Full Text of HB1126 100th General Assembly
HB1126ham001 100TH GENERAL ASSEMBLY | Rep. William Davis Filed: 5/29/2017
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| 1 | | AMENDMENT TO HOUSE BILL 1126
| 2 | | AMENDMENT NO. ______. Amend House Bill 1126 by replacing | 3 | | everything after the enacting clause with the following:
| 4 | | "Section 5. The Property Tax Code is amended by changing | 5 | | Section 18-185 and by adding Section 18-216 as follows: | 6 | | (35 ILCS 200/18-185)
| 7 | | (Text of Section before amendment by P.A. 99-521 ) | 8 | | Sec. 18-185. Short title; definitions. This Division 5 may | 9 | | be cited as the
Property Tax Extension Limitation Law. As used | 10 | | in this Division 5:
| 11 | | "Consumer Price Index" means the Consumer Price Index for | 12 | | All Urban
Consumers for all items published by the United | 13 | | States Department of Labor.
| 14 | | "Extension limitation" means (a) the lesser of 5% or the | 15 | | percentage increase
in the Consumer Price Index during the | 16 | | 12-month calendar year preceding the
levy year or (b) the rate |
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| 1 | | of increase approved by voters under Section 18-205 or 18-216 .
| 2 | | "Affected county" means a county of 3,000,000 or more | 3 | | inhabitants or a
county contiguous to a county of 3,000,000 or | 4 | | more inhabitants.
| 5 | | "Taxing district" has the same meaning provided in Section | 6 | | 1-150, except as
otherwise provided in this Section. For the | 7 | | 1991 through 1994 levy years only,
"taxing district" includes | 8 | | only each non-home rule taxing district having the
majority of | 9 | | its
1990 equalized assessed value within any county or counties | 10 | | contiguous to a
county with 3,000,000 or more inhabitants. | 11 | | Beginning with the 1995 levy
year, "taxing district" includes | 12 | | only each non-home rule taxing district
subject to this Law | 13 | | before the 1995 levy year and each non-home rule
taxing | 14 | | district not subject to this Law before the 1995 levy year | 15 | | having the
majority of its 1994 equalized assessed value in an | 16 | | affected county or
counties. Beginning with the levy year in
| 17 | | which this Law becomes applicable to a taxing district as
| 18 | | provided in Section 18-213, "taxing district" also includes | 19 | | those taxing
districts made subject to this Law as provided in | 20 | | Section 18-213.
| 21 | | "Aggregate extension" for taxing districts to which this | 22 | | Law applied before
the 1995 levy year means the annual | 23 | | corporate extension for the taxing
district and those special | 24 | | purpose extensions that are made annually for
the taxing | 25 | | district, excluding special purpose extensions: (a) made for | 26 | | the
taxing district to pay interest or principal on general |
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| 1 | | obligation bonds
that were approved by referendum; (b) made for | 2 | | any taxing district to pay
interest or principal on general | 3 | | obligation bonds issued before October 1,
1991; (c) made for | 4 | | any taxing district to pay interest or principal on bonds
| 5 | | issued to refund or continue to refund those bonds issued | 6 | | before October 1,
1991; (d)
made for any taxing district to pay | 7 | | interest or principal on bonds
issued to refund or continue to | 8 | | refund bonds issued after October 1, 1991 that
were approved by | 9 | | referendum; (e)
made for any taxing district to pay interest
or | 10 | | principal on revenue bonds issued before October 1, 1991 for | 11 | | payment of
which a property tax levy or the full faith and | 12 | | credit of the unit of local
government is pledged; however, a | 13 | | tax for the payment of interest or principal
on those bonds | 14 | | shall be made only after the governing body of the unit of | 15 | | local
government finds that all other sources for payment are | 16 | | insufficient to make
those payments; (f) made for payments | 17 | | under a building commission lease when
the lease payments are | 18 | | for the retirement of bonds issued by the commission
before | 19 | | October 1, 1991, to pay for the building project; (g) made for | 20 | | payments
due under installment contracts entered into before | 21 | | October 1, 1991;
(h) made for payments of principal and | 22 | | interest on bonds issued under the
Metropolitan Water | 23 | | Reclamation District Act to finance construction projects
| 24 | | initiated before October 1, 1991; (i) made for payments of | 25 | | principal and
interest on limited bonds, as defined in Section | 26 | | 3 of the Local Government Debt
Reform Act, in an amount not to |
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| 1 | | exceed the debt service extension base less
the amount in items | 2 | | (b), (c), (e), and (h) of this definition for
non-referendum | 3 | | obligations, except obligations initially issued pursuant to
| 4 | | referendum; (j) made for payments of principal and interest on | 5 | | bonds
issued under Section 15 of the Local Government Debt | 6 | | Reform Act; (k)
made
by a school district that participates in | 7 | | the Special Education District of
Lake County, created by | 8 | | special education joint agreement under Section
10-22.31 of the | 9 | | School Code, for payment of the school district's share of the
| 10 | | amounts required to be contributed by the Special Education | 11 | | District of Lake
County to the Illinois Municipal Retirement | 12 | | Fund under Article 7 of the
Illinois Pension Code; the amount | 13 | | of any extension under this item (k) shall be
certified by the | 14 | | school district to the county clerk; (l) made to fund
expenses | 15 | | of providing joint recreational programs for persons with | 16 | | disabilities under
Section 5-8 of
the
Park District Code or | 17 | | Section 11-95-14 of the Illinois Municipal Code; (m) made for | 18 | | temporary relocation loan repayment purposes pursuant to | 19 | | Sections 2-3.77 and 17-2.2d of the School Code; (n) made for | 20 | | payment of principal and interest on any bonds issued under the | 21 | | authority of Section 17-2.2d of the School Code; (o) made for | 22 | | contributions to a firefighter's pension fund created under | 23 | | Article 4 of the Illinois Pension Code, to the extent of the | 24 | | amount certified under item (5) of Section 4-134 of the | 25 | | Illinois Pension Code; and (p) made for road purposes in the | 26 | | first year after a township assumes the rights, powers, duties, |
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| 1 | | assets, property, liabilities, obligations, and
| 2 | | responsibilities of a road district abolished under the | 3 | | provisions of Section 6-133 of the Illinois Highway Code.
| 4 | | "Aggregate extension" for the taxing districts to which | 5 | | this Law did not
apply before the 1995 levy year (except taxing | 6 | | districts subject to this Law
in
accordance with Section | 7 | | 18-213) means the annual corporate extension for the
taxing | 8 | | district and those special purpose extensions that are made | 9 | | annually for
the taxing district, excluding special purpose | 10 | | extensions: (a) made for the
taxing district to pay interest or | 11 | | principal on general obligation bonds that
were approved by | 12 | | referendum; (b) made for any taxing district to pay interest
or | 13 | | principal on general obligation bonds issued before March 1, | 14 | | 1995; (c) made
for any taxing district to pay interest or | 15 | | principal on bonds issued to refund
or continue to refund those | 16 | | bonds issued before March 1, 1995; (d) made for any
taxing | 17 | | district to pay interest or principal on bonds issued to refund | 18 | | or
continue to refund bonds issued after March 1, 1995 that | 19 | | were approved by
referendum; (e) made for any taxing district | 20 | | to pay interest or principal on
revenue bonds issued before | 21 | | March 1, 1995 for payment of which a property tax
levy or the | 22 | | full faith and credit of the unit of local government is | 23 | | pledged;
however, a tax for the payment of interest or | 24 | | principal on those bonds shall be
made only after the governing | 25 | | body of the unit of local government finds that
all other | 26 | | sources for payment are insufficient to make those payments; |
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| 1 | | (f) made
for payments under a building commission lease when | 2 | | the lease payments are for
the retirement of bonds issued by | 3 | | the commission before March 1, 1995 to
pay for the building | 4 | | project; (g) made for payments due under installment
contracts | 5 | | entered into before March 1, 1995; (h) made for payments of
| 6 | | principal and interest on bonds issued under the Metropolitan | 7 | | Water Reclamation
District Act to finance construction | 8 | | projects initiated before October 1,
1991; (h-4) made for | 9 | | stormwater management purposes by the Metropolitan Water | 10 | | Reclamation District of Greater Chicago under Section 12 of the | 11 | | Metropolitan Water Reclamation District Act; (i) made for | 12 | | payments of principal and interest on limited bonds,
as defined | 13 | | in Section 3 of the Local Government Debt Reform Act, in an | 14 | | amount
not to exceed the debt service extension base less the | 15 | | amount in items (b),
(c), and (e) of this definition for | 16 | | non-referendum obligations, except
obligations initially | 17 | | issued pursuant to referendum and bonds described in
subsection | 18 | | (h) of this definition; (j) made for payments of
principal and | 19 | | interest on bonds issued under Section 15 of the Local | 20 | | Government
Debt Reform Act; (k) made for payments of principal | 21 | | and interest on bonds
authorized by Public Act 88-503 and | 22 | | issued under Section 20a of the Chicago
Park District Act for | 23 | | aquarium or
museum projects; (l) made for payments of principal | 24 | | and interest on
bonds
authorized by Public Act 87-1191 or | 25 | | 93-601 and (i) issued pursuant to Section 21.2 of the Cook | 26 | | County Forest
Preserve District Act, (ii) issued under Section |
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| 1 | | 42 of the Cook County
Forest Preserve District Act for | 2 | | zoological park projects, or (iii) issued
under Section 44.1 of | 3 | | the Cook County Forest Preserve District Act for
botanical | 4 | | gardens projects; (m) made
pursuant
to Section 34-53.5 of the | 5 | | School Code, whether levied annually or not;
(n) made to fund | 6 | | expenses of providing joint recreational programs for persons | 7 | | with disabilities under Section 5-8 of the Park
District Code | 8 | | or Section 11-95-14 of the Illinois Municipal Code;
(o) made by | 9 | | the
Chicago Park
District for recreational programs for persons | 10 | | with disabilities under subsection (c) of
Section
7.06 of the | 11 | | Chicago Park District Act; (p) made for contributions to a | 12 | | firefighter's pension fund created under Article 4 of the | 13 | | Illinois Pension Code, to the extent of the amount certified | 14 | | under item (5) of Section 4-134 of the Illinois Pension Code; | 15 | | and (q) made by Ford Heights School District 169 under Section | 16 | | 17-9.02 of the School Code.
| 17 | | "Aggregate extension" for all taxing districts to which | 18 | | this Law applies in
accordance with Section 18-213, except for | 19 | | those taxing districts subject to
paragraph (2) of subsection | 20 | | (e) of Section 18-213, means the annual corporate
extension for | 21 | | the
taxing district and those special purpose extensions that | 22 | | are made annually for
the taxing district, excluding special | 23 | | purpose extensions: (a) made for the
taxing district to pay | 24 | | interest or principal on general obligation bonds that
were | 25 | | approved by referendum; (b) made for any taxing district to pay | 26 | | interest
or principal on general obligation bonds issued before |
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| 1 | | the date on which the
referendum making this
Law applicable to | 2 | | the taxing district is held; (c) made
for any taxing district | 3 | | to pay interest or principal on bonds issued to refund
or | 4 | | continue to refund those bonds issued before the date on which | 5 | | the
referendum making this Law
applicable to the taxing | 6 | | district is held;
(d) made for any
taxing district to pay | 7 | | interest or principal on bonds issued to refund or
continue to | 8 | | refund bonds issued after the date on which the referendum | 9 | | making
this Law
applicable to the taxing district is held if | 10 | | the bonds were approved by
referendum after the date on which | 11 | | the referendum making this Law
applicable to the taxing | 12 | | district is held; (e) made for any
taxing district to pay | 13 | | interest or principal on
revenue bonds issued before the date | 14 | | on which the referendum making this Law
applicable to the
| 15 | | taxing district is held for payment of which a property tax
| 16 | | levy or the full faith and credit of the unit of local | 17 | | government is pledged;
however, a tax for the payment of | 18 | | interest or principal on those bonds shall be
made only after | 19 | | the governing body of the unit of local government finds that
| 20 | | all other sources for payment are insufficient to make those | 21 | | payments; (f) made
for payments under a building commission | 22 | | lease when the lease payments are for
the retirement of bonds | 23 | | issued by the commission before the date on which the
| 24 | | referendum making this
Law applicable to the taxing district is | 25 | | held to
pay for the building project; (g) made for payments due | 26 | | under installment
contracts entered into before the date on |
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| 1 | | which the referendum making this Law
applicable to
the taxing | 2 | | district is held;
(h) made for payments
of principal and | 3 | | interest on limited bonds,
as defined in Section 3 of the Local | 4 | | Government Debt Reform Act, in an amount
not to exceed the debt | 5 | | service extension base less the amount in items (b),
(c), and | 6 | | (e) of this definition for non-referendum obligations, except
| 7 | | obligations initially issued pursuant to referendum; (i) made | 8 | | for payments
of
principal and interest on bonds issued under | 9 | | Section 15 of the Local Government
Debt Reform Act;
(j)
made | 10 | | for a qualified airport authority to pay interest or principal | 11 | | on
general obligation bonds issued for the purpose of paying | 12 | | obligations due
under, or financing airport facilities | 13 | | required to be acquired, constructed,
installed or equipped | 14 | | pursuant to, contracts entered into before March
1, 1996 (but | 15 | | not including any amendments to such a contract taking effect | 16 | | on
or after that date); (k) made to fund expenses of providing | 17 | | joint
recreational programs for persons with disabilities | 18 | | under Section 5-8 of
the
Park District Code or Section 11-95-14 | 19 | | of the Illinois Municipal Code; (l) made for contributions to a | 20 | | firefighter's pension fund created under Article 4 of the | 21 | | Illinois Pension Code, to the extent of the amount certified | 22 | | under item (5) of Section 4-134 of the Illinois Pension Code; | 23 | | and (m) made for the taxing district to pay interest or | 24 | | principal on general obligation bonds issued pursuant to | 25 | | Section 19-3.10 of the School Code.
| 26 | | "Aggregate extension" for all taxing districts to which |
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| 1 | | this Law applies in
accordance with paragraph (2) of subsection | 2 | | (e) of Section 18-213 means the
annual corporate extension for | 3 | | the
taxing district and those special purpose extensions that | 4 | | are made annually for
the taxing district, excluding special | 5 | | purpose extensions: (a) made for the
taxing district to pay | 6 | | interest or principal on general obligation bonds that
were | 7 | | approved by referendum; (b) made for any taxing district to pay | 8 | | interest
or principal on general obligation bonds issued before | 9 | | the effective date of
this amendatory Act of 1997;
(c) made
for | 10 | | any taxing district to pay interest or principal on bonds | 11 | | issued to refund
or continue to refund those bonds issued | 12 | | before the effective date
of this amendatory Act of 1997;
(d) | 13 | | made for any
taxing district to pay interest or principal on | 14 | | bonds issued to refund or
continue to refund bonds issued after | 15 | | the effective date of this amendatory Act
of 1997 if the bonds | 16 | | were approved by referendum after the effective date of
this | 17 | | amendatory Act of 1997;
(e) made for any
taxing district to pay | 18 | | interest or principal on
revenue bonds issued before the | 19 | | effective date of this amendatory Act of 1997
for payment of | 20 | | which a property tax
levy or the full faith and credit of the | 21 | | unit of local government is pledged;
however, a tax for the | 22 | | payment of interest or principal on those bonds shall be
made | 23 | | only after the governing body of the unit of local government | 24 | | finds that
all other sources for payment are insufficient to | 25 | | make those payments; (f) made
for payments under a building | 26 | | commission lease when the lease payments are for
the retirement |
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| 1 | | of bonds issued by the commission before the effective date
of | 2 | | this amendatory Act of 1997
to
pay for the building project; | 3 | | (g) made for payments due under installment
contracts entered | 4 | | into before the effective date of this amendatory Act of
1997;
| 5 | | (h) made for payments
of principal and interest on limited | 6 | | bonds,
as defined in Section 3 of the Local Government Debt | 7 | | Reform Act, in an amount
not to exceed the debt service | 8 | | extension base less the amount in items (b),
(c), and (e) of | 9 | | this definition for non-referendum obligations, except
| 10 | | obligations initially issued pursuant to referendum; (i) made | 11 | | for payments
of
principal and interest on bonds issued under | 12 | | Section 15 of the Local Government
Debt Reform Act;
(j)
made | 13 | | for a qualified airport authority to pay interest or principal | 14 | | on
general obligation bonds issued for the purpose of paying | 15 | | obligations due
under, or financing airport facilities | 16 | | required to be acquired, constructed,
installed or equipped | 17 | | pursuant to, contracts entered into before March
1, 1996 (but | 18 | | not including any amendments to such a contract taking effect | 19 | | on
or after that date); (k) made to fund expenses of providing | 20 | | joint
recreational programs for persons with disabilities | 21 | | under Section 5-8 of
the
Park District Code or Section 11-95-14 | 22 | | of the Illinois Municipal Code; and (l) made for contributions | 23 | | to a firefighter's pension fund created under Article 4 of the | 24 | | Illinois Pension Code, to the extent of the amount certified | 25 | | under item (5) of Section 4-134 of the Illinois Pension Code.
| 26 | | "Debt service extension base" means an amount equal to that |
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| 1 | | portion of the
extension for a taxing district for the 1994 | 2 | | levy year, or for those taxing
districts subject to this Law in | 3 | | accordance with Section 18-213, except for
those subject to | 4 | | paragraph (2) of subsection (e) of Section 18-213, for the
levy
| 5 | | year in which the referendum making this Law applicable to the | 6 | | taxing district
is held, or for those taxing districts subject | 7 | | to this Law in accordance with
paragraph (2) of subsection (e) | 8 | | of Section 18-213 for the 1996 levy year,
constituting an
| 9 | | extension for payment of principal and interest on bonds issued | 10 | | by the taxing
district without referendum, but not including | 11 | | excluded non-referendum bonds. For park districts (i) that were | 12 | | first
subject to this Law in 1991 or 1995 and (ii) whose | 13 | | extension for the 1994 levy
year for the payment of principal | 14 | | and interest on bonds issued by the park
district without | 15 | | referendum (but not including excluded non-referendum bonds)
| 16 | | was less than 51% of the amount for the 1991 levy year | 17 | | constituting an
extension for payment of principal and interest | 18 | | on bonds issued by the park
district without referendum (but | 19 | | not including excluded non-referendum bonds),
"debt service | 20 | | extension base" means an amount equal to that portion of the
| 21 | | extension for the 1991 levy year constituting an extension for | 22 | | payment of
principal and interest on bonds issued by the park | 23 | | district without referendum
(but not including excluded | 24 | | non-referendum bonds). A debt service extension base | 25 | | established or increased at any time pursuant to any provision | 26 | | of this Law, except Section 18-212, shall be increased each |
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| 1 | | year commencing with the later of (i) the 2009 levy year or | 2 | | (ii) the first levy year in which this Law becomes applicable | 3 | | to the taxing district, by the lesser of 5% or the percentage | 4 | | increase in the Consumer Price Index during the 12-month | 5 | | calendar year preceding the levy year. The debt service | 6 | | extension
base may be established or increased as provided | 7 | | under Section 18-212.
"Excluded non-referendum bonds" means | 8 | | (i) bonds authorized by Public
Act 88-503 and issued under | 9 | | Section 20a of the Chicago Park District Act for
aquarium and | 10 | | museum projects; (ii) bonds issued under Section 15 of the
| 11 | | Local Government Debt Reform Act; or (iii) refunding | 12 | | obligations issued
to refund or to continue to refund | 13 | | obligations initially issued pursuant to
referendum.
| 14 | | "Special purpose extensions" include, but are not limited | 15 | | to, extensions
for levies made on an annual basis for | 16 | | unemployment and workers'
compensation, self-insurance, | 17 | | contributions to pension plans, and extensions
made pursuant to | 18 | | Section 6-601 of the Illinois Highway Code for a road
| 19 | | district's permanent road fund whether levied annually or not. | 20 | | The
extension for a special service area is not included in the
| 21 | | aggregate extension.
| 22 | | "Aggregate extension base" means the taxing district's | 23 | | last preceding
aggregate extension as adjusted under Sections | 24 | | 18-135, 18-215,
and 18-230.
An adjustment under Section 18-135 | 25 | | shall be made for the 2007 levy year and all subsequent levy | 26 | | years whenever one or more counties within which a taxing |
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| 1 | | district is located (i) used estimated valuations or rates when | 2 | | extending taxes in the taxing district for the last preceding | 3 | | levy year that resulted in the over or under extension of | 4 | | taxes, or (ii) increased or decreased the tax extension for the | 5 | | last preceding levy year as required by Section 18-135(c). | 6 | | Whenever an adjustment is required under Section 18-135, the | 7 | | aggregate extension base of the taxing district shall be equal | 8 | | to the amount that the aggregate extension of the taxing | 9 | | district would have been for the last preceding levy year if | 10 | | either or both (i) actual, rather than estimated, valuations or | 11 | | rates had been used to calculate the extension of taxes for the | 12 | | last levy year, or (ii) the tax extension for the last | 13 | | preceding levy year had not been adjusted as required by | 14 | | subsection (c) of Section 18-135.
| 15 | | Notwithstanding any other provision of law, for levy year | 16 | | 2012, the aggregate extension base for West Northfield School | 17 | | District No. 31 in Cook County shall be $12,654,592. | 18 | | "Levy year" has the same meaning as "year" under Section
| 19 | | 1-155.
| 20 | | "New property" means (i) the assessed value, after final | 21 | | board of review or
board of appeals action, of new improvements | 22 | | or additions to existing
improvements on any parcel of real | 23 | | property that increase the assessed value of
that real property | 24 | | during the levy year multiplied by the equalization factor
| 25 | | issued by the Department under Section 17-30, (ii) the assessed | 26 | | value, after
final board of review or board of appeals action, |
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| 1 | | of real property not exempt
from real estate taxation, which | 2 | | real property was exempt from real estate
taxation for any | 3 | | portion of the immediately preceding levy year, multiplied by
| 4 | | the equalization factor issued by the Department under Section | 5 | | 17-30, including the assessed value, upon final stabilization | 6 | | of occupancy after new construction is complete, of any real | 7 | | property located within the boundaries of an otherwise or | 8 | | previously exempt military reservation that is intended for | 9 | | residential use and owned by or leased to a private corporation | 10 | | or other entity,
(iii) in counties that classify in accordance | 11 | | with Section 4 of Article
IX of the
Illinois Constitution, an | 12 | | incentive property's additional assessed value
resulting from | 13 | | a
scheduled increase in the level of assessment as applied to | 14 | | the first year
final board of
review market value, and (iv) any | 15 | | increase in assessed value due to oil or gas production from an | 16 | | oil or gas well required to be permitted under the Hydraulic | 17 | | Fracturing Regulatory Act that was not produced in or accounted | 18 | | for during the previous levy year.
In addition, the county | 19 | | clerk in a county containing a population of
3,000,000 or more | 20 | | shall include in the 1997
recovered tax increment value for any | 21 | | school district, any recovered tax
increment value that was | 22 | | applicable to the 1995 tax year calculations.
| 23 | | "Qualified airport authority" means an airport authority | 24 | | organized under
the Airport Authorities Act and located in a | 25 | | county bordering on the State of
Wisconsin and having a | 26 | | population in excess of 200,000 and not greater than
500,000.
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| 1 | | "Recovered tax increment value" means, except as otherwise | 2 | | provided in this
paragraph, the amount of the current year's | 3 | | equalized assessed value, in the
first year after a | 4 | | municipality terminates
the designation of an area as a | 5 | | redevelopment project area previously
established under the | 6 | | Tax Increment Allocation Development Act in the Illinois
| 7 | | Municipal Code, previously established under the Industrial | 8 | | Jobs Recovery Law
in the Illinois Municipal Code, previously | 9 | | established under the Economic Development Project Area Tax | 10 | | Increment Act of 1995, or previously established under the | 11 | | Economic
Development Area Tax Increment Allocation Act, of each | 12 | | taxable lot, block,
tract, or parcel of real property in the | 13 | | redevelopment project area over and
above the initial equalized | 14 | | assessed value of each property in the
redevelopment project | 15 | | area.
For the taxes which are extended for the 1997 levy year, | 16 | | the recovered tax
increment value for a non-home rule taxing | 17 | | district that first became subject
to this Law for the 1995 | 18 | | levy year because a majority of its 1994 equalized
assessed | 19 | | value was in an affected county or counties shall be increased | 20 | | if a
municipality terminated the designation of an area in 1993 | 21 | | as a redevelopment
project area previously established under | 22 | | the Tax Increment Allocation
Development Act in the Illinois | 23 | | Municipal Code, previously established under
the Industrial | 24 | | Jobs Recovery Law in the Illinois Municipal Code, or previously
| 25 | | established under the Economic Development Area Tax Increment | 26 | | Allocation Act,
by an amount equal to the 1994 equalized |
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| 1 | | assessed value of each taxable lot,
block, tract, or parcel of | 2 | | real property in the redevelopment project area over
and above | 3 | | the initial equalized assessed value of each property in the
| 4 | | redevelopment project area.
In the first year after a | 5 | | municipality
removes a taxable lot, block, tract, or parcel of | 6 | | real property from a
redevelopment project area established | 7 | | under the Tax Increment Allocation
Development Act in the | 8 | | Illinois
Municipal Code, the Industrial Jobs Recovery Law
in | 9 | | the Illinois Municipal Code, or the Economic
Development Area | 10 | | Tax Increment Allocation Act, "recovered tax increment value"
| 11 | | means the amount of the current year's equalized assessed value | 12 | | of each taxable
lot, block, tract, or parcel of real property | 13 | | removed from the redevelopment
project area over and above the | 14 | | initial equalized assessed value of that real
property before | 15 | | removal from the redevelopment project area.
| 16 | | Except as otherwise provided in this Section, "limiting | 17 | | rate" means a
fraction the numerator of which is the last
| 18 | | preceding aggregate extension base times an amount equal to one | 19 | | plus the
extension limitation defined in this Section and the | 20 | | denominator of which
is the current year's equalized assessed | 21 | | value of all real property in the
territory under the | 22 | | jurisdiction of the taxing district during the prior
levy year. | 23 | | For those taxing districts that reduced their aggregate
| 24 | | extension for the last preceding levy year, the highest | 25 | | aggregate extension
in any of the last 3 preceding levy years | 26 | | shall be used for the purpose of
computing the limiting rate. |
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| 1 | | The denominator shall not include new
property or the recovered | 2 | | tax increment
value.
If a new rate, a rate decrease, or a | 3 | | limiting rate increase has been approved at an election held | 4 | | after March 21, 2006, then (i) the otherwise applicable | 5 | | limiting rate shall be increased by the amount of the new rate | 6 | | or shall be reduced by the amount of the rate decrease, as the | 7 | | case may be, or (ii) in the case of a limiting rate increase, | 8 | | the limiting rate shall be equal to the rate set forth
in the | 9 | | proposition approved by the voters for each of the years | 10 | | specified in the proposition, after
which the limiting rate of | 11 | | the taxing district shall be calculated as otherwise provided. | 12 | | In the case of a taxing district that obtained referendum | 13 | | approval for an increased limiting rate on March 20, 2012, the | 14 | | limiting rate for tax year 2012 shall be the rate that | 15 | | generates the approximate total amount of taxes extendable for | 16 | | that tax year, as set forth in the proposition approved by the | 17 | | voters; this rate shall be the final rate applied by the county | 18 | | clerk for the aggregate of all capped funds of the district for | 19 | | tax year 2012.
| 20 | | (Source: P.A. 98-6, eff. 3-29-13; 98-23, eff. 6-17-13; 99-143, | 21 | | eff. 7-27-15.)
| 22 | | (Text of Section after amendment by P.A. 99-521 ) | 23 | | Sec. 18-185. Short title; definitions. This Division 5 may | 24 | | be cited as the
Property Tax Extension Limitation Law. As used | 25 | | in this Division 5:
|
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| 1 | | "Consumer Price Index" means the Consumer Price Index for | 2 | | All Urban
Consumers for all items published by the United | 3 | | States Department of Labor.
| 4 | | "Extension limitation" means (a) the lesser of 5% or the | 5 | | percentage increase
in the Consumer Price Index during the | 6 | | 12-month calendar year preceding the
levy year or (b) the rate | 7 | | of increase approved by voters under Section 18-205 or 18-216 .
| 8 | | "Affected county" means a county of 3,000,000 or more | 9 | | inhabitants or a
county contiguous to a county of 3,000,000 or | 10 | | more inhabitants.
| 11 | | "Taxing district" has the same meaning provided in Section | 12 | | 1-150, except as
otherwise provided in this Section. For the | 13 | | 1991 through 1994 levy years only,
"taxing district" includes | 14 | | only each non-home rule taxing district having the
majority of | 15 | | its
1990 equalized assessed value within any county or counties | 16 | | contiguous to a
county with 3,000,000 or more inhabitants. | 17 | | Beginning with the 1995 levy
year, "taxing district" includes | 18 | | only each non-home rule taxing district
subject to this Law | 19 | | before the 1995 levy year and each non-home rule
taxing | 20 | | district not subject to this Law before the 1995 levy year | 21 | | having the
majority of its 1994 equalized assessed value in an | 22 | | affected county or
counties. Beginning with the levy year in
| 23 | | which this Law becomes applicable to a taxing district as
| 24 | | provided in Section 18-213, "taxing district" also includes | 25 | | those taxing
districts made subject to this Law as provided in | 26 | | Section 18-213.
|
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| 1 | | "Aggregate extension" for taxing districts to which this | 2 | | Law applied before
the 1995 levy year means the annual | 3 | | corporate extension for the taxing
district and those special | 4 | | purpose extensions that are made annually for
the taxing | 5 | | district, excluding special purpose extensions: (a) made for | 6 | | the
taxing district to pay interest or principal on general | 7 | | obligation bonds
that were approved by referendum; (b) made for | 8 | | any taxing district to pay
interest or principal on general | 9 | | obligation bonds issued before October 1,
1991; (c) made for | 10 | | any taxing district to pay interest or principal on bonds
| 11 | | issued to refund or continue to refund those bonds issued | 12 | | before October 1,
1991; (d)
made for any taxing district to pay | 13 | | interest or principal on bonds
issued to refund or continue to | 14 | | refund bonds issued after October 1, 1991 that
were approved by | 15 | | referendum; (e)
made for any taxing district to pay interest
or | 16 | | principal on revenue bonds issued before October 1, 1991 for | 17 | | payment of
which a property tax levy or the full faith and | 18 | | credit of the unit of local
government is pledged; however, a | 19 | | tax for the payment of interest or principal
on those bonds | 20 | | shall be made only after the governing body of the unit of | 21 | | local
government finds that all other sources for payment are | 22 | | insufficient to make
those payments; (f) made for payments | 23 | | under a building commission lease when
the lease payments are | 24 | | for the retirement of bonds issued by the commission
before | 25 | | October 1, 1991, to pay for the building project; (g) made for | 26 | | payments
due under installment contracts entered into before |
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| 1 | | October 1, 1991;
(h) made for payments of principal and | 2 | | interest on bonds issued under the
Metropolitan Water | 3 | | Reclamation District Act to finance construction projects
| 4 | | initiated before October 1, 1991; (i) made for payments of | 5 | | principal and
interest on limited bonds, as defined in Section | 6 | | 3 of the Local Government Debt
Reform Act, in an amount not to | 7 | | exceed the debt service extension base less
the amount in items | 8 | | (b), (c), (e), and (h) of this definition for
non-referendum | 9 | | obligations, except obligations initially issued pursuant to
| 10 | | referendum; (j) made for payments of principal and interest on | 11 | | bonds
issued under Section 15 of the Local Government Debt | 12 | | Reform Act; (k)
made
by a school district that participates in | 13 | | the Special Education District of
Lake County, created by | 14 | | special education joint agreement under Section
10-22.31 of the | 15 | | School Code, for payment of the school district's share of the
| 16 | | amounts required to be contributed by the Special Education | 17 | | District of Lake
County to the Illinois Municipal Retirement | 18 | | Fund under Article 7 of the
Illinois Pension Code; the amount | 19 | | of any extension under this item (k) shall be
certified by the | 20 | | school district to the county clerk; (l) made to fund
expenses | 21 | | of providing joint recreational programs for persons with | 22 | | disabilities under
Section 5-8 of
the
Park District Code or | 23 | | Section 11-95-14 of the Illinois Municipal Code; (m) made for | 24 | | temporary relocation loan repayment purposes pursuant to | 25 | | Sections 2-3.77 and 17-2.2d of the School Code; (n) made for | 26 | | payment of principal and interest on any bonds issued under the |
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| 1 | | authority of Section 17-2.2d of the School Code; (o) made for | 2 | | contributions to a firefighter's pension fund created under | 3 | | Article 4 of the Illinois Pension Code, to the extent of the | 4 | | amount certified under item (5) of Section 4-134 of the | 5 | | Illinois Pension Code; and (p) made for road purposes in the | 6 | | first year after a township assumes the rights, powers, duties, | 7 | | assets, property, liabilities, obligations, and
| 8 | | responsibilities of a road district abolished under the | 9 | | provisions of Section 6-133 of the Illinois Highway Code.
| 10 | | "Aggregate extension" for the taxing districts to which | 11 | | this Law did not
apply before the 1995 levy year (except taxing | 12 | | districts subject to this Law
in
accordance with Section | 13 | | 18-213) means the annual corporate extension for the
taxing | 14 | | district and those special purpose extensions that are made | 15 | | annually for
the taxing district, excluding special purpose | 16 | | extensions: (a) made for the
taxing district to pay interest or | 17 | | principal on general obligation bonds that
were approved by | 18 | | referendum; (b) made for any taxing district to pay interest
or | 19 | | principal on general obligation bonds issued before March 1, | 20 | | 1995; (c) made
for any taxing district to pay interest or | 21 | | principal on bonds issued to refund
or continue to refund those | 22 | | bonds issued before March 1, 1995; (d) made for any
taxing | 23 | | district to pay interest or principal on bonds issued to refund | 24 | | or
continue to refund bonds issued after March 1, 1995 that | 25 | | were approved by
referendum; (e) made for any taxing district | 26 | | to pay interest or principal on
revenue bonds issued before |
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| 1 | | March 1, 1995 for payment of which a property tax
levy or the | 2 | | full faith and credit of the unit of local government is | 3 | | pledged;
however, a tax for the payment of interest or | 4 | | principal on those bonds shall be
made only after the governing | 5 | | body of the unit of local government finds that
all other | 6 | | sources for payment are insufficient to make those payments; | 7 | | (f) made
for payments under a building commission lease when | 8 | | the lease payments are for
the retirement of bonds issued by | 9 | | the commission before March 1, 1995 to
pay for the building | 10 | | project; (g) made for payments due under installment
contracts | 11 | | entered into before March 1, 1995; (h) made for payments of
| 12 | | principal and interest on bonds issued under the Metropolitan | 13 | | Water Reclamation
District Act to finance construction | 14 | | projects initiated before October 1,
1991; (h-4) made for | 15 | | stormwater management purposes by the Metropolitan Water | 16 | | Reclamation District of Greater Chicago under Section 12 of the | 17 | | Metropolitan Water Reclamation District Act; (i) made for | 18 | | payments of principal and interest on limited bonds,
as defined | 19 | | in Section 3 of the Local Government Debt Reform Act, in an | 20 | | amount
not to exceed the debt service extension base less the | 21 | | amount in items (b),
(c), and (e) of this definition for | 22 | | non-referendum obligations, except
obligations initially | 23 | | issued pursuant to referendum and bonds described in
subsection | 24 | | (h) of this definition; (j) made for payments of
principal and | 25 | | interest on bonds issued under Section 15 of the Local | 26 | | Government
Debt Reform Act; (k) made for payments of principal |
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| 1 | | and interest on bonds
authorized by Public Act 88-503 and | 2 | | issued under Section 20a of the Chicago
Park District Act for | 3 | | aquarium or
museum projects; (l) made for payments of principal | 4 | | and interest on
bonds
authorized by Public Act 87-1191 or | 5 | | 93-601 and (i) issued pursuant to Section 21.2 of the Cook | 6 | | County Forest
Preserve District Act, (ii) issued under Section | 7 | | 42 of the Cook County
Forest Preserve District Act for | 8 | | zoological park projects, or (iii) issued
under Section 44.1 of | 9 | | the Cook County Forest Preserve District Act for
botanical | 10 | | gardens projects; (m) made
pursuant
to Section 34-53.5 of the | 11 | | School Code, whether levied annually or not;
(n) made to fund | 12 | | expenses of providing joint recreational programs for persons | 13 | | with disabilities under Section 5-8 of the Park
District Code | 14 | | or Section 11-95-14 of the Illinois Municipal Code;
(o) made by | 15 | | the
Chicago Park
District for recreational programs for persons | 16 | | with disabilities under subsection (c) of
Section
7.06 of the | 17 | | Chicago Park District Act; (p) made for contributions to a | 18 | | firefighter's pension fund created under Article 4 of the | 19 | | Illinois Pension Code, to the extent of the amount certified | 20 | | under item (5) of Section 4-134 of the Illinois Pension Code; | 21 | | (q) made by Ford Heights School District 169 under Section | 22 | | 17-9.02 of the School Code; and (r) made for the purpose of | 23 | | making employer contributions to the Public School Teachers' | 24 | | Pension and Retirement Fund of Chicago under Section 34-53 of | 25 | | the School Code.
| 26 | | "Aggregate extension" for all taxing districts to which |
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| 1 | | this Law applies in
accordance with Section 18-213, except for | 2 | | those taxing districts subject to
paragraph (2) of subsection | 3 | | (e) of Section 18-213, means the annual corporate
extension for | 4 | | the
taxing district and those special purpose extensions that | 5 | | are made annually for
the taxing district, excluding special | 6 | | purpose extensions: (a) made for the
taxing district to pay | 7 | | interest or principal on general obligation bonds that
were | 8 | | approved by referendum; (b) made for any taxing district to pay | 9 | | interest
or principal on general obligation bonds issued before | 10 | | the date on which the
referendum making this
Law applicable to | 11 | | the taxing district is held; (c) made
for any taxing district | 12 | | to pay interest or principal on bonds issued to refund
or | 13 | | continue to refund those bonds issued before the date on which | 14 | | the
referendum making this Law
applicable to the taxing | 15 | | district is held;
(d) made for any
taxing district to pay | 16 | | interest or principal on bonds issued to refund or
continue to | 17 | | refund bonds issued after the date on which the referendum | 18 | | making
this Law
applicable to the taxing district is held if | 19 | | the bonds were approved by
referendum after the date on which | 20 | | the referendum making this Law
applicable to the taxing | 21 | | district is held; (e) made for any
taxing district to pay | 22 | | interest or principal on
revenue bonds issued before the date | 23 | | on which the referendum making this Law
applicable to the
| 24 | | taxing district is held for payment of which a property tax
| 25 | | levy or the full faith and credit of the unit of local | 26 | | government is pledged;
however, a tax for the payment of |
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| 1 | | interest or principal on those bonds shall be
made only after | 2 | | the governing body of the unit of local government finds that
| 3 | | all other sources for payment are insufficient to make those | 4 | | payments; (f) made
for payments under a building commission | 5 | | lease when the lease payments are for
the retirement of bonds | 6 | | issued by the commission before the date on which the
| 7 | | referendum making this
Law applicable to the taxing district is | 8 | | held to
pay for the building project; (g) made for payments due | 9 | | under installment
contracts entered into before the date on | 10 | | which the referendum making this Law
applicable to
the taxing | 11 | | district is held;
(h) made for payments
of principal and | 12 | | interest on limited bonds,
as defined in Section 3 of the Local | 13 | | Government Debt Reform Act, in an amount
not to exceed the debt | 14 | | service extension base less the amount in items (b),
(c), and | 15 | | (e) of this definition for non-referendum obligations, except
| 16 | | obligations initially issued pursuant to referendum; (i) made | 17 | | for payments
of
principal and interest on bonds issued under | 18 | | Section 15 of the Local Government
Debt Reform Act;
(j)
made | 19 | | for a qualified airport authority to pay interest or principal | 20 | | on
general obligation bonds issued for the purpose of paying | 21 | | obligations due
under, or financing airport facilities | 22 | | required to be acquired, constructed,
installed or equipped | 23 | | pursuant to, contracts entered into before March
1, 1996 (but | 24 | | not including any amendments to such a contract taking effect | 25 | | on
or after that date); (k) made to fund expenses of providing | 26 | | joint
recreational programs for persons with disabilities |
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| 1 | | under Section 5-8 of
the
Park District Code or Section 11-95-14 | 2 | | of the Illinois Municipal Code; (l) made for contributions to a | 3 | | firefighter's pension fund created under Article 4 of the | 4 | | Illinois Pension Code, to the extent of the amount certified | 5 | | under item (5) of Section 4-134 of the Illinois Pension Code; | 6 | | and (m) made for the taxing district to pay interest or | 7 | | principal on general obligation bonds issued pursuant to | 8 | | Section 19-3.10 of the School Code.
| 9 | | "Aggregate extension" for all taxing districts to which | 10 | | this Law applies in
accordance with paragraph (2) of subsection | 11 | | (e) of Section 18-213 means the
annual corporate extension for | 12 | | the
taxing district and those special purpose extensions that | 13 | | are made annually for
the taxing district, excluding special | 14 | | purpose extensions: (a) made for the
taxing district to pay | 15 | | interest or principal on general obligation bonds that
were | 16 | | approved by referendum; (b) made for any taxing district to pay | 17 | | interest
or principal on general obligation bonds issued before | 18 | | the effective date of
this amendatory Act of 1997;
(c) made
for | 19 | | any taxing district to pay interest or principal on bonds | 20 | | issued to refund
or continue to refund those bonds issued | 21 | | before the effective date
of this amendatory Act of 1997;
(d) | 22 | | made for any
taxing district to pay interest or principal on | 23 | | bonds issued to refund or
continue to refund bonds issued after | 24 | | the effective date of this amendatory Act
of 1997 if the bonds | 25 | | were approved by referendum after the effective date of
this | 26 | | amendatory Act of 1997;
(e) made for any
taxing district to pay |
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| 1 | | interest or principal on
revenue bonds issued before the | 2 | | effective date of this amendatory Act of 1997
for payment of | 3 | | which a property tax
levy or the full faith and credit of the | 4 | | unit of local government is pledged;
however, a tax for the | 5 | | payment of interest or principal on those bonds shall be
made | 6 | | only after the governing body of the unit of local government | 7 | | finds that
all other sources for payment are insufficient to | 8 | | make those payments; (f) made
for payments under a building | 9 | | commission lease when the lease payments are for
the retirement | 10 | | of bonds issued by the commission before the effective date
of | 11 | | this amendatory Act of 1997
to
pay for the building project; | 12 | | (g) made for payments due under installment
contracts entered | 13 | | into before the effective date of this amendatory Act of
1997;
| 14 | | (h) made for payments
of principal and interest on limited | 15 | | bonds,
as defined in Section 3 of the Local Government Debt | 16 | | Reform Act, in an amount
not to exceed the debt service | 17 | | extension base less the amount in items (b),
(c), and (e) of | 18 | | this definition for non-referendum obligations, except
| 19 | | obligations initially issued pursuant to referendum; (i) made | 20 | | for payments
of
principal and interest on bonds issued under | 21 | | Section 15 of the Local Government
Debt Reform Act;
(j)
made | 22 | | for a qualified airport authority to pay interest or principal | 23 | | on
general obligation bonds issued for the purpose of paying | 24 | | obligations due
under, or financing airport facilities | 25 | | required to be acquired, constructed,
installed or equipped | 26 | | pursuant to, contracts entered into before March
1, 1996 (but |
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| 1 | | not including any amendments to such a contract taking effect | 2 | | on
or after that date); (k) made to fund expenses of providing | 3 | | joint
recreational programs for persons with disabilities | 4 | | under Section 5-8 of
the
Park District Code or Section 11-95-14 | 5 | | of the Illinois Municipal Code; and (l) made for contributions | 6 | | to a firefighter's pension fund created under Article 4 of the | 7 | | Illinois Pension Code, to the extent of the amount certified | 8 | | under item (5) of Section 4-134 of the Illinois Pension Code.
| 9 | | "Debt service extension base" means an amount equal to that | 10 | | portion of the
extension for a taxing district for the 1994 | 11 | | levy year, or for those taxing
districts subject to this Law in | 12 | | accordance with Section 18-213, except for
those subject to | 13 | | paragraph (2) of subsection (e) of Section 18-213, for the
levy
| 14 | | year in which the referendum making this Law applicable to the | 15 | | taxing district
is held, or for those taxing districts subject | 16 | | to this Law in accordance with
paragraph (2) of subsection (e) | 17 | | of Section 18-213 for the 1996 levy year,
constituting an
| 18 | | extension for payment of principal and interest on bonds issued | 19 | | by the taxing
district without referendum, but not including | 20 | | excluded non-referendum bonds. For park districts (i) that were | 21 | | first
subject to this Law in 1991 or 1995 and (ii) whose | 22 | | extension for the 1994 levy
year for the payment of principal | 23 | | and interest on bonds issued by the park
district without | 24 | | referendum (but not including excluded non-referendum bonds)
| 25 | | was less than 51% of the amount for the 1991 levy year | 26 | | constituting an
extension for payment of principal and interest |
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| 1 | | on bonds issued by the park
district without referendum (but | 2 | | not including excluded non-referendum bonds),
"debt service | 3 | | extension base" means an amount equal to that portion of the
| 4 | | extension for the 1991 levy year constituting an extension for | 5 | | payment of
principal and interest on bonds issued by the park | 6 | | district without referendum
(but not including excluded | 7 | | non-referendum bonds). A debt service extension base | 8 | | established or increased at any time pursuant to any provision | 9 | | of this Law, except Section 18-212, shall be increased each | 10 | | year commencing with the later of (i) the 2009 levy year or | 11 | | (ii) the first levy year in which this Law becomes applicable | 12 | | to the taxing district, by the lesser of 5% or the percentage | 13 | | increase in the Consumer Price Index during the 12-month | 14 | | calendar year preceding the levy year. The debt service | 15 | | extension
base may be established or increased as provided | 16 | | under Section 18-212.
"Excluded non-referendum bonds" means | 17 | | (i) bonds authorized by Public
Act 88-503 and issued under | 18 | | Section 20a of the Chicago Park District Act for
aquarium and | 19 | | museum projects; (ii) bonds issued under Section 15 of the
| 20 | | Local Government Debt Reform Act; or (iii) refunding | 21 | | obligations issued
to refund or to continue to refund | 22 | | obligations initially issued pursuant to
referendum.
| 23 | | "Special purpose extensions" include, but are not limited | 24 | | to, extensions
for levies made on an annual basis for | 25 | | unemployment and workers'
compensation, self-insurance, | 26 | | contributions to pension plans, and extensions
made pursuant to |
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| 1 | | Section 6-601 of the Illinois Highway Code for a road
| 2 | | district's permanent road fund whether levied annually or not. | 3 | | The
extension for a special service area is not included in the
| 4 | | aggregate extension.
| 5 | | "Aggregate extension base" means the taxing district's | 6 | | last preceding
aggregate extension as adjusted under Sections | 7 | | 18-135, 18-215,
and 18-230.
An adjustment under Section 18-135 | 8 | | shall be made for the 2007 levy year and all subsequent levy | 9 | | years whenever one or more counties within which a taxing | 10 | | district is located (i) used estimated valuations or rates when | 11 | | extending taxes in the taxing district for the last preceding | 12 | | levy year that resulted in the over or under extension of | 13 | | taxes, or (ii) increased or decreased the tax extension for the | 14 | | last preceding levy year as required by Section 18-135(c). | 15 | | Whenever an adjustment is required under Section 18-135, the | 16 | | aggregate extension base of the taxing district shall be equal | 17 | | to the amount that the aggregate extension of the taxing | 18 | | district would have been for the last preceding levy year if | 19 | | either or both (i) actual, rather than estimated, valuations or | 20 | | rates had been used to calculate the extension of taxes for the | 21 | | last levy year, or (ii) the tax extension for the last | 22 | | preceding levy year had not been adjusted as required by | 23 | | subsection (c) of Section 18-135.
| 24 | | Notwithstanding any other provision of law, for levy year | 25 | | 2012, the aggregate extension base for West Northfield School | 26 | | District No. 31 in Cook County shall be $12,654,592. |
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| 1 | | "Levy year" has the same meaning as "year" under Section
| 2 | | 1-155.
| 3 | | "New property" means (i) the assessed value, after final | 4 | | board of review or
board of appeals action, of new improvements | 5 | | or additions to existing
improvements on any parcel of real | 6 | | property that increase the assessed value of
that real property | 7 | | during the levy year multiplied by the equalization factor
| 8 | | issued by the Department under Section 17-30, (ii) the assessed | 9 | | value, after
final board of review or board of appeals action, | 10 | | of real property not exempt
from real estate taxation, which | 11 | | real property was exempt from real estate
taxation for any | 12 | | portion of the immediately preceding levy year, multiplied by
| 13 | | the equalization factor issued by the Department under Section | 14 | | 17-30, including the assessed value, upon final stabilization | 15 | | of occupancy after new construction is complete, of any real | 16 | | property located within the boundaries of an otherwise or | 17 | | previously exempt military reservation that is intended for | 18 | | residential use and owned by or leased to a private corporation | 19 | | or other entity,
(iii) in counties that classify in accordance | 20 | | with Section 4 of Article
IX of the
Illinois Constitution, an | 21 | | incentive property's additional assessed value
resulting from | 22 | | a
scheduled increase in the level of assessment as applied to | 23 | | the first year
final board of
review market value, and (iv) any | 24 | | increase in assessed value due to oil or gas production from an | 25 | | oil or gas well required to be permitted under the Hydraulic | 26 | | Fracturing Regulatory Act that was not produced in or accounted |
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| 1 | | for during the previous levy year.
In addition, the county | 2 | | clerk in a county containing a population of
3,000,000 or more | 3 | | shall include in the 1997
recovered tax increment value for any | 4 | | school district, any recovered tax
increment value that was | 5 | | applicable to the 1995 tax year calculations.
| 6 | | "Qualified airport authority" means an airport authority | 7 | | organized under
the Airport Authorities Act and located in a | 8 | | county bordering on the State of
Wisconsin and having a | 9 | | population in excess of 200,000 and not greater than
500,000.
| 10 | | "Recovered tax increment value" means, except as otherwise | 11 | | provided in this
paragraph, the amount of the current year's | 12 | | equalized assessed value, in the
first year after a | 13 | | municipality terminates
the designation of an area as a | 14 | | redevelopment project area previously
established under the | 15 | | Tax Increment Allocation Development Act in the Illinois
| 16 | | Municipal Code, previously established under the Industrial | 17 | | Jobs Recovery Law
in the Illinois Municipal Code, previously | 18 | | established under the Economic Development Project Area Tax | 19 | | Increment Act of 1995, or previously established under the | 20 | | Economic
Development Area Tax Increment Allocation Act, of each | 21 | | taxable lot, block,
tract, or parcel of real property in the | 22 | | redevelopment project area over and
above the initial equalized | 23 | | assessed value of each property in the
redevelopment project | 24 | | area.
For the taxes which are extended for the 1997 levy year, | 25 | | the recovered tax
increment value for a non-home rule taxing | 26 | | district that first became subject
to this Law for the 1995 |
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| 1 | | levy year because a majority of its 1994 equalized
assessed | 2 | | value was in an affected county or counties shall be increased | 3 | | if a
municipality terminated the designation of an area in 1993 | 4 | | as a redevelopment
project area previously established under | 5 | | the Tax Increment Allocation
Development Act in the Illinois | 6 | | Municipal Code, previously established under
the Industrial | 7 | | Jobs Recovery Law in the Illinois Municipal Code, or previously
| 8 | | established under the Economic Development Area Tax Increment | 9 | | Allocation Act,
by an amount equal to the 1994 equalized | 10 | | assessed value of each taxable lot,
block, tract, or parcel of | 11 | | real property in the redevelopment project area over
and above | 12 | | the initial equalized assessed value of each property in the
| 13 | | redevelopment project area.
In the first year after a | 14 | | municipality
removes a taxable lot, block, tract, or parcel of | 15 | | real property from a
redevelopment project area established | 16 | | under the Tax Increment Allocation
Development Act in the | 17 | | Illinois
Municipal Code, the Industrial Jobs Recovery Law
in | 18 | | the Illinois Municipal Code, or the Economic
Development Area | 19 | | Tax Increment Allocation Act, "recovered tax increment value"
| 20 | | means the amount of the current year's equalized assessed value | 21 | | of each taxable
lot, block, tract, or parcel of real property | 22 | | removed from the redevelopment
project area over and above the | 23 | | initial equalized assessed value of that real
property before | 24 | | removal from the redevelopment project area.
| 25 | | Except as otherwise provided in this Section, "limiting | 26 | | rate" means a
fraction the numerator of which is the last
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| 1 | | preceding aggregate extension base times an amount equal to one | 2 | | plus the
extension limitation defined in this Section and the | 3 | | denominator of which
is the current year's equalized assessed | 4 | | value of all real property in the
territory under the | 5 | | jurisdiction of the taxing district during the prior
levy year. | 6 | | For those taxing districts that reduced their aggregate
| 7 | | extension for the last preceding levy year, the highest | 8 | | aggregate extension
in any of the last 3 preceding levy years | 9 | | shall be used for the purpose of
computing the limiting rate. | 10 | | The denominator shall not include new
property or the recovered | 11 | | tax increment
value.
If a new rate, a rate decrease, or a | 12 | | limiting rate increase has been approved at an election held | 13 | | after March 21, 2006, then (i) the otherwise applicable | 14 | | limiting rate shall be increased by the amount of the new rate | 15 | | or shall be reduced by the amount of the rate decrease, as the | 16 | | case may be, or (ii) in the case of a limiting rate increase, | 17 | | the limiting rate shall be equal to the rate set forth
in the | 18 | | proposition approved by the voters for each of the years | 19 | | specified in the proposition, after
which the limiting rate of | 20 | | the taxing district shall be calculated as otherwise provided. | 21 | | In the case of a taxing district that obtained referendum | 22 | | approval for an increased limiting rate on March 20, 2012, the | 23 | | limiting rate for tax year 2012 shall be the rate that | 24 | | generates the approximate total amount of taxes extendable for | 25 | | that tax year, as set forth in the proposition approved by the | 26 | | voters; this rate shall be the final rate applied by the county |
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| 1 | | clerk for the aggregate of all capped funds of the district for | 2 | | tax year 2012.
| 3 | | (Source: P.A. 98-6, eff. 3-29-13; 98-23, eff. 6-17-13; 99-143, | 4 | | eff. 7-27-15; 99-521, eff. 6-1-17.)
| 5 | | (35 ILCS 200/18-216 new) | 6 | | Sec. 18-216. Extension of amendatory Act. | 7 | | (a) Notwithstanding any other provision of law, the | 8 | | corporate authorities of a taxing district may, by resolution, | 9 | | submit to the voters of the taxing district the question of | 10 | | whether or not to apply a property tax freeze for a period of 3 | 11 | | years to the taxing district. In addition, if a written | 12 | | petition calling for a referendum on that question signed by a | 13 | | number of voters of the taxing district equal to at least 5% of | 14 | | the total votes cast for candidates for Governor in the | 15 | | preceding gubernatorial election by the registered voters of | 16 | | the taxing district is submitted to the corporate authorities | 17 | | of the taxing district, then the corporate
authorities shall | 18 | | adopt a resolution for the submission of that proposition at | 19 | | the next regular election held in that taxing district. In | 20 | | either case, the corporate authorities shall certify the | 21 | | resolution and the proposition to the proper election | 22 | | officials, who shall submit the proposition at the election in | 23 | | accordance with the general election law. | 24 | | (b) The question shall be substantially in the following | 25 | | form: |
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| 1 | | Shall (name of taxing district) apply a property tax freeze | 2 | | for a period of 3 years? This would mean that (taxing district) | 3 | | may not increase its annual corporate extension or certain | 4 | | special purpose extensions without referendum approval. | 5 | | Votes shall be recorded as a "yes" or "no". | 6 | | If a majority of the votes cast on the proposition are in | 7 | | favor of the proposition, then the property tax freeze shall | 8 | | apply to the taxing district. | 9 | | (c) If a taxing district fails to obtain approval for the | 10 | | proposition, the taxing district shall not submit another | 11 | | petition calling for a referendum under this Section for a | 12 | | period of at least 10 years. | 13 | | (d) This Section shall apply only to a taxing district with | 14 | | (1) a Final Percent of Adequacy of over 125%, as defined under | 15 | | Section 18-8.15 of the School Code; and (2) a Unit Equivalent | 16 | | Operating Tax Rate, as defined under Section 2-3.170 of the | 17 | | School Code, that is greater than 4%. | 18 | | Section 95. No acceleration or delay. Where this Act makes | 19 | | changes in a statute that is represented in this Act by text | 20 | | that is not yet or no longer in effect (for example, a Section | 21 | | represented by multiple versions), the use of that text does | 22 | | not accelerate or delay the taking effect of (i) the changes | 23 | | made by this Act or (ii) provisions derived from any other | 24 | | Public Act.
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| 1 | | Section 99. Effective date. This Act takes effect upon | 2 | | becoming law, but this Act does not take effect at all unless | 3 | | Senate Bill 1 of the 100th General Assembly becomes law.".
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