unit of local government is
6pledged; however, a tax for the payment of interest or
7principal on those bonds shall be made only after the governing
8body of the unit of local government finds that all other
9sources for payment are insufficient to make those payments;
10(f) made for payments under a building commission lease when
11the lease payments are for the retirement of bonds issued by
12the commission before March 1, 1995 to pay for the building
13project; (g) made for payments due under installment contracts
14entered into before March 1, 1995; (h) made for payments of
15principal and interest on bonds issued under the Metropolitan
16Water Reclamation District Act to finance construction
17projects initiated before October 1, 1991; (h-4) made for
18stormwater management purposes by the Metropolitan Water
19Reclamation District of Greater Chicago under Section 12 of the
20Metropolitan Water Reclamation District Act; (i) made for
21payments of principal and interest on limited bonds, as defined
22in Section 3 of the Local Government Debt Reform Act, in an
23amount not to exceed the debt service extension base less the
24amount in items (b), (c), and (e) of this definition for
25non-referendum obligations, except obligations initially
26issued pursuant to referendum and bonds described in subsection

 

 

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1(h) of this definition; (j) made for payments of principal and
2interest on bonds issued under Section 15 of the Local
3Government Debt Reform Act; (k) made for payments of principal
4and interest on bonds authorized by Public Act 88-503 and
5issued under Section 20a of the Chicago Park District Act for
6aquarium or museum projects; (l) made for payments of principal
7and interest on bonds authorized by Public Act 87-1191 or
893-601 and (i) issued pursuant to Section 21.2 of the Cook
9County Forest Preserve District Act, (ii) issued under Section
1042 of the Cook County Forest Preserve District Act for
11zoological park projects, or (iii) issued under Section 44.1 of
12the Cook County Forest Preserve District Act for botanical
13gardens projects; (m) made pursuant to Section 34-53.5 of the
14School Code, whether levied annually or not; (n) made to fund
15expenses of providing joint recreational programs for the
16handicapped under Section 5-8 of the Park District Code or
17Section 11-95-14 of the Illinois Municipal Code; (o) made by
18the Chicago Park District for recreational programs for the
19handicapped under subsection (c) of Section 7.06 of the Chicago
20Park District Act; (p) made for contributions to a
21firefighter's pension fund created under Article 4 of the
22Illinois Pension Code, to the extent of the amount certified
23under item (5) of Section 4-134 of the Illinois Pension Code;
24and (q) made by Ford Heights School District 169 under Section
2517-9.02 of the School Code.
26    "Aggregate extension" for all taxing districts to which

 

 

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1this Law applies in accordance with Section 18-213, except for
2those taxing districts subject to paragraph (2) of subsection
3(e) of Section 18-213, means the annual corporate extension for
4the taxing district and those special purpose extensions that
5are made annually for the taxing district, excluding special
6purpose extensions: (a) made for the taxing district to pay
7interest or principal on general obligation bonds that were
8approved by referendum; (b) made for any taxing district to pay
9interest or principal on general obligation bonds issued before
10the date on which the referendum making this Law applicable to
11the taxing district is held; (c) made for any taxing district
12to pay interest or principal on bonds issued to refund or
13continue to refund those bonds issued before the date on which
14the referendum making this Law applicable to the taxing
15district is held; (d) made for any taxing district to pay
16interest or principal on bonds issued to refund or continue to
17refund bonds issued after the date on which the referendum
18making this Law applicable to the taxing district is held if
19the bonds were approved by referendum after the date on which
20the referendum making this Law applicable to the taxing
21district is held; (e) made for any taxing district to pay
22interest or principal on revenue bonds issued before the date
23on which the referendum making this Law applicable to the
24taxing district is held for payment of which a property tax
25levy or the full faith and credit of the unit of local
26government is pledged; however, a tax for the payment of

 

 

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

 

 

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15-8 of the Park District Code or Section 11-95-14 of the
2Illinois Municipal Code; (l) made for contributions to a
3firefighter's pension fund created under Article 4 of the
4Illinois Pension Code, to the extent of the amount certified
5under item (5) of Section 4-134 of the Illinois Pension Code;
6and (m) made for the taxing district to pay interest or
7principal on general obligation bonds issued pursuant to
8Section 19-3.10 of the School Code.
9    "Aggregate extension" for all taxing districts to which
10this Law applies in accordance with paragraph (2) of subsection
11(e) of Section 18-213 means the annual corporate extension for
12the taxing district and those special purpose extensions that
13are made annually for the taxing district, excluding special
14purpose extensions: (a) made for the taxing district to pay
15interest or principal on general obligation bonds that were
16approved by referendum; (b) made for any taxing district to pay
17interest or principal on general obligation bonds issued before
18the effective date of this amendatory Act of 1997; (c) made for
19any taxing district to pay interest or principal on bonds
20issued to refund or continue to refund those bonds issued
21before the effective date of this amendatory Act of 1997; (d)
22made for any taxing district to pay interest or principal on
23bonds issued to refund or continue to refund bonds issued after
24the effective date of this amendatory Act of 1997 if the bonds
25were approved by referendum after the effective date of this
26amendatory Act of 1997; (e) made for any taxing district to pay

 

 

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1interest or principal on revenue bonds issued before the
2effective date of this amendatory Act of 1997 for payment of
3which a property tax levy or the full faith and credit of the
4unit of local government is pledged; however, a tax for the
5payment of interest or principal on those bonds shall be made
6only after the governing body of the unit of local government
7finds that all other sources for payment are insufficient to
8make those payments; (f) made for payments under a building
9commission lease when the lease payments are for the retirement
10of bonds issued by the commission before the effective date of
11this amendatory Act of 1997 to pay for the building project;
12(g) made for payments due under installment contracts entered
13into before the effective date of this amendatory Act of 1997;
14(h) made for payments of principal and interest on limited
15bonds, as defined in Section 3 of the Local Government Debt
16Reform Act, in an amount not to exceed the debt service
17extension base less the amount in items (b), (c), and (e) of
18this definition for non-referendum obligations, except
19obligations initially issued pursuant to referendum; (i) made
20for payments of principal and interest on bonds issued under
21Section 15 of the Local Government Debt Reform Act; (j) made
22for a qualified airport authority to pay interest or principal
23on general obligation bonds issued for the purpose of paying
24obligations due under, or financing airport facilities
25required to be acquired, constructed, installed or equipped
26pursuant to, contracts entered into before March 1, 1996 (but

 

 

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1not including any amendments to such a contract taking effect
2on or after that date); (k) made to fund expenses of providing
3joint recreational programs for the handicapped under Section
45-8 of the Park District Code or Section 11-95-14 of the
5Illinois Municipal Code; and (l) 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.
9    "Debt service extension base" means an amount equal to that
10portion of the extension for a taxing district for the 1994
11levy year, or for those taxing districts subject to this Law in
12accordance with Section 18-213, except for those subject to
13paragraph (2) of subsection (e) of Section 18-213, for the levy
14year in which the referendum making this Law applicable to the
15taxing district is held, or for those taxing districts subject
16to this Law in accordance with paragraph (2) of subsection (e)
17of Section 18-213 for the 1996 levy year, constituting an
18extension for payment of principal and interest on bonds issued
19by the taxing district without referendum, but not including
20excluded non-referendum bonds. For park districts (i) that were
21first subject to this Law in 1991 or 1995 and (ii) whose
22extension for the 1994 levy year for the payment of principal
23and interest on bonds issued by the park district without
24referendum (but not including excluded non-referendum bonds)
25was less than 51% of the amount for the 1991 levy year
26constituting an extension for payment of principal and interest

 

 

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1on bonds issued by the park district without referendum (but
2not including excluded non-referendum bonds), "debt service
3extension base" means an amount equal to that portion of the
4extension for the 1991 levy year constituting an extension for
5payment of principal and interest on bonds issued by the park
6district without referendum (but not including excluded
7non-referendum bonds). A debt service extension base
8established or increased at any time pursuant to any provision
9of this Law, except Section 18-212, shall be increased each
10year commencing with the later of (i) the 2009 levy year or
11(ii) the first levy year in which this Law becomes applicable
12to the taxing district, by the lesser of 5% or the percentage
13increase in the Consumer Price Index during the 12-month
14calendar year preceding the levy year. The debt service
15extension base may be established or increased as provided
16under Section 18-212. "Excluded non-referendum bonds" means
17(i) bonds authorized by Public Act 88-503 and issued under
18Section 20a of the Chicago Park District Act for aquarium and
19museum projects; (ii) bonds issued under Section 15 of the
20Local Government Debt Reform Act; or (iii) refunding
21obligations issued to refund or to continue to refund
22obligations initially issued pursuant to referendum.
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 to

 

 

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1Section 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, and 18-230. An adjustment under Section 18-135
8shall be made for the 2007 levy year and all subsequent levy
9years whenever one or more counties within which a taxing
10district is located (i) used estimated valuations or rates when
11extending taxes in the taxing district for the last preceding
12levy year that resulted in the over or under extension of
13taxes, or (ii) increased or decreased the tax extension for the
14last preceding levy year as required by Section 18-135(c).
15Whenever an adjustment is required under Section 18-135, the
16aggregate extension base of the taxing district shall be equal
17to the amount that the aggregate extension of the taxing
18district would have been for the last preceding levy year if
19either or both (i) actual, rather than estimated, valuations or
20rates had been used to calculate the extension of taxes for the
21last levy year, or (ii) the tax extension for the last
22preceding levy year had not been adjusted as required by
23subsection (c) of Section 18-135.
24    "Levy year" has the same meaning as "year" under Section
251-155.
26    "New property" means (i) the assessed value, after final

 

 

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1board of review or board of appeals action, of new improvements
2or additions to existing improvements on any parcel of real
3property that increase the assessed value of that real property
4during the levy year multiplied by the equalization factor
5issued by the Department under Section 17-30, (ii) the assessed
6value, after final board of review or board of appeals action,
7of real property not exempt from real estate taxation, which
8real property was exempt from real estate taxation for any
9portion of the immediately preceding levy year, multiplied by
10the equalization factor issued by the Department under Section
1117-30, including the assessed value, upon final stabilization
12of occupancy after new construction is complete, of any real
13property located within the boundaries of an otherwise or
14previously exempt military reservation that is intended for
15residential use and owned by or leased to a private corporation
16or other entity, and (iii) in counties that classify in
17accordance with Section 4 of Article IX of the Illinois
18Constitution, an incentive property's additional assessed
19value resulting from a scheduled increase in the level of
20assessment as applied to the first year final board of review
21market value. In addition, the county clerk in a county
22containing a population of 3,000,000 or more shall include in
23the 1997 recovered tax increment value for any school district,
24any recovered tax increment value that was applicable to the
251995 tax year calculations.
26    "Qualified airport authority" means an airport authority

 

 

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1organized under the Airport Authorities Act and located in a
2county bordering on the State of Wisconsin and having a
3population in excess of 200,000 and not greater than 500,000.
4    "Recovered tax increment value" means, except as otherwise
5provided in this paragraph, the amount of the current year's
6equalized assessed value, in the first year after a
7municipality terminates the designation of an area as a
8redevelopment project area previously established under the
9Tax Increment Allocation Development Act in the Illinois
10Municipal Code, previously established under the Industrial
11Jobs Recovery Law in the Illinois Municipal Code, previously
12established under the Economic Development Project Area Tax
13Increment Act of 1995, or previously established under the
14Economic Development Area Tax Increment Allocation Act, of each
15taxable lot, block, tract, or parcel of real property in the
16redevelopment project area over and above the initial equalized
17assessed value of each property in the redevelopment project
18area. For the taxes which are extended for the 1997 levy year,
19the recovered tax increment value for a non-home rule taxing
20district that first became subject to this Law for the 1995
21levy year because a majority of its 1994 equalized assessed
22value was in an affected county or counties shall be increased
23if a municipality terminated the designation of an area in 1993
24as a redevelopment project area previously established under
25the Tax Increment Allocation Development Act in the Illinois
26Municipal Code, previously established under the Industrial

 

 

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1Jobs Recovery Law in the Illinois Municipal Code, or previously
2established under the Economic Development Area Tax Increment
3Allocation Act, by an amount equal to the 1994 equalized
4assessed value of each taxable lot, block, tract, or parcel of
5real property in the redevelopment project area over and above
6the initial equalized assessed value of each property in the
7redevelopment project area. In the first year after a
8municipality removes a taxable lot, block, tract, or parcel of
9real property from a redevelopment project area established
10under the Tax Increment Allocation Development Act in the
11Illinois Municipal Code, the Industrial Jobs Recovery Law in
12the Illinois Municipal Code, or the Economic Development Area
13Tax Increment Allocation Act, "recovered tax increment value"
14means the amount of the current year's equalized assessed value
15of each taxable lot, block, tract, or parcel of real property
16removed from the redevelopment project area over and above the
17initial equalized assessed value of that real property before
18removal from the redevelopment project area.
19    Except as otherwise provided in this Section, "limiting
20rate" means a fraction the numerator of which is the last
21preceding aggregate extension base times an amount equal to one
22plus the extension limitation defined in this Section and the
23denominator of which is the current year's equalized assessed
24value of all real property in the territory under the
25jurisdiction of the taxing district during the prior levy year.
26For those taxing districts that reduced their aggregate

 

 

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1extension for the last preceding levy year, the highest
2aggregate extension in any of the last 3 preceding levy years
3shall be used for the purpose of computing the limiting rate.
4The denominator shall not include new property or the recovered
5tax increment value. If a new rate, a rate decrease, or a
6limiting rate increase has been approved at an election held
7after March 21, 2006, then (i) the otherwise applicable
8limiting rate shall be increased by the amount of the new rate
9or shall be reduced by the amount of the rate decrease, as the
10case may be, or (ii) in the case of a limiting rate increase,
11the limiting rate shall be equal to the rate set forth in the
12proposition approved by the voters for each of the years
13specified in the proposition, after which the limiting rate of
14the taxing district shall be calculated as otherwise provided.
15(Source: P.A. 96-501, eff. 8-14-09; 96-517, eff. 8-14-09;
1696-1000, eff. 7-2-10; 96-1202, eff. 7-22-10; 97-611, eff.
171-1-12.)
 
18    (35 ILCS 200/18-205)
19    Sec. 18-205. Referendum to increase the extension
20limitation. A taxing district is limited to an extension
21limitation as defined in Section 18-185 of 5% or the percentage
22increase in the Consumer Price Index during the 12-month
23calendar year preceding the levy year, whichever is less. A
24taxing district may increase its extension limitation for one
25or more levy years if that taxing district holds a referendum

 

 

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1before the levy date for the first levy year at which a
2majority of voters voting on the issue approves adoption of a
3higher extension limitation. Referenda shall be conducted at a
4regularly scheduled election in accordance with the Election
5Code. The question shall be presented in substantially the
6following manner for all elections held after March 21, 2006:
7        Shall the extension limitation under the Property Tax
8    Extension Limitation Law for (insert the legal name,
9    number, if any, and county or counties of the taxing
10    district and geographic or other common name by which a
11    school or community college district is known and referred
12    to), Illinois, be increased from (applicable extension
13    limitation) the lesser of 5% or the percentage increase in
14    the Consumer Price Index over the prior levy year to
15    (insert the percentage of the proposed increase)% per year
16    for (insert each levy year for which the increased
17    extension limitation will apply)?
18The votes must be recorded as "Yes" or "No".
19If a majority of voters voting on the issue approves the
20adoption of the increase, the increase shall be applicable for
21each levy year specified.
22    The ballot for any question submitted pursuant to this
23Section shall have printed thereon, but not as a part of the
24question submitted, only the following supplemental
25information (which shall be supplied to the election authority
26by the taxing district) in substantially the following form:

 

 

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1        (1) For the (insert the first levy year for which the
2    increased extension limitation will be applicable) levy
3    year the approximate amount of the additional tax
4    extendable against property containing a single family
5    residence and having a fair market value at the time of the
6    referendum of $100,000 is estimated to be $....
7        (2) Based upon an average annual percentage increase
8    (or decrease) in the market value of such property of ...%
9    (insert percentage equal to the average annual percentage
10    increase or decrease for the prior 3 levy years, at the
11    time the submission of the question is initiated by the
12    taxing district, in the amount of (A) the equalized
13    assessed value of the taxable property in the taxing
14    district less (B) the new property included in the
15    equalized assessed value), the approximate amount of the
16    additional tax extendable against such property for the ...
17    levy year is estimated to be $... and for the ... levy year
18    is estimated to be $....
19    Paragraph (2) shall be included only if the increased
20extension limitation will be applicable for more than one year
21and shall list each levy year for which the increased extension
22limitation will be applicable. The additional tax shown for
23each levy year shall be the approximate dollar amount of the
24increase over the amount of the most recently completed
25extension at the time the submission of the question is
26initiated by the taxing district. The approximate amount of the

 

 

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1additional tax extendable shall be calculated by using (A)
2either (i) the lesser of 5% or the percentage increase in the
3Consumer Price Index for the prior levy year (or an estimate of
4the percentage increase for the prior levy year if the increase
5is unavailable at the time the submission of the question is
6initiated by the taxing district) or (ii) 0%, as applicable,
7(B) the percentage increase proposed in the question, and (C)
8the last known equalized assessed value and aggregate extension
9base of the taxing district at the time the submission of the
10question is initiated by the taxing district. The approximate
11amount of the tax extendable shall be calculated (i) without
12regard to any property tax exemptions and (ii) based upon the
13percentage level of assessment prescribed for such property by
14statute or by ordinance of the county board in counties which
15classify property for purposes of taxation in accordance with
16Section 4 of Article IX of the Constitution. Any notice
17required to be published in connection with the submission of
18the question shall also contain this supplemental information
19and shall not contain any other supplemental information. Any
20error, miscalculation, or inaccuracy in computing any amount
21set forth on the ballot or in the notice that is not deliberate
22shall not invalidate or affect the validity of any proposition
23approved. Notice of the referendum shall be published and
24posted as otherwise required by law, and the submission of the
25question shall be initiated as provided by law.
26(Source: P.A. 94-976, eff. 6-30-06.)
 

 

 

09700SB2073ham004- 22 -LRB097 06332 HLH 58441 a

1    Section 99. Effective date. This Act takes effect upon
2becoming law.".