Full Text of SB1035 101st General Assembly
SB1035eng 101ST GENERAL ASSEMBLY |
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| 1 | | AN ACT concerning local government.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Property Tax Code is amended by changing | 5 | | Section 18-185 as follows: | 6 | | (35 ILCS 200/18-185)
| 7 | | Sec. 18-185. Short title; definitions. This Division 5 may | 8 | | be cited as the
Property Tax Extension Limitation Law. As used | 9 | | in this Division 5:
| 10 | | "Consumer Price Index" means the Consumer Price Index for | 11 | | All Urban
Consumers for all items published by the United | 12 | | States Department of Labor.
| 13 | | "Extension limitation" means (a) the lesser of 5% or the | 14 | | percentage increase
in the Consumer Price Index during the | 15 | | 12-month calendar year preceding the
levy year or (b) the rate | 16 | | of increase approved by voters under Section 18-205.
| 17 | | "Affected county" means a county of 3,000,000 or more | 18 | | inhabitants or a
county contiguous to a county of 3,000,000 or | 19 | | more inhabitants.
| 20 | | "Taxing district" has the same meaning provided in Section | 21 | | 1-150, except as
otherwise provided in this Section. For the | 22 | | 1991 through 1994 levy years only,
"taxing district" includes | 23 | | only each non-home rule taxing district having the
majority of |
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| 1 | | its
1990 equalized assessed value within any county or counties | 2 | | contiguous to a
county with 3,000,000 or more inhabitants. | 3 | | Beginning with the 1995 levy
year, "taxing district" includes | 4 | | only each non-home rule taxing district
subject to this Law | 5 | | before the 1995 levy year and each non-home rule
taxing | 6 | | district not subject to this Law before the 1995 levy year | 7 | | having the
majority of its 1994 equalized assessed value in an | 8 | | affected county or
counties. Beginning with the levy year in
| 9 | | which this Law becomes applicable to a taxing district as
| 10 | | provided in Section 18-213, "taxing district" also includes | 11 | | those taxing
districts made subject to this Law as provided in | 12 | | Section 18-213.
| 13 | | "Aggregate extension" for taxing districts to which this | 14 | | Law applied before
the 1995 levy year means the annual | 15 | | corporate extension for the taxing
district and those special | 16 | | purpose extensions that are made annually for
the taxing | 17 | | district, excluding special purpose extensions: (a) made for | 18 | | the
taxing district to pay interest or principal on general | 19 | | obligation bonds
that were approved by referendum; (b) made for | 20 | | any taxing district to pay
interest or principal on general | 21 | | obligation bonds issued before October 1,
1991; (c) made for | 22 | | any taxing district to pay interest or principal on bonds
| 23 | | issued to refund or continue to refund those bonds issued | 24 | | before October 1,
1991; (d)
made for any taxing district to pay | 25 | | interest or principal on bonds
issued to refund or continue to | 26 | | refund bonds issued after October 1, 1991 that
were approved by |
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| 1 | | referendum; (e)
made for any taxing district to pay interest
or | 2 | | principal on revenue bonds issued before October 1, 1991 for | 3 | | payment of
which a property tax levy or the full faith and | 4 | | credit of the unit of local
government is pledged; however, a | 5 | | tax for the payment of interest or principal
on those bonds | 6 | | shall be made only after the governing body of the unit of | 7 | | local
government finds that all other sources for payment are | 8 | | insufficient to make
those payments; (f) made for payments | 9 | | under a building commission lease when
the lease payments are | 10 | | for the retirement of bonds issued by the commission
before | 11 | | October 1, 1991, to pay for the building project; (g) made for | 12 | | payments
due under installment contracts entered into before | 13 | | October 1, 1991;
(h) made for payments of principal and | 14 | | interest on bonds issued under the
Metropolitan Water | 15 | | Reclamation District Act to finance construction projects
| 16 | | initiated before October 1, 1991; (i) made for payments of | 17 | | principal and
interest on limited bonds, as defined in Section | 18 | | 3 of the Local Government Debt
Reform Act, in an amount not to | 19 | | exceed the debt service extension base less
the amount in items | 20 | | (b), (c), (e), and (h) of this definition for
non-referendum | 21 | | obligations, except obligations initially issued pursuant to
| 22 | | referendum; (j) made for payments of principal and interest on | 23 | | bonds
issued under Section 15 of the Local Government Debt | 24 | | Reform Act; (k)
made
by a school district that participates in | 25 | | the Special Education District of
Lake County, created by | 26 | | special education joint agreement under Section
10-22.31 of the |
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| 1 | | School Code, for payment of the school district's share of the
| 2 | | amounts required to be contributed by the Special Education | 3 | | District of Lake
County to the Illinois Municipal Retirement | 4 | | Fund under Article 7 of the
Illinois Pension Code; the amount | 5 | | of any extension under this item (k) shall be
certified by the | 6 | | school district to the county clerk; (l) made to fund
expenses | 7 | | of providing joint recreational programs for persons with | 8 | | disabilities under
Section 5-8 of
the
Park District Code or | 9 | | Section 11-95-14 of the Illinois Municipal Code; (m) made for | 10 | | temporary relocation loan repayment purposes pursuant to | 11 | | Sections 2-3.77 and 17-2.2d of the School Code; (n) made for | 12 | | payment of principal and interest on any bonds issued under the | 13 | | authority of Section 17-2.2d of the School Code; (o) made for | 14 | | contributions to a firefighter's pension fund created under | 15 | | Article 4 of the Illinois Pension Code, to the extent of the | 16 | | amount certified under item (5) of Section 4-134 of the | 17 | | Illinois Pension Code; and (p) made for road purposes in the | 18 | | first year after a township assumes the rights, powers, duties, | 19 | | assets, property, liabilities, obligations, and
| 20 | | responsibilities of a road district abolished under the | 21 | | provisions of Section 6-133 of the Illinois Highway Code.
| 22 | | "Aggregate extension" for the taxing districts to which | 23 | | this Law did not
apply before the 1995 levy year (except taxing | 24 | | districts subject to this Law
in
accordance with Section | 25 | | 18-213) means the annual corporate extension for the
taxing | 26 | | district and those special purpose extensions that are made |
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| 1 | | annually for
the taxing district, excluding special purpose | 2 | | extensions: (a) made for the
taxing district to pay interest or | 3 | | principal on general obligation bonds that
were approved by | 4 | | referendum; (b) made for any taxing district to pay interest
or | 5 | | principal on general obligation bonds issued before March 1, | 6 | | 1995; (c) made
for any taxing district to pay interest or | 7 | | principal on bonds issued to refund
or continue to refund those | 8 | | bonds issued before March 1, 1995; (d) made for any
taxing | 9 | | district to pay interest or principal on bonds issued to refund | 10 | | or
continue to refund bonds issued after March 1, 1995 that | 11 | | were approved by
referendum; (e) made for any taxing district | 12 | | to pay interest or principal on
revenue bonds issued before | 13 | | March 1, 1995 for payment of which a property tax
levy or the | 14 | | full faith and credit of the unit of local government is | 15 | | pledged;
however, a tax for the payment of interest or | 16 | | principal on those bonds shall be
made only after the governing | 17 | | body of the unit of local government finds that
all other | 18 | | sources for payment are insufficient to make those payments; | 19 | | (f) made
for payments under a building commission lease when | 20 | | the lease payments are for
the retirement of bonds issued by | 21 | | the commission before March 1, 1995 to
pay for the building | 22 | | project; (g) made for payments due under installment
contracts | 23 | | entered into before March 1, 1995; (h) made for payments of
| 24 | | principal and interest on bonds issued under the Metropolitan | 25 | | Water Reclamation
District Act to finance construction | 26 | | projects initiated before October 1,
1991; (h-4) made for |
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| 1 | | stormwater management purposes by the Metropolitan Water | 2 | | Reclamation District of Greater Chicago under Section 12 of the | 3 | | Metropolitan Water Reclamation District Act; (i) made for | 4 | | payments of principal and interest on limited bonds,
as defined | 5 | | in Section 3 of the Local Government Debt Reform Act, in an | 6 | | amount
not to exceed the debt service extension base less the | 7 | | amount in items (b),
(c), and (e) of this definition for | 8 | | non-referendum obligations, except
obligations initially | 9 | | issued pursuant to referendum and bonds described in
subsection | 10 | | (h) of this definition; (j) made for payments of
principal and | 11 | | interest on bonds issued under Section 15 of the Local | 12 | | Government
Debt Reform Act; (k) made for payments of principal | 13 | | and interest on bonds
authorized by Public Act 88-503 and | 14 | | issued under Section 20a of the Chicago
Park District Act for | 15 | | aquarium or
museum projects; (l) made for payments of principal | 16 | | and interest on
bonds
authorized by Public Act 87-1191 or | 17 | | 93-601 and (i) issued pursuant to Section 21.2 of the Cook | 18 | | County Forest
Preserve District Act, (ii) issued under Section | 19 | | 42 of the Cook County
Forest Preserve District Act for | 20 | | zoological park projects, or (iii) issued
under Section 44.1 of | 21 | | the Cook County Forest Preserve District Act for
botanical | 22 | | gardens projects; (m) made
pursuant
to Section 34-53.5 of the | 23 | | School Code, whether levied annually or not;
(n) made to fund | 24 | | expenses of providing joint recreational programs for persons | 25 | | with disabilities under Section 5-8 of the Park
District Code | 26 | | or Section 11-95-14 of the Illinois Municipal Code;
(o) made by |
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| 1 | | the
Chicago Park
District for recreational programs for persons | 2 | | with disabilities under subsection (c) of
Section
7.06 of the | 3 | | Chicago Park District Act; (p) made for contributions to a | 4 | | firefighter's pension fund created under Article 4 of the | 5 | | Illinois Pension Code, to the extent of the amount certified | 6 | | under item (5) of Section 4-134 of the Illinois Pension Code; | 7 | | (q) made by Ford Heights School District 169 under Section | 8 | | 17-9.02 of the School Code; and (r) made for the purpose of | 9 | | making employer contributions to the Public School Teachers' | 10 | | Pension and Retirement Fund of Chicago under Section 34-53 of | 11 | | the School Code.
| 12 | | "Aggregate extension" for all taxing districts to which | 13 | | this Law applies in
accordance with Section 18-213, except for | 14 | | those taxing districts subject to
paragraph (2) of subsection | 15 | | (e) of Section 18-213, means the annual corporate
extension for | 16 | | the
taxing district and those special purpose extensions that | 17 | | are made annually for
the taxing district, excluding special | 18 | | purpose extensions: (a) made for the
taxing district to pay | 19 | | interest or principal on general obligation bonds that
were | 20 | | approved by referendum; (b) made for any taxing district to pay | 21 | | interest
or principal on general obligation bonds issued before | 22 | | the date on which the
referendum making this
Law applicable to | 23 | | the taxing district is held; (c) made
for any taxing district | 24 | | to pay interest or principal on bonds issued to refund
or | 25 | | continue to refund those bonds issued before the date on which | 26 | | the
referendum making this Law
applicable to the taxing |
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| 1 | | district is held;
(d) made for any
taxing district to pay | 2 | | interest or principal on bonds issued to refund or
continue to | 3 | | refund bonds issued after the date on which the referendum | 4 | | making
this Law
applicable to the taxing district is held if | 5 | | the bonds were approved by
referendum after the date on which | 6 | | the referendum making this Law
applicable to the taxing | 7 | | district is held; (e) made for any
taxing district to pay | 8 | | interest or principal on
revenue bonds issued before the date | 9 | | on which the referendum making this Law
applicable to the
| 10 | | taxing district is held for payment of which a property tax
| 11 | | levy or the full faith and credit of the unit of local | 12 | | government is pledged;
however, a tax for the payment of | 13 | | interest or principal on those bonds shall be
made only after | 14 | | the governing body of the unit of local government finds that
| 15 | | all other sources for payment are insufficient to make those | 16 | | payments; (f) made
for payments under a building commission | 17 | | lease when the lease payments are for
the retirement of bonds | 18 | | issued by the commission before the date on which the
| 19 | | referendum making this
Law applicable to the taxing district is | 20 | | held to
pay for the building project; (g) made for payments due | 21 | | under installment
contracts entered into before the date on | 22 | | which the referendum making this Law
applicable to
the taxing | 23 | | district is held;
(h) made for payments
of principal and | 24 | | interest on limited bonds,
as defined in Section 3 of the Local | 25 | | Government Debt Reform Act, in an amount
not to exceed the debt | 26 | | service extension base less the amount in items (b),
(c), and |
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| 1 | | (e) of this definition for non-referendum obligations, except
| 2 | | obligations initially issued pursuant to referendum; (i) made | 3 | | for payments
of
principal and interest on bonds issued under | 4 | | Section 15 of the Local Government
Debt Reform Act;
(j)
made | 5 | | for a qualified airport authority to pay interest or principal | 6 | | on
general obligation bonds issued for the purpose of paying | 7 | | obligations due
under, or financing airport facilities | 8 | | required to be acquired, constructed,
installed or equipped | 9 | | pursuant to, contracts entered into before March
1, 1996 (but | 10 | | not including any amendments to such a contract taking effect | 11 | | on
or after that date); (k) made to fund expenses of providing | 12 | | joint
recreational programs for persons with disabilities | 13 | | under Section 5-8 of
the
Park District Code or Section 11-95-14 | 14 | | of the Illinois Municipal Code; (l) made for contributions to a | 15 | | firefighter's pension fund created under Article 4 of the | 16 | | Illinois Pension Code, to the extent of the amount certified | 17 | | under item (5) of Section 4-134 of the Illinois Pension Code; | 18 | | and (m) made for the taxing district to pay interest or | 19 | | principal on general obligation bonds issued pursuant to | 20 | | Section 19-3.10 of the School Code.
| 21 | | "Aggregate extension" for all taxing districts to which | 22 | | this Law applies in
accordance with paragraph (2) of subsection | 23 | | (e) of Section 18-213 means the
annual corporate extension for | 24 | | the
taxing district and those special purpose extensions that | 25 | | are made annually for
the taxing district, excluding special | 26 | | purpose extensions: (a) made for the
taxing district to pay |
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| 1 | | interest or principal on general obligation bonds that
were | 2 | | approved by referendum; (b) made for any taxing district to pay | 3 | | interest
or principal on general obligation bonds issued before | 4 | | the effective date of
this amendatory Act of 1997;
(c) made
for | 5 | | any taxing district to pay interest or principal on bonds | 6 | | issued to refund
or continue to refund those bonds issued | 7 | | before the effective date
of this amendatory Act of 1997;
(d) | 8 | | made for any
taxing district to pay interest or principal on | 9 | | bonds issued to refund or
continue to refund bonds issued after | 10 | | the effective date of this amendatory Act
of 1997 if the bonds | 11 | | were approved by referendum after the effective date of
this | 12 | | amendatory Act of 1997;
(e) made for any
taxing district to pay | 13 | | interest or principal on
revenue bonds issued before the | 14 | | effective date of this amendatory Act of 1997
for payment of | 15 | | which a property tax
levy or the full faith and credit of the | 16 | | unit of local government is pledged;
however, a tax for the | 17 | | payment of interest or principal on those bonds shall be
made | 18 | | only after the governing body of the unit of local government | 19 | | finds that
all other sources for payment are insufficient to | 20 | | make those payments; (f) made
for payments under a building | 21 | | commission lease when the lease payments are for
the retirement | 22 | | of bonds issued by the commission before the effective date
of | 23 | | this amendatory Act of 1997
to
pay for the building project; | 24 | | (g) made for payments due under installment
contracts entered | 25 | | into before the effective date of this amendatory Act of
1997;
| 26 | | (h) made for payments
of principal and interest on limited |
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| 1 | | bonds,
as defined in Section 3 of the Local Government Debt | 2 | | Reform Act, in an amount
not to exceed the debt service | 3 | | extension base less the amount in items (b),
(c), and (e) of | 4 | | this definition for non-referendum obligations, except
| 5 | | obligations initially issued pursuant to referendum; (i) made | 6 | | for payments
of
principal and interest on bonds issued under | 7 | | Section 15 of the Local Government
Debt Reform Act;
(j)
made | 8 | | for a qualified airport authority to pay interest or principal | 9 | | on
general obligation bonds issued for the purpose of paying | 10 | | obligations due
under, or financing airport facilities | 11 | | required to be acquired, constructed,
installed or equipped | 12 | | pursuant to, contracts entered into before March
1, 1996 (but | 13 | | not including any amendments to such a contract taking effect | 14 | | on
or after that date); (k) made to fund expenses of providing | 15 | | joint
recreational programs for persons with disabilities | 16 | | under Section 5-8 of
the
Park District Code or Section 11-95-14 | 17 | | of the Illinois Municipal Code; and (l) made for contributions | 18 | | to a 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 | | "Debt service extension base" means an amount equal to that | 22 | | portion of the
extension for a taxing district for the 1994 | 23 | | levy year, or for those taxing
districts subject to this Law in | 24 | | accordance with Section 18-213, except for
those subject to | 25 | | paragraph (2) of subsection (e) of Section 18-213, for the
levy
| 26 | | year in which the referendum making this Law applicable to the |
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| 1 | | taxing district
is held, or for those taxing districts subject | 2 | | to this Law in accordance with
paragraph (2) of subsection (e) | 3 | | of Section 18-213 for the 1996 levy year,
constituting an
| 4 | | extension for payment of principal and interest on bonds issued | 5 | | by the taxing
district without referendum, but not including | 6 | | excluded non-referendum bonds. For park districts (i) that were | 7 | | first
subject to this Law in 1991 or 1995 and (ii) whose | 8 | | extension for the 1994 levy
year for the payment of principal | 9 | | and interest on bonds issued by the park
district without | 10 | | referendum (but not including excluded non-referendum bonds)
| 11 | | was less than 51% of the amount for the 1991 levy year | 12 | | constituting an
extension for payment of principal and interest | 13 | | on bonds issued by the park
district without referendum (but | 14 | | not including excluded non-referendum bonds),
"debt service | 15 | | extension base" means an amount equal to that portion of the
| 16 | | extension for the 1991 levy year constituting an extension for | 17 | | payment of
principal and interest on bonds issued by the park | 18 | | district without referendum
(but not including excluded | 19 | | non-referendum bonds). A debt service extension base | 20 | | established or increased at any time pursuant to any provision | 21 | | of this Law, except Section 18-212, shall be increased each | 22 | | year commencing with the later of (i) the 2009 levy year or | 23 | | (ii) the first levy year in which this Law becomes applicable | 24 | | to the taxing district, by the lesser of 5% or the percentage | 25 | | increase in the Consumer Price Index during the 12-month | 26 | | calendar year preceding the levy year. The debt service |
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| 1 | | extension
base may be established or increased as provided | 2 | | under Section 18-212.
"Excluded non-referendum bonds" means | 3 | | (i) bonds authorized by Public
Act 88-503 and issued under | 4 | | Section 20a of the Chicago Park District Act for
aquarium and | 5 | | museum projects; (ii) bonds issued under Section 15 of the
| 6 | | Local Government Debt Reform Act; or (iii) refunding | 7 | | obligations issued
to refund or to continue to refund | 8 | | obligations initially issued pursuant to
referendum.
| 9 | | "Special purpose extensions" include, but are not limited | 10 | | to, extensions
for levies made on an annual basis for | 11 | | unemployment and workers'
compensation, self-insurance, | 12 | | contributions to pension plans, and extensions
made pursuant to | 13 | | Section 6-601 of the Illinois Highway Code for a road
| 14 | | district's permanent road fund whether levied annually or not. | 15 | | The
extension for a special service area is not included in the
| 16 | | aggregate extension.
| 17 | | "Aggregate extension base" means the taxing district's | 18 | | last preceding
aggregate extension as adjusted under Sections | 19 | | 18-135, 18-215,
18-230, and 18-206.
An adjustment under Section | 20 | | 18-135 shall be made for the 2007 levy year and all subsequent | 21 | | levy years whenever one or more counties within which a taxing | 22 | | district is located (i) used estimated valuations or rates when | 23 | | extending taxes in the taxing district for the last preceding | 24 | | levy year that resulted in the over or under extension of | 25 | | taxes, or (ii) increased or decreased the tax extension for the | 26 | | last preceding levy year as required by Section 18-135(c). |
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| 1 | | Whenever an adjustment is required under Section 18-135, the | 2 | | aggregate extension base of the taxing district shall be equal | 3 | | to the amount that the aggregate extension of the taxing | 4 | | district would have been for the last preceding levy year if | 5 | | either or both (i) actual, rather than estimated, valuations or | 6 | | rates had been used to calculate the extension of taxes for the | 7 | | last levy year, or (ii) the tax extension for the last | 8 | | preceding levy year had not been adjusted as required by | 9 | | subsection (c) of Section 18-135.
| 10 | | Notwithstanding any other provision of law, for levy year | 11 | | 2012, the aggregate extension base for West Northfield School | 12 | | District No. 31 in Cook County shall be $12,654,592. | 13 | | "Levy year" has the same meaning as "year" under Section
| 14 | | 1-155.
| 15 | | "New property" means (i) the assessed value, after final | 16 | | board of review or
board of appeals action, of new improvements | 17 | | or additions to existing
improvements on any parcel of real | 18 | | property that increase the assessed value of
that real property | 19 | | during the levy year multiplied by the equalization factor
| 20 | | issued by the Department under Section 17-30, (ii) the assessed | 21 | | value, after
final board of review or board of appeals action, | 22 | | of real property not exempt
from real estate taxation, which | 23 | | real property was exempt from real estate
taxation for any | 24 | | portion of the immediately preceding levy year, multiplied by
| 25 | | the equalization factor issued by the Department under Section | 26 | | 17-30, including the assessed value, upon final stabilization |
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| 1 | | of occupancy after new construction is complete, of any real | 2 | | property located within the boundaries of an otherwise or | 3 | | previously exempt military reservation that is intended for | 4 | | residential use and owned by or leased to a private corporation | 5 | | or other entity,
(iii) in counties that classify in accordance | 6 | | with Section 4 of Article
IX of the
Illinois Constitution, an | 7 | | incentive property's additional assessed value
resulting from | 8 | | a
scheduled increase in the level of assessment as applied to | 9 | | the first year
final board of
review market value, and (iv) any | 10 | | increase in assessed value due to oil or gas production from an | 11 | | oil or gas well required to be permitted under the Hydraulic | 12 | | Fracturing Regulatory Act that was not produced in or accounted | 13 | | for during the previous levy year.
In addition, the county | 14 | | clerk in a county containing a population of
3,000,000 or more | 15 | | shall include in the 1997
recovered tax increment value for any | 16 | | school district, any recovered tax
increment value that was | 17 | | applicable to the 1995 tax year calculations.
| 18 | | "Qualified airport authority" means an airport authority | 19 | | organized under
the Airport Authorities Act and located in a | 20 | | county bordering on the State of
Wisconsin and having a | 21 | | population in excess of 200,000 and not greater than
500,000.
| 22 | | "Recovered tax increment value" means, except as otherwise | 23 | | provided in this
paragraph, the amount of the current year's | 24 | | equalized assessed value, in the
first year after a | 25 | | municipality terminates
the designation of an area as a | 26 | | redevelopment project area previously
established under the |
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| 1 | | Tax Increment Allocation Development Act in the Illinois
| 2 | | Municipal Code, previously established under the Industrial | 3 | | Jobs Recovery Law
in the Illinois Municipal Code, previously | 4 | | established under the Economic Development Project Area Tax | 5 | | Increment Act of 1995, or previously established under the | 6 | | Economic
Development Area Tax Increment Allocation Act, of each | 7 | | taxable lot, block,
tract, or parcel of real property in the | 8 | | redevelopment project area over and
above the initial equalized | 9 | | assessed value of each property in the
redevelopment project | 10 | | area.
If a municipality has failed to provide timely notice to | 11 | | all taxing bodies of the termination of a redevelopment project | 12 | | area under Section 11-74.4-8 of the Illinois Municipal Code and | 13 | | the county clerk has been notified of that failure, then | 14 | | "recovered tax increment value" means the amount of the current | 15 | | year's equalized assessed value in the first year beginning at | 16 | | least 60 days after the notice has been provided. For the taxes | 17 | | which are extended for the 1997 levy year, the recovered tax
| 18 | | increment value for a non-home rule taxing district that first | 19 | | became subject
to this Law for the 1995 levy year because a | 20 | | majority of its 1994 equalized
assessed value was in an | 21 | | affected county or counties shall be increased if a
| 22 | | municipality terminated the designation of an area in 1993 as a | 23 | | redevelopment
project area previously established under the | 24 | | Tax Increment Allocation
Development Act in the Illinois | 25 | | Municipal Code, previously established under
the Industrial | 26 | | Jobs Recovery Law in the Illinois Municipal Code, or previously
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| 1 | | established under the Economic Development Area Tax Increment | 2 | | Allocation Act,
by an amount equal to the 1994 equalized | 3 | | assessed value of each taxable lot,
block, tract, or parcel of | 4 | | real property in the redevelopment project area over
and above | 5 | | the initial equalized assessed value of each property in the
| 6 | | redevelopment project area.
In the first year after a | 7 | | municipality
removes a taxable lot, block, tract, or parcel of | 8 | | real property from a
redevelopment project area established | 9 | | under the Tax Increment Allocation
Development Act in the | 10 | | Illinois
Municipal Code, the Industrial Jobs Recovery Law
in | 11 | | the Illinois Municipal Code, or the Economic
Development Area | 12 | | Tax Increment Allocation Act, "recovered tax increment value"
| 13 | | means the amount of the current year's equalized assessed value | 14 | | of each taxable
lot, block, tract, or parcel of real property | 15 | | removed from the redevelopment
project area over and above the | 16 | | initial equalized assessed value of that real
property before | 17 | | removal from the redevelopment project area.
| 18 | | Except as otherwise provided in this Section, "limiting | 19 | | rate" means a
fraction the numerator of which is the last
| 20 | | preceding aggregate extension base times an amount equal to one | 21 | | plus the
extension limitation defined in this Section and the | 22 | | denominator of which
is the current year's equalized assessed | 23 | | value of all real property in the
territory under the | 24 | | jurisdiction of the taxing district during the prior
levy year. | 25 | | For those taxing districts that reduced their aggregate
| 26 | | extension for the last preceding levy year, except for school |
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| 1 | | districts that reduced their extension for educational | 2 | | purposes pursuant to Section 18-206, the highest aggregate | 3 | | extension
in any of the last 3 preceding levy years shall be | 4 | | used for the purpose of
computing the limiting rate. The | 5 | | denominator shall not include new
property or the recovered tax | 6 | | increment
value.
If a new rate, a rate decrease, or a limiting | 7 | | rate increase has been approved at an election held after March | 8 | | 21, 2006, then (i) the otherwise applicable limiting rate shall | 9 | | be increased by the amount of the new rate or shall be reduced | 10 | | by the amount of the rate decrease, as the case may be, or (ii) | 11 | | in the case of a limiting rate increase, the limiting rate | 12 | | shall be equal to the rate set forth
in the proposition | 13 | | approved by the voters for each of the years specified in the | 14 | | proposition, after
which the limiting rate of the taxing | 15 | | district shall be calculated as otherwise provided. In the case | 16 | | of a taxing district that obtained referendum approval for an | 17 | | increased limiting rate on March 20, 2012, the limiting rate | 18 | | for tax year 2012 shall be the rate that generates the | 19 | | approximate total amount of taxes extendable for that tax year, | 20 | | as set forth in the proposition approved by the voters; this | 21 | | rate shall be the final rate applied by the county clerk for | 22 | | the aggregate of all capped funds of the district for tax year | 23 | | 2012.
| 24 | | (Source: P.A. 99-143, eff. 7-27-15; 99-521, eff. 6-1-17; | 25 | | 100-465, eff. 8-31-17.)
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| 1 | | Section 10. The Illinois Municipal Code is amended by | 2 | | changing Section 11-74.4-8 as follows:
| 3 | | (65 ILCS 5/11-74.4-8)
(from Ch. 24, par. 11-74.4-8)
| 4 | | Sec. 11-74.4-8. Tax increment allocation financing. A | 5 | | municipality may
not adopt tax increment financing in a
| 6 | | redevelopment
project area after the effective date of this | 7 | | amendatory Act of 1997 that will
encompass an area that is | 8 | | currently included in an enterprise zone created
under the | 9 | | Illinois Enterprise Zone Act unless that municipality, | 10 | | pursuant to
Section 5.4 of the Illinois Enterprise Zone Act, | 11 | | amends the enterprise zone
designating ordinance to limit the | 12 | | eligibility for tax abatements as provided
in Section 5.4.1 of | 13 | | the Illinois Enterprise Zone Act.
A municipality, at the time a | 14 | | redevelopment project area
is designated, may adopt tax | 15 | | increment allocation financing by passing an
ordinance | 16 | | providing that the ad valorem taxes, if any, arising from the
| 17 | | levies upon taxable real property in such redevelopment project
| 18 | | area by taxing districts and tax rates determined in the manner | 19 | | provided
in paragraph (c) of Section 11-74.4-9 each year after | 20 | | the effective
date of the ordinance until redevelopment project | 21 | | costs and all municipal
obligations financing redevelopment | 22 | | project costs incurred under this Division
have been paid shall | 23 | | be divided as follows, provided, however, that with respect to | 24 | | any redevelopment project area located within a transit | 25 | | facility improvement area established pursuant to Section |
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| 1 | | 11-74.4-3.3 in a municipality with a population of 1,000,000 or | 2 | | more, ad valorem taxes, if any, arising from the levies upon | 3 | | taxable real property in such redevelopment project area shall | 4 | | be allocated as specifically provided in this Section:
| 5 | | (a) That portion of taxes levied upon each taxable lot, | 6 | | block, tract or
parcel of real property which is | 7 | | attributable to the lower of the current
equalized assessed | 8 | | value or the initial equalized assessed
value of each such | 9 | | taxable lot, block, tract or parcel of real property
in the | 10 | | redevelopment project area shall be allocated to and when | 11 | | collected
shall be paid by the county collector to the | 12 | | respective affected taxing
districts in the manner | 13 | | required by law in the absence of the adoption of
tax | 14 | | increment allocation financing.
| 15 | | (b) Except from a tax levied by a township to retire | 16 | | bonds issued to satisfy
court-ordered damages, that | 17 | | portion, if any, of such taxes which is
attributable to the
| 18 | | increase in the current equalized assessed valuation of | 19 | | each taxable lot,
block, tract or parcel of real property | 20 | | in the redevelopment project area
over and above the | 21 | | initial equalized assessed value of each property in the
| 22 | | project area shall be allocated to and when collected shall | 23 | | be paid to the
municipal treasurer who shall deposit said | 24 | | taxes into a special fund called
the special tax allocation | 25 | | fund of the municipality for the purpose of
paying | 26 | | redevelopment project costs and obligations incurred in |
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| 1 | | the payment
thereof. In any county with a population of | 2 | | 3,000,000 or more that has adopted
a procedure for | 3 | | collecting taxes that provides for one or more of the
| 4 | | installments of the taxes to be billed and collected on an | 5 | | estimated basis,
the municipal treasurer shall be paid for | 6 | | deposit in the special tax
allocation fund of the | 7 | | municipality, from the taxes collected from
estimated | 8 | | bills issued for property in the redevelopment project | 9 | | area, the
difference between the amount actually collected | 10 | | from each taxable lot,
block, tract, or parcel of real | 11 | | property within the redevelopment project
area and an | 12 | | amount determined by multiplying the rate at which taxes | 13 | | were
last extended against the taxable lot, block, track, | 14 | | or parcel of real
property in the manner provided in | 15 | | subsection (c) of Section 11-74.4-9 by
the initial | 16 | | equalized assessed value of the property divided by the | 17 | | number
of installments in which real estate taxes are | 18 | | billed and collected within
the county; provided that the | 19 | | payments on or before December 31,
1999 to a municipal | 20 | | treasurer shall be made only if each of the following
| 21 | | conditions are met:
| 22 | | (1) The total equalized assessed value of the | 23 | | redevelopment project
area as last determined was not | 24 | | less than 175% of the total initial
equalized assessed | 25 | | value.
| 26 | | (2) Not more than 50% of the total equalized |
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| 1 | | assessed value of the
redevelopment project area as | 2 | | last determined is attributable to a piece of
property | 3 | | assigned a single real estate index number.
| 4 | | (3) The municipal clerk has certified to the county | 5 | | clerk that the
municipality has issued its obligations | 6 | | to which there has been pledged
the incremental | 7 | | property taxes of the redevelopment project area or | 8 | | taxes
levied and collected on any or all property in | 9 | | the municipality or
the full faith and credit of the | 10 | | municipality to pay or secure payment for
all or a | 11 | | portion of the redevelopment project costs. The | 12 | | certification
shall be filed annually no later than | 13 | | September 1 for the estimated taxes
to be distributed | 14 | | in the following year; however, for the year 1992 the
| 15 | | certification shall be made at any time on or before | 16 | | March 31, 1992.
| 17 | | (4) The municipality has not requested that the | 18 | | total initial
equalized assessed value of real | 19 | | property be adjusted as provided in
subsection (b) of | 20 | | Section 11-74.4-9.
| 21 | | The conditions of paragraphs (1) through (4) do not | 22 | | apply after December
31, 1999 to payments to a municipal | 23 | | treasurer
made by a county with 3,000,000 or more | 24 | | inhabitants that has adopted an
estimated billing | 25 | | procedure for collecting taxes.
If a county that has | 26 | | adopted the estimated billing
procedure makes an erroneous |
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| 1 | | overpayment of tax revenue to the municipal
treasurer, then | 2 | | the county may seek a refund of that overpayment.
The | 3 | | county shall send the municipal treasurer a notice of | 4 | | liability for the
overpayment on or before the mailing date | 5 | | of the next real estate tax bill
within the county. The | 6 | | refund shall be limited to the amount of the
overpayment.
| 7 | | It is the intent of this Division that after the | 8 | | effective date of this
amendatory Act of 1988 a | 9 | | municipality's own ad valorem
tax arising from levies on | 10 | | taxable real property be included in the
determination of | 11 | | incremental revenue in the manner provided in paragraph
(c) | 12 | | of Section 11-74.4-9. If the municipality does not extend | 13 | | such a tax,
it shall annually deposit in the municipality's | 14 | | Special Tax Increment Fund
an amount equal to 10% of the | 15 | | total contributions to the fund from all
other taxing | 16 | | districts in that year. The annual 10% deposit required by
| 17 | | this paragraph shall be limited to the actual amount of | 18 | | municipally
produced incremental tax revenues available to | 19 | | the municipality from
taxpayers located in the | 20 | | redevelopment project area in that year if:
(a) the plan | 21 | | for the area restricts the use of the property primarily to
| 22 | | industrial purposes, (b) the municipality establishing the | 23 | | redevelopment
project area is a home-rule community with a | 24 | | 1990 population of between
25,000 and 50,000, (c) the | 25 | | municipality is wholly located within a county
with a 1990 | 26 | | population of over 750,000 and (d) the redevelopment |
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| 1 | | project
area was established by the municipality prior to | 2 | | June 1, 1990. This
payment shall be in lieu of a | 3 | | contribution of ad valorem taxes on real
property. If no | 4 | | such payment is made, any redevelopment project area of the
| 5 | | municipality shall be dissolved.
| 6 | | If a municipality has adopted tax increment allocation | 7 | | financing by ordinance
and the County Clerk thereafter | 8 | | certifies the "total initial equalized assessed
value as | 9 | | adjusted" of the taxable real property within such | 10 | | redevelopment
project area in the manner provided in | 11 | | paragraph (b) of Section 11-74.4-9,
each year after the | 12 | | date of the certification of the total initial equalized
| 13 | | assessed value as adjusted until redevelopment project | 14 | | costs and all
municipal obligations financing | 15 | | redevelopment project costs have been paid
the ad valorem | 16 | | taxes, if any, arising from the levies upon the taxable | 17 | | real
property in such redevelopment project area by taxing | 18 | | districts and tax
rates determined in the manner provided | 19 | | in paragraph (c) of Section
11-74.4-9 shall be divided as | 20 | | follows, provided, however, that with respect to any | 21 | | redevelopment project area located within a transit | 22 | | facility improvement area established pursuant to Section | 23 | | 11-74.4-3.3 in a municipality with a population of | 24 | | 1,000,000 or more, ad valorem taxes, if any, arising from | 25 | | the levies upon the taxable real property in such | 26 | | redevelopment project area shall be allocated as |
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| 1 | | specifically provided in this Section:
| 2 | | (1) That portion of the taxes levied upon each | 3 | | taxable lot, block, tract
or parcel of real property | 4 | | which is attributable to the lower of the
current | 5 | | equalized assessed value or "current equalized | 6 | | assessed value as
adjusted" or the initial equalized | 7 | | assessed value of each such taxable lot,
block, tract, | 8 | | or parcel of real property existing at the time tax | 9 | | increment
financing was adopted, minus the total | 10 | | current homestead exemptions under Article 15 of the | 11 | | Property
Tax Code in the
redevelopment project area | 12 | | shall be allocated to and when collected shall be
paid | 13 | | by the county collector to the respective affected | 14 | | taxing districts in the
manner required by law in the | 15 | | absence of the adoption of tax increment
allocation | 16 | | financing.
| 17 | | (2) That portion, if any, of such taxes which is | 18 | | attributable to the
increase in the current equalized | 19 | | assessed valuation of each taxable lot,
block, tract, | 20 | | or parcel of real property in the redevelopment project | 21 | | area,
over and above the initial equalized assessed | 22 | | value of each property
existing at the time tax | 23 | | increment financing was adopted, minus the total
| 24 | | current homestead exemptions pertaining to each piece | 25 | | of property provided
by Article 15 of the Property Tax | 26 | | Code
in the redevelopment
project area, shall be |
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| 1 | | allocated to and when collected shall be paid to the
| 2 | | municipal Treasurer, who shall deposit said taxes into | 3 | | a special fund called
the special tax allocation fund | 4 | | of the municipality for the purpose of paying
| 5 | | redevelopment project costs and obligations incurred | 6 | | in the payment thereof.
| 7 | | The municipality may pledge in the ordinance the funds | 8 | | in and to be
deposited in the special tax allocation fund | 9 | | for the payment of such costs
and obligations. No part of | 10 | | the current equalized assessed valuation of
each property | 11 | | in the redevelopment project area attributable to any
| 12 | | increase above the total initial equalized assessed value, | 13 | | or the total
initial equalized assessed value as adjusted, | 14 | | of such properties shall be
used in calculating the general | 15 | | State aid formula, provided for in
Section 18-8 of the | 16 | | School Code, or the evidence-based funding formula, | 17 | | provided for in Section 18-8.15 of the School Code, until | 18 | | such time as all redevelopment
project costs have been paid | 19 | | as provided for in this Section.
| 20 | | Whenever a municipality issues bonds for the purpose of | 21 | | financing
redevelopment project costs, such municipality | 22 | | may provide by ordinance for the
appointment of a trustee, | 23 | | which may be any trust company within the State,
and for | 24 | | the establishment of such funds or accounts to be | 25 | | maintained by
such trustee as the municipality shall deem | 26 | | necessary to provide for the
security and payment of the |
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| 1 | | bonds. If such municipality provides for
the appointment of | 2 | | a trustee, such trustee shall be considered the assignee
of | 3 | | any payments assigned by the municipality pursuant to such | 4 | | ordinance
and this Section. Any amounts paid to such | 5 | | trustee as assignee shall be
deposited in the funds or | 6 | | accounts established pursuant to such trust
agreement, and | 7 | | shall be held by such trustee in trust for the benefit of | 8 | | the
holders of the bonds, and such holders shall have a | 9 | | lien on and a security
interest in such funds or accounts | 10 | | so long as the bonds remain outstanding and
unpaid. Upon | 11 | | retirement of the bonds, the trustee shall pay over any | 12 | | excess
amounts held to the municipality for deposit in the | 13 | | special tax allocation
fund.
| 14 | | When such redevelopment projects costs, including | 15 | | without limitation all
municipal obligations financing | 16 | | redevelopment project costs incurred under
this Division, | 17 | | have been paid, all surplus funds then remaining in the
| 18 | | special tax allocation fund shall be distributed
by being | 19 | | paid by the
municipal treasurer to the Department of | 20 | | Revenue, the municipality and the
county collector; first | 21 | | to the Department of Revenue and the municipality
in direct | 22 | | proportion to the tax incremental revenue received from the | 23 | | State
and the municipality, but not to exceed the total | 24 | | incremental revenue received
from the State or the | 25 | | municipality less any annual surplus distribution
of | 26 | | incremental revenue previously made; with any remaining |
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| 1 | | funds to be paid
to the County Collector who shall | 2 | | immediately thereafter pay said funds to
the taxing | 3 | | districts in the redevelopment project area in the same | 4 | | manner
and proportion as the most recent distribution by | 5 | | the county collector to
the affected districts of real | 6 | | property taxes from real property in the
redevelopment | 7 | | project area.
| 8 | | Upon the payment of all redevelopment project costs, | 9 | | the retirement of
obligations, the distribution of any | 10 | | excess monies pursuant to this
Section, and final closing | 11 | | of the books and records of the redevelopment
project
area, | 12 | | the municipality , if it has not already done so, shall | 13 | | adopt an ordinance dissolving the special
tax allocation | 14 | | fund for the redevelopment project area and terminating the
| 15 | | designation of the redevelopment project area as a | 16 | | redevelopment project
area.
Title to real or personal | 17 | | property and public improvements
acquired
by or for
the
| 18 | | municipality as a result of the redevelopment project and | 19 | | plan shall vest in
the
municipality when acquired and shall | 20 | | continue to be held by the municipality
after the | 21 | | redevelopment project area has been terminated.
| 22 | | Municipalities shall notify affected taxing districts | 23 | | prior to
July 1 November 1 if the redevelopment project | 24 | | area is to be terminated by December 31
of
that same year. | 25 | | If a municipality extends estimated dates of completion of | 26 | | a
redevelopment project and retirement of obligations to |
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| 1 | | finance a
redevelopment project, as allowed by this | 2 | | amendatory Act of 1993, that
extension shall not extend the | 3 | | property tax increment allocation financing
authorized by | 4 | | this Section. Thereafter the rates of the taxing districts
| 5 | | shall be extended and taxes levied, collected and | 6 | | distributed in the manner
applicable in the absence of the | 7 | | adoption of tax increment allocation
financing.
| 8 | | After the effective date of this amendatory Act of the | 9 | | 101st General Assembly, any new ordinance adopting tax | 10 | | increment financing in a redevelopment project area shall | 11 | | specify a date for the dissolution of the special tax | 12 | | allocation fund for the redevelopment project area and a | 13 | | date for the termination of the designation of the | 14 | | redevelopment project area as a redevelopment project | 15 | | area. The municipality may amend the ordinance at any time | 16 | | to change the date of termination. No later than 90 days | 17 | | after the effective date of this amendatory Act of the | 18 | | 101st General Assembly, each municipality shall amend all | 19 | | existing tax increment financing ordinances to specify a | 20 | | date for the dissolution of the special tax allocation fund | 21 | | for the redevelopment project area and a date for | 22 | | termination of the designation of the redevelopment | 23 | | project area as a redevelopment project area. The date of | 24 | | termination as originally designated or designated by the | 25 | | amendment of the ordinance shall be consistent with the | 26 | | terms of Section 11-74.4-3.5. |
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| 1 | | If a municipality with a population of 1,000,000 or | 2 | | more has adopted by ordinance tax increment allocation | 3 | | financing for a redevelopment project area located in a | 4 | | transit facility improvement area established pursuant to | 5 | | Section 11-74.4-3.3, for each year after the effective date | 6 | | of the ordinance until redevelopment project costs and all | 7 | | municipal obligations financing redevelopment project | 8 | | costs have been paid, the ad valorem taxes, if any, arising | 9 | | from the levies upon the taxable real property in that | 10 | | redevelopment project area by taxing districts and tax | 11 | | rates determined in the manner provided in paragraph (c) of | 12 | | Section 11-74.4-9 shall be divided as follows: | 13 | | (1) That portion of the taxes levied upon each | 14 | | taxable lot, block, tract or parcel of real property | 15 | | which is attributable to the lower of (i) the current | 16 | | equalized assessed value or "current equalized | 17 | | assessed value as adjusted" or (ii) the initial | 18 | | equalized assessed value of each such taxable lot, | 19 | | block, tract, or parcel of real property existing at | 20 | | the time tax increment financing was adopted, minus the | 21 | | total current homestead exemptions under Article 15 of | 22 | | the Property Tax Code in the redevelopment project area | 23 | | shall be allocated to and when collected shall be paid | 24 | | by the county collector to the respective affected | 25 | | taxing districts in the manner required by law in the | 26 | | absence of the adoption of tax increment allocation |
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| 1 | | financing. | 2 | | (2) That portion, if any, of such taxes which is | 3 | | attributable to the increase in the current equalized | 4 | | assessed valuation of each taxable lot, block, tract, | 5 | | or parcel of real property in the redevelopment project | 6 | | area, over and above the initial equalized assessed | 7 | | value of each property existing at the time tax | 8 | | increment financing was adopted, minus the total | 9 | | current homestead exemptions pertaining to each piece | 10 | | of property provided by Article 15 of the Property Tax | 11 | | Code in the redevelopment project area, shall be | 12 | | allocated to and when collected shall be paid by the | 13 | | county collector as follows: | 14 | | (A) First, that portion which would be payable | 15 | | to a school district whose boundaries are | 16 | | coterminous with such municipality in the absence | 17 | | of the adoption of tax increment allocation | 18 | | financing, shall be paid to such school district in | 19 | | the manner required by law in the absence of the | 20 | | adoption of tax increment allocation financing; | 21 | | then | 22 | | (B) 80% of the remaining portion shall be paid | 23 | | to the municipal Treasurer, who shall deposit said | 24 | | taxes into a special fund called the special tax | 25 | | allocation fund of the municipality for the | 26 | | purpose of paying redevelopment project costs and |
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| 1 | | obligations incurred in the payment thereof; and | 2 | | then | 3 | | (C) 20% of the remaining portion shall be paid | 4 | | to the respective affected taxing districts, other | 5 | | than the school district described in clause (a) | 6 | | above, in the manner required by law in the absence | 7 | | of the adoption of tax increment allocation | 8 | | financing. | 9 | | Nothing in this Section shall be construed as relieving | 10 | | property in such
redevelopment project areas from being | 11 | | assessed as provided in the Property
Tax Code or as relieving | 12 | | owners of such property from paying a uniform rate of
taxes, as | 13 | | required by Section 4 of Article IX of the Illinois | 14 | | Constitution.
| 15 | | (Source: P.A. 99-792, eff. 8-12-16; 100-465, eff. 8-31-17.)
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