|HB0189 Engrossed||LRB098 02813 HLH 32821 b|
AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
The Property Tax Code is amended by changing
Section 18-140 as follows:
(35 ILCS 200/18-140)
Extension upon equalized assessment of
year. All taxes shall be extended by each county
clerk upon the valuation
produced by the equalization and
assessment of property by the Department for
the levy year. In
the computation of rates, a fraction of a mill shall be
extended as the next higher mill.
Rates may be calculated
beyond 3 decimal points to allow the extension to be as close
to the levy requested as possible; however, the extension may
not exceed the levy requested, after all reductions required
under the Property Tax Extension Limitation Law or any other
applicable law are applied.
Each installment of taxes shall be
in a separate column. Installments shall be equal and
as to each installment a
fraction of a cent shall be extended
as one cent.
(Source: P.A. 87-17; 88-455.)
This Act takes effect upon