(35 ILCS 200/21-50)
Annexations, disconnection or dissolution - Accelerated billing.
In the event any property becomes newly liable for taxes levied by any taxing
district because of an incorporation or annexation of the taxing district or
liability does not exist because of a disconnection of any area of the unit of
local government or school district or the dissolution thereof, each estimated
installment of property taxes provided for in Section 21-30 shall be computed
at 25% of the total of the tax bill for the property for the preceding year.
Taxes for which the property becomes newly liable or for which liability does
not exist for the property because of a disconnection of any area of, or the
dissolution of, any taxing district, shall be added to or subtracted from the
balance of taxes due for that year under Section 21-30.
(Source: P.A. 87-17; 88-455.)