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| [ Introduced ] | [ Engrossed ] | [ Senate Amendment 001 ] |
90_SB0436sam002
LRB9002015KDksam01
1 AMENDMENT TO SENATE BILL 436
2 AMENDMENT NO. . Amend Senate Bill 436, AS AMENDED,
3 by replacing the title with the following:
4 "AN ACT to amend the Property Tax Code by changing
5 Section 18-185."; and
6 by replacing everything after the enacting clause with the
7 following:
8 "Section 5. The Property Tax Code is amended by changing
9 Section 18-185 as follows:
10 (35 ILCS 200/18-185)
11 Sec. 18-185. Short title; definitions. This Section and
12 Sections 18-190 through 18-245 may be cited as the Property
13 Tax Extension Limitation Law. As used in Sections 18-190
14 through 18-245:
15 "Consumer Price Index" means the Consumer Price Index for
16 All Urban Consumers for all items published by the United
17 States Department of Labor.
18 "Extension limitation" means (a) the lesser of 5% or the
19 percentage increase in the Consumer Price Index during the
20 12-month calendar year preceding the levy year or (b) the
21 rate of increase approved by voters under Section 18-205.
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1 "Affected county" means a county of 3,000,000 or more
2 inhabitants or a county contiguous to a county of 3,000,000
3 or more inhabitants.
4 "Taxing district" has the same meaning provided in
5 Section 1-150, except as otherwise provided in this Section.
6 For the 1991 through 1994 levy years only, "taxing district"
7 includes only each non-home rule taxing district having the
8 majority of its 1990 equalized assessed value within any
9 county or counties contiguous to a county with 3,000,000 or
10 more inhabitants. Beginning with the 1995 levy year, "taxing
11 district" includes only each non-home rule taxing district
12 subject to this Law before the 1995 levy year and each
13 non-home rule taxing district not subject to this Law before
14 the 1995 levy year having the majority of its 1994 equalized
15 assessed value in an affected county or counties. Beginning
16 with the levy year in which this Law becomes applicable to a
17 taxing district as provided in Section 18-213, "taxing
18 district" also includes those taxing districts made subject
19 to this Law as provided in Section 18-213.
20 "Aggregate extension" for taxing districts to which this
21 Law applied before the 1995 levy year means the annual
22 corporate extension for the taxing district and those special
23 purpose extensions that are made annually for the taxing
24 district, excluding special purpose extensions: (a) made for
25 the taxing district to pay interest or principal on general
26 obligation bonds that were approved by referendum; (b) made
27 for any taxing district to pay interest or principal on
28 general obligation bonds issued before October 1, 1991; (c)
29 made for any taxing district to pay interest or principal on
30 bonds issued to refund or continue to refund those bonds
31 issued before October 1, 1991; (d) made for any taxing
32 district to pay interest or principal on bonds issued to
33 refund or continue to refund bonds issued after October 1,
34 1991 that were approved by referendum; (e) made for any
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1 taxing district to pay interest or principal on revenue bonds
2 issued before October 1, 1991 for payment of which a property
3 tax levy or the full faith and credit of the unit of local
4 government is pledged; however, a tax for the payment of
5 interest or principal on those bonds shall be made only after
6 the governing body of the unit of local government finds that
7 all other sources for payment are insufficient to make those
8 payments; (f) made for payments under a building commission
9 lease when the lease payments are for the retirement of bonds
10 issued by the commission before October 1, 1991, to pay for
11 the building project; (g) made for payments due under
12 installment contracts entered into before October 1, 1991;
13 (h) made for payments of principal and interest on bonds
14 issued under the Metropolitan Water Reclamation District Act
15 to finance construction projects initiated before October 1,
16 1991; (i) made for payments of principal and interest on
17 limited bonds, as defined in Section 3 of the Local
18 Government Debt Reform Act, in an amount not to exceed the
19 debt service extension base less the amount in items (b),
20 (c), (e), and (h) of this definition for non-referendum
21 obligations, except obligations initially issued pursuant to
22 referendum; and (j) made for payments of principal and
23 interest on bonds issued under Section 15 of the Local
24 Government Debt Reform Act.
25 "Aggregate extension" for the taxing districts to which
26 this Law did not apply before the 1995 levy year (except
27 taxing districts subject to this Law in accordance with
28 Section 18-213) means the annual corporate extension for the
29 taxing district and those special purpose extensions that are
30 made annually for the taxing district, excluding special
31 purpose extensions: (a) made for the taxing district to pay
32 interest or principal on general obligation bonds that were
33 approved by referendum; (b) made for any taxing district to
34 pay interest or principal on general obligation bonds issued
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1 before March 1, 1995; (c) made for any taxing district to pay
2 interest or principal on bonds issued to refund or continue
3 to refund those bonds issued before March 1, 1995; (d) made
4 for any taxing district to pay interest or principal on bonds
5 issued to refund or continue to refund bonds issued after
6 March 1, 1995 that were approved by referendum; (e) made for
7 any taxing district to pay interest or principal on revenue
8 bonds issued before March 1, 1995 for payment of which a
9 property tax levy or the full faith and credit of the unit of
10 local government is pledged; however, a tax for the payment
11 of interest or principal on those bonds shall be made only
12 after the governing body of the unit of local government
13 finds that all other sources for payment are insufficient to
14 make those payments; (f) made for payments under a building
15 commission lease when the lease payments are for the
16 retirement of bonds issued by the commission before March 1,
17 1995 to pay for the building project; (g) made for payments
18 due under installment contracts entered into before March 1,
19 1995; (h) made for payments of principal and interest on
20 bonds issued under the Metropolitan Water Reclamation
21 District Act to finance construction projects initiated
22 before October 1, 1991; (i) made for payments of principal
23 and interest on limited bonds, as defined in Section 3 of the
24 Local Government Debt Reform Act, in an amount not to exceed
25 the debt service extension base less the amount in items (b),
26 (c), (e), and (h) of this definition for non-referendum
27 obligations, except obligations initially issued pursuant to
28 referendum; (j) made for payments of principal and interest
29 on bonds issued under Section 15 of the Local Government Debt
30 Reform Act; (k) made for payments of principal and interest
31 on bonds authorized by Public Act 88-503 and issued under
32 Section 20a of the Chicago Park District Act for aquarium or
33 museum projects; and (l) made for payments of principal and
34 interest on bonds authorized by Public Act 87-1191 and issued
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1 under Section 42 of the Cook County Forest Preserve District
2 Act for zoological park projects; and (m) made for payments
3 of principal and interest on bonds issued under Section 9.6a
4 of the Metropolitan Water Reclamation District Act to finance
5 flood control projects.
6 "Aggregate extension" for all taxing districts to which
7 this Law applies in accordance with Section 18-213 means the
8 annual corporate extension for the taxing district and those
9 special purpose extensions that are made annually for the
10 taxing district, excluding special purpose extensions: (a)
11 made for the taxing district to pay interest or principal on
12 general obligation bonds that were approved by referendum;
13 (b) made for any taxing district to pay interest or principal
14 on general obligation bonds issued before the date on which
15 the referendum making this Law applicable to the taxing
16 district is held; (c) made for any taxing district to pay
17 interest or principal on bonds issued to refund or continue
18 to refund those bonds issued before the date on which the
19 referendum making this Law applicable to the taxing district
20 is held; (d) made for any taxing district to pay interest or
21 principal on bonds issued to refund or continue to refund
22 bonds issued after the date on which the referendum making
23 this Law applicable to the taxing district is held if the
24 bonds were approved by referendum after the date on which the
25 referendum making this Law applicable to the taxing district
26 is held; (e) made for any taxing district to pay interest or
27 principal on revenue bonds issued before the date on which
28 the referendum making this Law applicable to the taxing
29 district is held for payment of which a property tax levy or
30 the full faith and credit of the unit of local government is
31 pledged; however, a tax for the payment of interest or
32 principal on those bonds shall be made only after the
33 governing body of the unit of local government finds that all
34 other sources for payment are insufficient to make those
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1 payments; (f) made for payments under a building commission
2 lease when the lease payments are for the retirement of bonds
3 issued by the commission before the date on which the
4 referendum making this Law applicable to the taxing district
5 is held to pay for the building project; (g) made for
6 payments due under installment contracts entered into before
7 the date on which the referendum making this Law applicable
8 to the taxing district is held; (h) made for payments of
9 principal and interest on limited bonds, as defined in
10 Section 3 of the Local Government Debt Reform Act, in an
11 amount not to exceed the debt service extension base less the
12 amount in items (b), (c), and (e) of this definition for
13 non-referendum obligations, except obligations initially
14 issued pursuant to referendum; (i) made for payments of
15 principal and interest on bonds issued under Section 15 of
16 the Local Government Debt Reform Act; and (j) made for a
17 qualified airport authority to pay interest or principal on
18 general obligation bonds issued for the purpose of paying
19 obligations due under, or financing airport facilities
20 required to be acquired, constructed, installed or equipped
21 pursuant to, contracts entered into before March 1, 1996 (but
22 not including any amendments to such a contract taking effect
23 on or after that date).
24 "Debt service extension base" means an amount equal to
25 that portion of the extension for a taxing district for the
26 1994 levy year, or for those taxing districts subject to this
27 Law in accordance with Section 18-213 for the levy year in
28 which the referendum making this Law applicable to the taxing
29 district is held, constituting an extension for payment of
30 principal and interest on bonds issued by the taxing district
31 without referendum, but not including (i) bonds authorized by
32 Public Act 88-503 and issued under Section 20a of the Chicago
33 Park District Act for aquarium and museum projects; (ii)
34 bonds issued under Section 15 of the Local Government Debt
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1 Reform Act; or (iii) refunding obligations issued to refund
2 or to continue to refund obligations initially issued
3 pursuant to referendum. The debt service extension base may
4 be established or increased as provided under Section 18-212.
5 "Special purpose extensions" include, but are not limited
6 to, extensions for levies made on an annual basis for
7 unemployment and workers' compensation, self-insurance,
8 contributions to pension plans, and extensions made pursuant
9 to Section 6-601 of the Illinois Highway Code for a road
10 district's permanent road fund whether levied annually or
11 not. The extension for a special service area is not
12 included in the aggregate extension.
13 "Aggregate extension base" means the taxing district's
14 last preceding aggregate extension as adjusted under Sections
15 18-215 through 18-230.
16 "Levy year" has the same meaning as "year" under Section
17 1-155.
18 "New property" means (i) the assessed value, after final
19 board of review or board of appeals action, of new
20 improvements or additions to existing improvements on any
21 parcel of real property that increase the assessed value of
22 that real property during the levy year multiplied by the
23 equalization factor issued by the Department under Section
24 17-30 and (ii) the assessed value, after final board of
25 review or board of appeals action, of real property not
26 exempt from real estate taxation, which real property was
27 exempt from real estate taxation for any portion of the
28 immediately preceding levy year, multiplied by the
29 equalization factor issued by the Department under Section
30 17-30.
31 "Qualified airport authority" means an airport authority
32 organized under the Airport Authorities Act and located in a
33 county bordering on the State of Wisconsin and having a
34 population in excess of 200,000 and not greater than 500,000.
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1 "Recovered tax increment value" means the amount of the
2 current year's equalized assessed value, in the first year
3 after a municipality terminates the designation of an area as
4 a redevelopment project area previously established under the
5 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
8 previously established under the Economic Development Area
9 Tax Increment Allocation Act, of each taxable lot, block,
10 tract, or parcel of real property in the redevelopment
11 project area over and above the initial equalized assessed
12 value of each property in the redevelopment project area.
13 Except as otherwise provided in this Section, "limiting
14 rate" means a fraction the numerator of which is the last
15 preceding aggregate extension base times an amount equal to
16 one plus the extension limitation defined in this Section and
17 the denominator of which is the current year's equalized
18 assessed value of all real property in the territory under
19 the jurisdiction of the taxing district during the prior levy
20 year. For those taxing districts that reduced their
21 aggregate extension for the last preceding levy year, the
22 highest aggregate extension in any of the last 3 preceding
23 levy years shall be used for the purpose of computing the
24 limiting rate. The denominator shall not include new
25 property. The denominator shall not include the recovered
26 tax increment value.
27 (Source: P.A. 88-455; 89-1, eff. 2-12-95; 89-138, eff.
28 7-14-95; 89-385, eff. 8-18-95; 89-436, eff. 1-1-96; 89-449,
29 eff. 6-1-96; 89-510, eff. 7-11-96.)".