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92_HB0695
LRB9206723REmg
1 AN ACT concerning taxes.
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 Sections 18-235 and 18-248 as follows:
6 (35 ILCS 200/18-235)
7 Sec. 18-235. Tax increment financing districts.
8 Extensions allocable to a special tax allocation fund and the
9 amount of taxes abated under Sections 18-165 and 18-170 are
10 not to be included in the aggregate extension base when
11 computing the limiting rate.
12 (Source: P.A. 87-17; 88-455.)
13 (35 ILCS 200/18-248)
14 Sec. 18-248. Adjustments to the limiting rate.
15 (a) Merging and consolidating taxing districts. For the
16 purposes purpose of this Law, when 2 or more taxing districts
17 merge or consolidate, the sum of the last preceding aggregate
18 extension for each taxing district shall be combined for the
19 resulting merged or consolidated taxing district. When a
20 service performed by one taxing district is transferred to
21 another taxing district, that part of the aggregate extension
22 base for that purpose shall be transferred and added to the
23 aggregate extension base of the transferee taxing district
24 for purposes of this Law and shall be deducted from the
25 aggregate extension base of the transferor taxing district.
26 (b) Annexed or disconnected property. If property is
27 annexed into the taxing district or is disconnected from a
28 taxing district during the current levy year, the calculation
29 of the limiting rate under Section 18-246 is not affected.
30 The rates as limited under this Law are applied to all
-2- LRB9206723REmg
1 property in the district for the 1994 levy year, excluding
2 property that was annexed after the adoption of the levy for
3 the current levy year.
4 (c) Rate increase or decrease factor. When a new rate
5 or a rate increase or decrease that is first effective for
6 the 1994 levy year has been approved by referendum, the
7 aggregate extension base, as adjusted in subsection (a),
8 shall be multiplied by a rate increase or decrease factor.
9 The numerator of the rate increase or decrease factor is the
10 total combined rate for the funds that made up the aggregate
11 extension for the taxing district for the 1993 levy year plus
12 the rate increase approved or minus the rate decrease
13 approved. The denominator of the rate increase or decrease
14 factor is the total combined rate for the funds that made up
15 the aggregate extension for the 1993 levy year. For those
16 taxing districts for which a new rate or a rate increase has
17 been approved by referendum held after December 31, 1989, and
18 that did not increase their rate to the new maximum rate for
19 that fund, the rate increase factor for the 1994 levy year
20 shall be adjusted by a factor the numerator of which is the
21 portion of the new or increased rate for which taxes were not
22 extended plus the aggregate rate in effect for the levy year
23 prior to the levy year in which the referendum was passed and
24 the denominator of which is the aggregate rate in effect for
25 the levy year prior to the levy year in which the referendum
26 was passed.
27 (d) Tax increment financing districts. Extensions
28 allocable to a special tax allocation fund and the amount of
29 taxes abated under Sections 18-165 and 18-170 are not
30 included in the aggregate extension base when computing the
31 limiting rate.
32 (Source: P.A. 89-1, eff. 2-12-95.)