98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB3726

 

Introduced , by Rep. Ron Sandack

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 200/18-185
35 ILCS 200/18-205

    Amends the Property Tax Extension Limitation Law in the Property Tax Code. Provides that if (i) the total equalized assessed value of all taxable property in the taxing district for the current levy year is less than the total equalized assessed value of all taxable property in the taxing district for the previous levy year, or (ii) the median equalized assessed value of all taxable property in the taxing district for the current levy year and the 2 levy years immediately preceding the current levy year is less than the median equalized assessed value of all taxable property in the taxing district for the 3 levy years immediately preceding that 3-year period, then the extension limitation is (a) 0% or (b) the rate of increase approved by voters (instead of the lesser of 5% or the percentage increase in the Consumer Price Index during the 12-month calendar year preceding the levy year or the rate of increase approved by the voters). Effective immediately.


LRB098 14349 HLH 48979 b

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

 

 

A BILL FOR

 

HB3726LRB098 14349 HLH 48979 b

1    AN ACT concerning revenue.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Property Tax Code is amended by changing
5Sections 18-185 and 18-205 as follows:
 
6    (35 ILCS 200/18-185)
7    Sec. 18-185. Short title; definitions. This Division 5 may
8be cited as the Property Tax Extension Limitation Law. As used
9in this Division 5:
10    "Consumer Price Index" means the Consumer Price Index for
11All Urban Consumers for all items published by the United
12States Department of Labor.
13    "Extension limitation" means (a) the lesser of 5% or the
14percentage increase in the Consumer Price Index during the
1512-month calendar year preceding the levy year or (b) the rate
16of increase approved by voters under Section 18-205.
17Notwithstanding any other provision of law, if (i) the total
18equalized assessed value of all taxable property in the taxing
19district for the current levy year is less than the total
20equalized assessed value of all taxable property in the taxing
21district for the previous levy year, or (ii) the median
22equalized assessed value of all taxable property in the taxing
23district for the current levy year and the 2 levy years

 

 

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1immediately preceding the current levy year is less than the
2median equalized assessed value of all taxable property in the
3taxing district for the 3 levy years immediately preceding that
43-year period, then the extension limitation is (a) 0% or (b)
5the rate of increase approved by voters under Section 18-205.
6For the purposes of this paragraph, "equalized assessed value"
7does not include new property, recovered tax increment value,
8or property that is annexed to or disconnected from the taxing
9district in the applicable levy year.
10    "Affected county" means a county of 3,000,000 or more
11inhabitants or a county contiguous to a county of 3,000,000 or
12more inhabitants.
13    "Taxing district" has the same meaning provided in Section
141-150, except as otherwise provided in this Section. For the
151991 through 1994 levy years only, "taxing district" includes
16only each non-home rule taxing district having the majority of
17its 1990 equalized assessed value within any county or counties
18contiguous to a county with 3,000,000 or more inhabitants.
19Beginning with the 1995 levy year, "taxing district" includes
20only each non-home rule taxing district subject to this Law
21before the 1995 levy year and each non-home rule taxing
22district not subject to this Law before the 1995 levy year
23having the majority of its 1994 equalized assessed value in an
24affected county or counties. Beginning with the levy year in
25which this Law becomes applicable to a taxing district as
26provided in Section 18-213, "taxing district" also includes

 

 

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

 

 

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1October 1, 1991, to pay for the building project; (g) made for
2payments due under installment contracts entered into before
3October 1, 1991; (h) made for payments of principal and
4interest on bonds issued under the Metropolitan Water
5Reclamation District Act to finance construction projects
6initiated before October 1, 1991; (i) made for payments of
7principal and interest on limited bonds, as defined in Section
83 of the Local Government Debt Reform Act, in an amount not to
9exceed the debt service extension base less the amount in items
10(b), (c), (e), and (h) of this definition for non-referendum
11obligations, except obligations initially issued pursuant to
12referendum; (j) made for payments of principal and interest on
13bonds issued under Section 15 of the Local Government Debt
14Reform Act; (k) made by a school district that participates in
15the Special Education District of Lake County, created by
16special education joint agreement under Section 10-22.31 of the
17School Code, for payment of the school district's share of the
18amounts required to be contributed by the Special Education
19District of Lake County to the Illinois Municipal Retirement
20Fund under Article 7 of the Illinois Pension Code; the amount
21of any extension under this item (k) shall be certified by the
22school district to the county clerk; (l) made to fund expenses
23of providing joint recreational programs for the handicapped
24under Section 5-8 of the Park District Code or Section 11-95-14
25of the Illinois Municipal Code; (m) made for temporary
26relocation loan repayment purposes pursuant to Sections 2-3.77

 

 

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1and 17-2.2d of the School Code; (n) made for payment of
2principal and interest on any bonds issued under the authority
3of Section 17-2.2d of the School Code; (o) made for
4contributions to a firefighter's pension fund created under
5Article 4 of the Illinois Pension Code, to the extent of the
6amount certified under item (5) of Section 4-134 of the
7Illinois Pension Code; and (p) made for road purposes in the
8first year after a township assumes the rights, powers, duties,
9assets, property, liabilities, obligations, and
10responsibilities of a road district abolished under the
11provisions of Section 6-133 of the Illinois Highway Code.
12    "Aggregate extension" for the taxing districts to which
13this Law did not apply before the 1995 levy year (except taxing
14districts subject to this Law in accordance with Section
1518-213) means the annual corporate extension for the taxing
16district and those special purpose extensions that are made
17annually for the taxing district, excluding special purpose
18extensions: (a) made for the taxing district to pay interest or
19principal on general obligation bonds that were approved by
20referendum; (b) made for any taxing district to pay interest or
21principal on general obligation bonds issued before March 1,
221995; (c) made for any taxing district to pay interest or
23principal on bonds issued to refund or continue to refund those
24bonds issued before March 1, 1995; (d) made for any taxing
25district to pay interest or principal on bonds issued to refund
26or continue to refund bonds issued after March 1, 1995 that

 

 

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

 

 

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1interest on bonds issued under Section 15 of the Local
2Government Debt Reform Act; (k) made for payments of principal
3and interest on bonds authorized by Public Act 88-503 and
4issued under Section 20a of the Chicago Park District Act for
5aquarium or museum projects; (l) made for payments of principal
6and interest on bonds authorized by Public Act 87-1191 or
793-601 and (i) issued pursuant to Section 21.2 of the Cook
8County Forest Preserve District Act, (ii) issued under Section
942 of the Cook County Forest Preserve District Act for
10zoological park projects, or (iii) issued under Section 44.1 of
11the Cook County Forest Preserve District Act for botanical
12gardens projects; (m) made pursuant to Section 34-53.5 of the
13School Code, whether levied annually or not; (n) made to fund
14expenses of providing joint recreational programs for the
15handicapped under Section 5-8 of the Park District Code or
16Section 11-95-14 of the Illinois Municipal Code; (o) made by
17the Chicago Park District for recreational programs for the
18handicapped under subsection (c) of Section 7.06 of the Chicago
19Park District Act; (p) made for contributions to a
20firefighter's pension fund created under Article 4 of the
21Illinois Pension Code, to the extent of the amount certified
22under item (5) of Section 4-134 of the Illinois Pension Code;
23and (q) made by Ford Heights School District 169 under Section
2417-9.02 of the School Code.
25    "Aggregate extension" for all taxing districts to which
26this Law applies in accordance with Section 18-213, except for

 

 

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

 

 

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1the governing body of the unit of local government finds that
2all other sources for payment are insufficient to make those
3payments; (f) made for payments under a building commission
4lease when the lease payments are for the retirement of bonds
5issued by the commission before the date on which the
6referendum making this Law applicable to the taxing district is
7held to pay for the building project; (g) made for payments due
8under installment contracts entered into before the date on
9which the referendum making this Law applicable to the taxing
10district is held; (h) made for payments of principal and
11interest on limited bonds, as defined in Section 3 of the Local
12Government Debt Reform Act, in an amount not to exceed the debt
13service extension base less the amount in items (b), (c), and
14(e) of this definition for non-referendum obligations, except
15obligations initially issued pursuant to referendum; (i) made
16for payments of principal and interest on bonds issued under
17Section 15 of the Local Government Debt Reform Act; (j) made
18for a qualified airport authority to pay interest or principal
19on general obligation bonds issued for the purpose of paying
20obligations due under, or financing airport facilities
21required to be acquired, constructed, installed or equipped
22pursuant to, contracts entered into before March 1, 1996 (but
23not including any amendments to such a contract taking effect
24on or after that date); (k) made to fund expenses of providing
25joint recreational programs for the handicapped under Section
265-8 of the Park District Code or Section 11-95-14 of the

 

 

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1Illinois Municipal Code; (l) made for contributions to a
2firefighter's pension fund created under Article 4 of the
3Illinois Pension Code, to the extent of the amount certified
4under item (5) of Section 4-134 of the Illinois Pension Code;
5and (m) made for the taxing district to pay interest or
6principal on general obligation bonds issued pursuant to
7Section 19-3.10 of the School Code.
8    "Aggregate extension" for all taxing districts to which
9this Law applies in accordance with paragraph (2) of subsection
10(e) of Section 18-213 means the annual corporate extension for
11the taxing district and those special purpose extensions that
12are made annually for the taxing district, excluding special
13purpose extensions: (a) made for the taxing district to pay
14interest or principal on general obligation bonds that were
15approved by referendum; (b) made for any taxing district to pay
16interest or principal on general obligation bonds issued before
17the effective date of this amendatory Act of 1997; (c) made for
18any taxing district to pay interest or principal on bonds
19issued to refund or continue to refund those bonds issued
20before the effective date of this amendatory Act of 1997; (d)
21made for any taxing district to pay interest or principal on
22bonds issued to refund or continue to refund bonds issued after
23the effective date of this amendatory Act of 1997 if the bonds
24were approved by referendum after the effective date of this
25amendatory Act of 1997; (e) made for any taxing district to pay
26interest or principal on revenue bonds issued before the

 

 

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

 

 

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1on or after that date); (k) made to fund expenses of providing
2joint recreational programs for the handicapped under Section
35-8 of the Park District Code or Section 11-95-14 of the
4Illinois Municipal Code; and (l) made for contributions to a
5firefighter's pension fund created under Article 4 of the
6Illinois Pension Code, to the extent of the amount certified
7under item (5) of Section 4-134 of the Illinois Pension Code.
8    "Debt service extension base" means an amount equal to that
9portion of the extension for a taxing district for the 1994
10levy year, or for those taxing districts subject to this Law in
11accordance with Section 18-213, except for those subject to
12paragraph (2) of subsection (e) of Section 18-213, for the levy
13year in which the referendum making this Law applicable to the
14taxing district is held, or for those taxing districts subject
15to this Law in accordance with paragraph (2) of subsection (e)
16of Section 18-213 for the 1996 levy year, constituting an
17extension for payment of principal and interest on bonds issued
18by the taxing district without referendum, but not including
19excluded non-referendum bonds. For park districts (i) that were
20first subject to this Law in 1991 or 1995 and (ii) whose
21extension for the 1994 levy year for the payment of principal
22and interest on bonds issued by the park district without
23referendum (but not including excluded non-referendum bonds)
24was less than 51% of the amount for the 1991 levy year
25constituting an extension for payment of principal and interest
26on bonds issued by the park district without referendum (but

 

 

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1not including excluded non-referendum bonds), "debt service
2extension base" means an amount equal to that portion of the
3extension for the 1991 levy year constituting an extension for
4payment of principal and interest on bonds issued by the park
5district without referendum (but not including excluded
6non-referendum bonds). A debt service extension base
7established or increased at any time pursuant to any provision
8of this Law, except Section 18-212, shall be increased each
9year commencing with the later of (i) the 2009 levy year or
10(ii) the first levy year in which this Law becomes applicable
11to the taxing district, by the lesser of 5% or the percentage
12increase in the Consumer Price Index during the 12-month
13calendar year preceding the levy year. The debt service
14extension base may be established or increased as provided
15under Section 18-212. "Excluded non-referendum bonds" means
16(i) bonds authorized by Public Act 88-503 and issued under
17Section 20a of the Chicago Park District Act for aquarium and
18museum projects; (ii) bonds issued under Section 15 of the
19Local Government Debt Reform Act; or (iii) refunding
20obligations issued to refund or to continue to refund
21obligations initially issued pursuant to referendum.
22    "Special purpose extensions" include, but are not limited
23to, extensions for levies made on an annual basis for
24unemployment and workers' compensation, self-insurance,
25contributions to pension plans, and extensions made pursuant to
26Section 6-601 of the Illinois Highway Code for a road

 

 

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1district's permanent road fund whether levied annually or not.
2The extension for a special service area is not included in the
3aggregate extension.
4    "Aggregate extension base" means the taxing district's
5last preceding aggregate extension as adjusted under Sections
618-135, 18-215, and 18-230. An adjustment under Section 18-135
7shall be made for the 2007 levy year and all subsequent levy
8years whenever one or more counties within which a taxing
9district is located (i) used estimated valuations or rates when
10extending taxes in the taxing district for the last preceding
11levy year that resulted in the over or under extension of
12taxes, or (ii) increased or decreased the tax extension for the
13last preceding levy year as required by Section 18-135(c).
14Whenever an adjustment is required under Section 18-135, the
15aggregate extension base of the taxing district shall be equal
16to the amount that the aggregate extension of the taxing
17district would have been for the last preceding levy year if
18either or both (i) actual, rather than estimated, valuations or
19rates had been used to calculate the extension of taxes for the
20last levy year, or (ii) the tax extension for the last
21preceding levy year had not been adjusted as required by
22subsection (c) of Section 18-135.
23    Notwithstanding any other provision of law, for levy year
242012, the aggregate extension base for West Northfield School
25District No. 31 in Cook County shall be $12,654,592.
26    "Levy year" has the same meaning as "year" under Section

 

 

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11-155.
2    "New property" means (i) the assessed value, after final
3board of review or board of appeals action, of new improvements
4or additions to existing improvements on any parcel of real
5property that increase the assessed value of that real property
6during the levy year multiplied by the equalization factor
7issued by the Department under Section 17-30, (ii) the assessed
8value, after final board of review or board of appeals action,
9of real property not exempt from real estate taxation, which
10real property was exempt from real estate taxation for any
11portion of the immediately preceding levy year, multiplied by
12the equalization factor issued by the Department under Section
1317-30, including the assessed value, upon final stabilization
14of occupancy after new construction is complete, of any real
15property located within the boundaries of an otherwise or
16previously exempt military reservation that is intended for
17residential use and owned by or leased to a private corporation
18or other entity, (iii) in counties that classify in accordance
19with Section 4 of Article IX of the Illinois Constitution, an
20incentive property's additional assessed value resulting from
21a scheduled increase in the level of assessment as applied to
22the first year final board of review market value, and (iv) any
23increase in assessed value due to oil or gas production from an
24oil or gas well required to be permitted under the Hydraulic
25Fracturing Regulatory Act that was not produced in or accounted
26for during the previous levy year. In addition, the county

 

 

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

 

 

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1value was in an affected county or counties shall be increased
2if a municipality terminated the designation of an area in 1993
3as a redevelopment project area previously established under
4the Tax Increment Allocation Development Act in the Illinois
5Municipal Code, previously established under the Industrial
6Jobs Recovery Law in the Illinois Municipal Code, or previously
7established under the Economic Development Area Tax Increment
8Allocation Act, by an amount equal to the 1994 equalized
9assessed value of each taxable lot, block, tract, or parcel of
10real property in the redevelopment project area over and above
11the initial equalized assessed value of each property in the
12redevelopment project area. In the first year after a
13municipality removes a taxable lot, block, tract, or parcel of
14real property from a redevelopment project area established
15under the Tax Increment Allocation Development Act in the
16Illinois Municipal Code, the Industrial Jobs Recovery Law in
17the Illinois Municipal Code, or the Economic Development Area
18Tax Increment Allocation Act, "recovered tax increment value"
19means the amount of the current year's equalized assessed value
20of each taxable lot, block, tract, or parcel of real property
21removed from the redevelopment project area over and above the
22initial equalized assessed value of that real property before
23removal from the redevelopment project area.
24    Except as otherwise provided in this Section, "limiting
25rate" means a fraction the numerator of which is the last
26preceding aggregate extension base times an amount equal to one

 

 

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1plus the extension limitation defined in this Section and the
2denominator of which is the current year's equalized assessed
3value of all real property in the territory under the
4jurisdiction of the taxing district during the prior levy year.
5For those taxing districts that reduced their aggregate
6extension for the last preceding levy year, the highest
7aggregate extension in any of the last 3 preceding levy years
8shall be used for the purpose of computing the limiting rate.
9The denominator shall not include new property or the recovered
10tax increment value. If a new rate, a rate decrease, or a
11limiting rate increase has been approved at an election held
12after March 21, 2006, then (i) the otherwise applicable
13limiting rate shall be increased by the amount of the new rate
14or shall be reduced by the amount of the rate decrease, as the
15case may be, or (ii) in the case of a limiting rate increase,
16the limiting rate shall be equal to the rate set forth in the
17proposition approved by the voters for each of the years
18specified in the proposition, after which the limiting rate of
19the taxing district shall be calculated as otherwise provided.
20In the case of a taxing district that obtained referendum
21approval for an increased limiting rate on March 20, 2012, the
22limiting rate for tax year 2012 shall be the rate that
23generates the approximate total amount of taxes extendable for
24that tax year, as set forth in the proposition approved by the
25voters; this rate shall be the final rate applied by the county
26clerk for the aggregate of all capped funds of the district for

 

 

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1tax year 2012.
2(Source: P.A. 97-611, eff. 1-1-12; 97-1154, eff. 1-25-13; 98-6,
3eff. 3-29-13; 98-23, eff. 6-17-13.)
 
4    (35 ILCS 200/18-205)
5    Sec. 18-205. Referendum to increase the extension
6limitation. A taxing district is limited to an extension
7limitation as defined in Section 18-185 of 5% or the percentage
8increase in the Consumer Price Index during the 12-month
9calendar year preceding the levy year, whichever is less. A
10taxing district may increase its extension limitation for one
11or more levy years if that taxing district holds a referendum
12before the levy date for the first levy year at which a
13majority of voters voting on the issue approves adoption of a
14higher extension limitation. Referenda shall be conducted at a
15regularly scheduled election in accordance with the Election
16Code. The question shall be presented in substantially the
17following manner for all elections held after March 21, 2006:
18        Shall the extension limitation under the Property Tax
19    Extension Limitation Law for (insert the legal name,
20    number, if any, and county or counties of the taxing
21    district and geographic or other common name by which a
22    school or community college district is known and referred
23    to), Illinois, be increased from (applicable extension
24    limitation) the lesser of 5% or the percentage increase in
25    the Consumer Price Index over the prior levy year to

 

 

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1    (insert the percentage of the proposed increase)% per year
2    for (insert each levy year for which the increased
3    extension limitation will apply)?
4The votes must be recorded as "Yes" or "No".
5If a majority of voters voting on the issue approves the
6adoption of the increase, the increase shall be applicable for
7each levy year specified.
8    The ballot for any question submitted pursuant to this
9Section shall have printed thereon, but not as a part of the
10question submitted, only the following supplemental
11information (which shall be supplied to the election authority
12by the taxing district) in substantially the following form:
13        (1) For the (insert the first levy year for which the
14    increased extension limitation will be applicable) levy
15    year the approximate amount of the additional tax
16    extendable against property containing a single family
17    residence and having a fair market value at the time of the
18    referendum of $100,000 is estimated to be $....
19        (2) Based upon an average annual percentage increase
20    (or decrease) in the market value of such property of ...%
21    (insert percentage equal to the average annual percentage
22    increase or decrease for the prior 3 levy years, at the
23    time the submission of the question is initiated by the
24    taxing district, in the amount of (A) the equalized
25    assessed value of the taxable property in the taxing
26    district less (B) the new property included in the

 

 

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1    equalized assessed value), the approximate amount of the
2    additional tax extendable against such property for the ...
3    levy year is estimated to be $... and for the ... levy year
4    is estimated to be $....
5    Paragraph (2) shall be included only if the increased
6extension limitation will be applicable for more than one year
7and shall list each levy year for which the increased extension
8limitation will be applicable. The additional tax shown for
9each levy year shall be the approximate dollar amount of the
10increase over the amount of the most recently completed
11extension at the time the submission of the question is
12initiated by the taxing district. The approximate amount of the
13additional tax extendable shown in paragraphs (1) and (2) shall
14be calculated by multiplying $100,000 (the fair market value of
15the property without regard to any property tax exemptions) by
16(i) the percentage level of assessment prescribed for that
17property by statute, or by ordinance of the county board in
18counties that classify property for purposes of taxation in
19accordance with Section 4 of Article IX of the Illinois
20Constitution; (ii) the most recent final equalization factor
21certified to the county clerk by the Department of Revenue at
22the time the taxing district initiates the submission of the
23proposition to the electors; (iii) the last known aggregate
24extension base of the taxing district at the time the
25submission of the question is initiated by the taxing district;
26and (iv) the difference between the percentage increase

 

 

HB3726- 22 -LRB098 14349 HLH 48979 b

1proposed in the question and either (i) the lesser of 5% or the
2percentage increase in the Consumer Price Index for the prior
3levy year (or an estimate of the percentage increase for the
4prior levy year if the increase is unavailable at the time the
5submission of the question is initiated by the taxing district)
6or (ii) 0%, as applicable; and dividing the result by the last
7known equalized assessed value of the taxing district at the
8time the submission of the question is initiated by the taxing
9district. This amendatory Act of the 97th General Assembly is
10intended to clarify the existing requirements of this Section,
11and shall not be construed to validate any prior non-compliant
12referendum language. Any notice required to be published in
13connection with the submission of the question shall also
14contain this supplemental information and shall not contain any
15other supplemental information. Any error, miscalculation, or
16inaccuracy in computing any amount set forth on the ballot or
17in the notice that is not deliberate shall not invalidate or
18affect the validity of any proposition approved. Notice of the
19referendum shall be published and posted as otherwise required
20by law, and the submission of the question shall be initiated
21as provided by law.
22(Source: P.A. 97-1087, eff. 8-24-12.)
 
23    Section 99. Effective date. This Act takes effect upon
24becoming law.