SB 606 — PROP TAX-TAX CAPS-NEW PROPERTY

SB606 EngrossedEnrolled LRB093 07520 SJM 07693 b AN ACT regarding taxes.

Beginning SB606 EngrossedEnrolled -2- LRB093 07520 SJM 07693 b with the levy year in which this Law becomes applicable to a taxing district as provided in Section 18-213, "taxing district" also includes those taxing districts made subject to this Law as provided in Section 18-213.

(h) made for payments of principal and interest on bonds issued under the Metropolitan Water Reclamation District Act to finance construction projects initiated before October 1, SB606 EngrossedEnrolled -3- LRB093 07520 SJM 07693 b 1991;

(e) made for SB606 EngrossedEnrolled -4- LRB093 07520 SJM 07693 b any taxing district to pay interest or principal on revenue bonds issued before March 1, 1995 for payment of which a property tax levy or the full faith and credit of the unit of local government is pledged;

"Aggregate extension" for all taxing districts to which SB606 EngrossedEnrolled -5- LRB093 07520 SJM 07693 b this Law applies in accordance with Section 18-213, except for those taxing districts subject to paragraph (2) of subsection (e) of Section 18-213, means the annual corporate extension for the taxing district and those special purpose extensions that are made annually for the taxing district, excluding special purpose extensions:

(f) made for payments under a building commission lease when the lease payments are for the retirement of bonds issued by the commission before the date on which the referendum making this Law applicable to the taxing district is held to pay for SB606 EngrossedEnrolled -6- LRB093 07520 SJM 07693 b the building project;

(d) made for any taxing district to pay interest or principal on bonds issued to refund or continue to refund bonds issued after the effective SB606 EngrossedEnrolled -7- LRB093 07520 SJM 07693 b date of this amendatory Act of 1997 if the bonds were approved by referendum after the effective date of this amendatory Act of 1997;

"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 SB606 EngrossedEnrolled -8- LRB093 07520 SJM 07693 b 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 extension for payment of principal and interest on bonds issued by the taxing district without referendum, but not including (i) bonds authorized by Public Act 88-503 and issued under Section 20a of the Chicago Park District Act for aquarium and museum projects;

"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 SB606 EngrossedEnrolled -9- LRB093 07520 SJM 07693 b 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,_____________________e______________________c_____________ _____o_____________________X______________________s_____________ _____t_____________________i______________________e_____________ _____e_____________________e______________________a_____________ _____i_____________________a______________________t________.

For SB606 EngrossedEnrolled -10- LRB093 07520 SJM 07693 b the taxes which are extended for the 1997 levy year, the recovered tax increment value for a non-home rule taxing district that first became subject to this Law for the 1995 levy year because a majority of its 1994 equalized assessed value was in an affected county or counties shall be increased if a municipality terminated the designation of an area in 1993 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, or previously established under the Economic Development Area Tax Increment Allocation Act, by an amount equal to the 1994 equalized assessed value 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 area.

Except as otherwise provided in this Section, "limiting rate" means a fraction the numerator of which is the last preceding aggregate extension base times an amount equal to one plus the extension limitation defined in this Section and the denominator of which is the current year's equalized SB606 EngrossedEnrolled -11- LRB093 07520 SJM 07693 b assessed value of all real property in the territory under the jurisdiction of the taxing district during the prior levy year.