(65 ILCS 5/7-1-34) (from Ch. 24, par. 7-1-34)
Sec. 7-1-34.
If a part of a municipality is annexed to another
municipality, and if before the annexation the corporate authorities of the
divided municipality have made the annual tax levy for the fiscal year in
which the annexation occurs, all taxes payable under this levy shall be
paid to the treasurer of the divided municipality. But this treasurer shall
pay to the treasurer of the annexing municipality that part of all taxes
collected on account of the property located in the annexed territory,
under the specified levy, as the unexpired part of the fiscal year for the
divided municipality bears to its total fiscal year.
(Source: Laws 1961, p. 576.)
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