HB 1188 — PROP TX-PTELL

HB1188 EngrossedEnrolled LRB098 04253 HLH 34279 b AN ACT concerning revenue.

For the 1991 through 1994 levy years only, "taxing district" includes only each non-home rule taxing district having the majority of HB1188 EngrossedEnrolled - 2 - LRB098 04253 HLH 34279 b its 1990 equalized assessed value within any county or counties contiguous to a county with 3,000,000 or more inhabitants.

(d) made for any taxing district to pay interest or principal on bonds issued to refund or continue to refund bonds issued after October 1, 1991 that were approved by HB1188 EngrossedEnrolled - 3 - LRB098 04253 HLH 34279 b referendum;

(k) made by a school district that participates in the Special Education District of Lake County, created by special education joint agreement under Section 10-22.31 of the HB1188 EngrossedEnrolled - 4 - LRB098 04253 HLH 34279 b School Code, for payment of the school district's share of the amounts required to be contributed by the Special Education District of Lake County to the Illinois Municipal Retirement Fund under Article 7 of the Illinois Pension Code;

"Aggregate extension" for the taxing districts to which this Law did not apply before the 1995 levy year (except taxing districts subject to this Law in accordance with Section 18-213) means the annual corporate extension for the taxing district and those special purpose extensions that are made HB1188 EngrossedEnrolled - 5 - LRB098 04253 HLH 34279 b annually for the taxing district, excluding special purpose extensions:

(h-4) made for HB1188 EngrossedEnrolled - 6 - LRB098 04253 HLH 34279 b stormwater management purposes by the Metropolitan Water Reclamation District of Greater Chicago under Section 12 of the Metropolitan Water Reclamation District Act;

(o) made by HB1188 EngrossedEnrolled - 7 - LRB098 04253 HLH 34279 b the Chicago Park District for recreational programs for the handicapped under subsection (c) of Section 7.06 of the Chicago Park District Act;

(d) made for any taxing district to pay interest or principal on bonds issued to refund or continue to refund bonds issued after the date on which the referendum HB1188 EngrossedEnrolled - 8 - LRB098 04253 HLH 34279 b making this Law applicable to the taxing district is held if the bonds were approved by referendum after the date on which the referendum making this Law applicable to the taxing district is held;

(i) made for payments of principal and interest on bonds issued under HB1188 EngrossedEnrolled - 9 - LRB098 04253 HLH 34279 b Section 15 of the Local Government Debt Reform Act;

(b) made for any taxing district to pay interest or principal on general obligation bonds issued before HB1188 EngrossedEnrolled - 10 - LRB098 04253 HLH 34279 b the effective date of this amendatory Act of 1997;

(h) made for payments of principal and interest on limited bonds, as defined in Section 3 of the Local Government Debt Reform Act, in an amount not to exceed the debt service extension base less the amount in items (b), (c), and (e) of HB1188 EngrossedEnrolled - 11 - LRB098 04253 HLH 34279 b this definition for non-referendum obligations, except obligations initially issued pursuant to referendum;

"Debt service extension base" means an amount equal to that portion of the extension for a taxing district for the 1994 levy year, or for those taxing districts subject to this Law in accordance with Section 18-213, except for those subject to paragraph (2) of subsection (e) of Section 18-213, for the levy year in which the referendum making this Law applicable to the taxing district is held, or for those taxing districts subject to this Law in accordance with paragraph (2) of subsection (e) of Section 18-213 for the 1996 levy year, constituting an HB1188 EngrossedEnrolled - 12 - LRB098 04253 HLH 34279 b extension for payment of principal and interest on bonds issued by the taxing district without referendum, but not including excluded non-referendum bonds.

"Excluded non-referendum bonds" means (i) bonds authorized by Public Act 88-503 and issued under HB1188 EngrossedEnrolled - 13 - LRB098 04253 HLH 34279 b Section 20a of the Chicago Park District Act for aquarium and museum projects;

Whenever an adjustment is required under Section 18-135, the aggregate extension base of the taxing district shall be equal to the amount that the aggregate extension of the taxing HB1188 EngrossedEnrolled - 14 - LRB098 04253 HLH 34279 b district would have been for the last preceding levy year if either or both (i) actual, rather than estimated, valuations or rates had been used to calculate the extension of taxes for the last levy year, or (ii) the tax extension for the last preceding levy year had not been adjusted as required by subsection (c) of Section 18-135.

"New property" means (i) the assessed value, after final board of review or board of appeals action, of new improvements or additions to existing improvements on any parcel of real property that increase the assessed value of that real property during the levy year multiplied by the equalization factor issued by the Department under Section 17-30, (ii) the assessed value, after final board of review or board of appeals action, of real property not exempt from real estate taxation, which real property was exempt from real estate taxation for any portion of the immediately preceding levy year, multiplied by the equalization factor issued by the Department under Section 17-30, including the assessed value, upon final stabilization of occupancy after new construction is complete, of any real property located within the boundaries of an otherwise or previously exempt military reservation that is intended for residential use and owned by or leased to a private corporation or other entity, and (iii) in counties that classify in accordance with Section 4 of Article IX of the Illinois HB1188 EngrossedEnrolled - 15 - LRB098 04253 HLH 34279 b Constitution, an incentive property's additional assessed value resulting from a scheduled increase in the level of assessment as applied to the first year final board of review market value.

"Recovered tax increment value" means, except as otherwise provided in this paragraph, the amount of the current year's equalized assessed value, in the first year after a municipality terminates the designation of an area as a redevelopment project area previously established under the Tax Increment Allocation Development Act in the Illinois Municipal Code, previously established under the Industrial Jobs Recovery Law in the Illinois Municipal Code, previously established under the Economic Development Project Area Tax Increment Act of 1995, or previously established under the Economic Development Area Tax Increment Allocation Act, of each taxable lot, block, tract, or parcel of real property in the redevelopment project area over and above the initial equalized assessed value of each property in the redevelopment project HB1188 EngrossedEnrolled - 16 - LRB098 04253 HLH 34279 b area.

In the first year after a municipality removes a taxable lot, block, tract, or parcel of real property from a redevelopment project area established under the Tax Increment Allocation Development Act in the Illinois Municipal Code, the Industrial Jobs Recovery Law in the Illinois Municipal Code, or the Economic Development Area Tax Increment Allocation Act, "recovered tax increment value" means the amount of the current year's equalized assessed value of each taxable lot, block, tract, or parcel of real property removed from the redevelopment project area over and above the initial equalized assessed value of that real property before HB1188 EngrossedEnrolled - 17 - LRB098 04253 HLH 34279 b removal from the redevelopment project area.

In the case of a taxing district that obtained referendum approval for an increased limiting rate on March 20, 2012, the limiting rate for tax year 2012 shall be the rate that HB1188 EngrossedEnrolled - 18 - LRB098 04253 HLH 34279 b generates the approximate total amount of taxes extendable for that tax year, as set forth in the proposition approved by the voters;