Bill Text: IL SB1035 | 2019-2020 | 101st General Assembly | Engrossed
Bill Title: Amends the Tax Increment Allocation Redevelopment Act in the Illinois Municipal Code. Provides that any ordinance adopting tax increment financing on or after the effective date of the amendatory Act shall specify a date for the dissolution of the special tax allocation fund and a date for the termination of the designation of the redevelopment project area. Provides that, within 90 days after the effective date of the amendatory Act, each municipality shall amend all existing tax increment financing ordinances to specify a date for the dissolution of the special tax allocation fund and a date for termination of the designation of the redevelopment project area. Provides that municipalities shall notify affected taxing districts of the termination of redevelopment project areas by July 1 (currently, November 1) of the calendar year in which the redevelopment project area is terminated. Amends the Property Tax Extension Limitation Law in the Property Tax Code. Provides that, if a municipality has failed to provide timely notice to all taxing bodies of the termination of a redevelopment project area and the county clerk has been notified of that failure, then "recovered tax increment value" means the amount of the current year's equalized assessed value in the first year beginning at least 60 days after the notice has been provided.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Failed) 2021-01-13 - Session Sine Die [SB1035 Detail]
Download: Illinois-2019-SB1035-Engrossed.html
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1 | AN ACT concerning local government.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Property Tax Code is amended by changing | ||||||
5 | Section 18-185 as follows:
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6 | (35 ILCS 200/18-185)
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7 | Sec. 18-185. Short title; definitions. This Division 5 may | ||||||
8 | be cited as the
Property Tax Extension Limitation Law. As used | ||||||
9 | in this Division 5:
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10 | "Consumer Price Index" means the Consumer Price Index for | ||||||
11 | All Urban
Consumers for all items published by the United | ||||||
12 | States Department of Labor.
| ||||||
13 | "Extension limitation" means (a) the lesser of 5% or the | ||||||
14 | percentage increase
in the Consumer Price Index during the | ||||||
15 | 12-month calendar year preceding the
levy year or (b) the rate | ||||||
16 | of increase approved by voters under Section 18-205.
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17 | "Affected county" means a county of 3,000,000 or more | ||||||
18 | inhabitants or a
county contiguous to a county of 3,000,000 or | ||||||
19 | more inhabitants.
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20 | "Taxing district" has the same meaning provided in Section | ||||||
21 | 1-150, except as
otherwise provided in this Section. For the | ||||||
22 | 1991 through 1994 levy years only,
"taxing district" includes | ||||||
23 | only each non-home rule taxing district having the
majority of |
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1 | its
1990 equalized assessed value within any county or counties | ||||||
2 | contiguous to a
county with 3,000,000 or more inhabitants. | ||||||
3 | Beginning with the 1995 levy
year, "taxing district" includes | ||||||
4 | only each non-home rule taxing district
subject to this Law | ||||||
5 | before the 1995 levy year and each non-home rule
taxing | ||||||
6 | district not subject to this Law before the 1995 levy year | ||||||
7 | having the
majority of its 1994 equalized assessed value in an | ||||||
8 | affected county or
counties. Beginning with the levy year in
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9 | which this Law becomes applicable to a taxing district as
| ||||||
10 | provided in Section 18-213, "taxing district" also includes | ||||||
11 | those taxing
districts made subject to this Law as provided in | ||||||
12 | Section 18-213.
| ||||||
13 | "Aggregate extension" for taxing districts to which this | ||||||
14 | Law applied before
the 1995 levy year means the annual | ||||||
15 | corporate extension for the taxing
district and those special | ||||||
16 | purpose extensions that are made annually for
the taxing | ||||||
17 | district, excluding special purpose extensions: (a) made for | ||||||
18 | the
taxing district to pay interest or principal on general | ||||||
19 | obligation bonds
that were approved by referendum; (b) made for | ||||||
20 | any taxing district to pay
interest or principal on general | ||||||
21 | obligation bonds issued before October 1,
1991; (c) made for | ||||||
22 | any taxing district to pay interest or principal on bonds
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23 | issued to refund or continue to refund those bonds issued | ||||||
24 | before October 1,
1991; (d)
made for any taxing district to pay | ||||||
25 | interest or principal on bonds
issued to refund or continue to | ||||||
26 | refund bonds issued after October 1, 1991 that
were approved by |
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| |||||||
1 | referendum; (e)
made for any taxing district to pay interest
or | ||||||
2 | principal on revenue bonds issued before October 1, 1991 for | ||||||
3 | payment of
which a property tax levy or the full faith and | ||||||
4 | credit of the unit of local
government is pledged; however, a | ||||||
5 | tax for the payment of interest or principal
on those bonds | ||||||
6 | shall be made only after the governing body of the unit of | ||||||
7 | local
government finds that all other sources for payment are | ||||||
8 | insufficient to make
those payments; (f) made for payments | ||||||
9 | under a building commission lease when
the lease payments are | ||||||
10 | for the retirement of bonds issued by the commission
before | ||||||
11 | October 1, 1991, to pay for the building project; (g) made for | ||||||
12 | payments
due under installment contracts entered into before | ||||||
13 | October 1, 1991;
(h) made for payments of principal and | ||||||
14 | interest on bonds issued under the
Metropolitan Water | ||||||
15 | Reclamation District Act to finance construction projects
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16 | initiated before October 1, 1991; (i) made for payments of | ||||||
17 | principal and
interest on limited bonds, as defined in Section | ||||||
18 | 3 of the Local Government Debt
Reform Act, in an amount not to | ||||||
19 | exceed the debt service extension base less
the amount in items | ||||||
20 | (b), (c), (e), and (h) of this definition for
non-referendum | ||||||
21 | obligations, except obligations initially issued pursuant to
| ||||||
22 | referendum; (j) made for payments of principal and interest on | ||||||
23 | bonds
issued under Section 15 of the Local Government Debt | ||||||
24 | Reform Act; (k)
made
by a school district that participates in | ||||||
25 | the Special Education District of
Lake County, created by | ||||||
26 | special education joint agreement under Section
10-22.31 of the |
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1 | School Code, for payment of the school district's share of the
| ||||||
2 | amounts required to be contributed by the Special Education | ||||||
3 | District of Lake
County to the Illinois Municipal Retirement | ||||||
4 | Fund under Article 7 of the
Illinois Pension Code; the amount | ||||||
5 | of any extension under this item (k) shall be
certified by the | ||||||
6 | school district to the county clerk; (l) made to fund
expenses | ||||||
7 | of providing joint recreational programs for persons with | ||||||
8 | disabilities under
Section 5-8 of
the
Park District Code or | ||||||
9 | Section 11-95-14 of the Illinois Municipal Code; (m) made for | ||||||
10 | temporary relocation loan repayment purposes pursuant to | ||||||
11 | Sections 2-3.77 and 17-2.2d of the School Code; (n) made for | ||||||
12 | payment of principal and interest on any bonds issued under the | ||||||
13 | authority of Section 17-2.2d of the School Code; (o) made for | ||||||
14 | contributions to a firefighter's pension fund created under | ||||||
15 | Article 4 of the Illinois Pension Code, to the extent of the | ||||||
16 | amount certified under item (5) of Section 4-134 of the | ||||||
17 | Illinois Pension Code; and (p) made for road purposes in the | ||||||
18 | first year after a township assumes the rights, powers, duties, | ||||||
19 | assets, property, liabilities, obligations, and
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20 | responsibilities of a road district abolished under the | ||||||
21 | provisions of Section 6-133 of the Illinois Highway Code.
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22 | "Aggregate extension" for the taxing districts to which | ||||||
23 | this Law did not
apply before the 1995 levy year (except taxing | ||||||
24 | districts subject to this Law
in
accordance with Section | ||||||
25 | 18-213) means the annual corporate extension for the
taxing | ||||||
26 | district and those special purpose extensions that are made |
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1 | annually for
the taxing district, excluding special purpose | ||||||
2 | extensions: (a) made for the
taxing district to pay interest or | ||||||
3 | principal on general obligation bonds that
were approved by | ||||||
4 | referendum; (b) made for any taxing district to pay interest
or | ||||||
5 | principal on general obligation bonds issued before March 1, | ||||||
6 | 1995; (c) made
for any taxing district to pay interest or | ||||||
7 | principal on bonds issued to refund
or continue to refund those | ||||||
8 | bonds issued before March 1, 1995; (d) made for any
taxing | ||||||
9 | district to pay interest or principal on bonds issued to refund | ||||||
10 | or
continue to refund bonds issued after March 1, 1995 that | ||||||
11 | were approved by
referendum; (e) made for any taxing district | ||||||
12 | to pay interest or principal on
revenue bonds issued before | ||||||
13 | March 1, 1995 for payment of which a property tax
levy or the | ||||||
14 | full faith and credit of the unit of local government is | ||||||
15 | pledged;
however, a tax for the payment of interest or | ||||||
16 | principal on those bonds shall be
made only after the governing | ||||||
17 | body of the unit of local government finds that
all other | ||||||
18 | sources for payment are insufficient to make those payments; | ||||||
19 | (f) made
for payments under a building commission lease when | ||||||
20 | the lease payments are for
the retirement of bonds issued by | ||||||
21 | the commission before March 1, 1995 to
pay for the building | ||||||
22 | project; (g) made for payments due under installment
contracts | ||||||
23 | entered into before March 1, 1995; (h) made for payments of
| ||||||
24 | principal and interest on bonds issued under the Metropolitan | ||||||
25 | Water Reclamation
District Act to finance construction | ||||||
26 | projects initiated before October 1,
1991; (h-4) made for |
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1 | stormwater management purposes by the Metropolitan Water | ||||||
2 | Reclamation District of Greater Chicago under Section 12 of the | ||||||
3 | Metropolitan Water Reclamation District Act; (i) made for | ||||||
4 | payments of principal and interest on limited bonds,
as defined | ||||||
5 | in Section 3 of the Local Government Debt Reform Act, in an | ||||||
6 | amount
not to exceed the debt service extension base less the | ||||||
7 | amount in items (b),
(c), and (e) of this definition for | ||||||
8 | non-referendum obligations, except
obligations initially | ||||||
9 | issued pursuant to referendum and bonds described in
subsection | ||||||
10 | (h) of this definition; (j) made for payments of
principal and | ||||||
11 | interest on bonds issued under Section 15 of the Local | ||||||
12 | Government
Debt Reform Act; (k) made for payments of principal | ||||||
13 | and interest on bonds
authorized by Public Act 88-503 and | ||||||
14 | issued under Section 20a of the Chicago
Park District Act for | ||||||
15 | aquarium or
museum projects; (l) made for payments of principal | ||||||
16 | and interest on
bonds
authorized by Public Act 87-1191 or | ||||||
17 | 93-601 and (i) issued pursuant to Section 21.2 of the Cook | ||||||
18 | County Forest
Preserve District Act, (ii) issued under Section | ||||||
19 | 42 of the Cook County
Forest Preserve District Act for | ||||||
20 | zoological park projects, or (iii) issued
under Section 44.1 of | ||||||
21 | the Cook County Forest Preserve District Act for
botanical | ||||||
22 | gardens projects; (m) made
pursuant
to Section 34-53.5 of the | ||||||
23 | School Code, whether levied annually or not;
(n) made to fund | ||||||
24 | expenses of providing joint recreational programs for persons | ||||||
25 | with disabilities under Section 5-8 of the Park
District Code | ||||||
26 | or Section 11-95-14 of the Illinois Municipal Code;
(o) made by |
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1 | the
Chicago Park
District for recreational programs for persons | ||||||
2 | with disabilities under subsection (c) of
Section
7.06 of the | ||||||
3 | Chicago Park District Act; (p) made for contributions to a | ||||||
4 | firefighter's pension fund created under Article 4 of the | ||||||
5 | Illinois Pension Code, to the extent of the amount certified | ||||||
6 | under item (5) of Section 4-134 of the Illinois Pension Code; | ||||||
7 | (q) made by Ford Heights School District 169 under Section | ||||||
8 | 17-9.02 of the School Code; and (r) made for the purpose of | ||||||
9 | making employer contributions to the Public School Teachers' | ||||||
10 | Pension and Retirement Fund of Chicago under Section 34-53 of | ||||||
11 | the School Code.
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12 | "Aggregate extension" for all taxing districts to which | ||||||
13 | this Law applies in
accordance with Section 18-213, except for | ||||||
14 | those taxing districts subject to
paragraph (2) of subsection | ||||||
15 | (e) of Section 18-213, means the annual corporate
extension for | ||||||
16 | the
taxing district and those special purpose extensions that | ||||||
17 | are made annually for
the taxing district, excluding special | ||||||
18 | purpose extensions: (a) made for the
taxing district to pay | ||||||
19 | interest or principal on general obligation bonds that
were | ||||||
20 | approved by referendum; (b) made for any taxing district to pay | ||||||
21 | interest
or principal on general obligation bonds issued before | ||||||
22 | the date on which the
referendum making this
Law applicable to | ||||||
23 | the taxing district is held; (c) made
for any taxing district | ||||||
24 | to pay interest or principal on bonds issued to refund
or | ||||||
25 | continue to refund those bonds issued before the date on which | ||||||
26 | the
referendum making this Law
applicable to the taxing |
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| |||||||
1 | district is held;
(d) made for any
taxing district to pay | ||||||
2 | interest or principal on bonds issued to refund or
continue to | ||||||
3 | refund bonds issued after the date on which the referendum | ||||||
4 | making
this Law
applicable to the taxing district is held if | ||||||
5 | the bonds were approved by
referendum after the date on which | ||||||
6 | the referendum making this Law
applicable to the taxing | ||||||
7 | district is held; (e) made for any
taxing district to pay | ||||||
8 | interest or principal on
revenue bonds issued before the date | ||||||
9 | on which the referendum making this Law
applicable to the
| ||||||
10 | taxing district is held for payment of which a property tax
| ||||||
11 | levy or the full faith and credit of the unit of local | ||||||
12 | government is pledged;
however, a tax for the payment of | ||||||
13 | interest or principal on those bonds shall be
made only after | ||||||
14 | the governing body of the unit of local government finds that
| ||||||
15 | all other sources for payment are insufficient to make those | ||||||
16 | payments; (f) made
for payments under a building commission | ||||||
17 | lease when the lease payments are for
the retirement of bonds | ||||||
18 | issued by the commission before the date on which the
| ||||||
19 | referendum making this
Law applicable to the taxing district is | ||||||
20 | held to
pay for the building project; (g) made for payments due | ||||||
21 | under installment
contracts entered into before the date on | ||||||
22 | which the referendum making this Law
applicable to
the taxing | ||||||
23 | district is held;
(h) made for payments
of principal and | ||||||
24 | interest on limited bonds,
as defined in Section 3 of the Local | ||||||
25 | Government Debt Reform Act, in an amount
not to exceed the debt | ||||||
26 | service extension base less the amount in items (b),
(c), and |
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| |||||||
1 | (e) of this definition for non-referendum obligations, except
| ||||||
2 | obligations initially issued pursuant to referendum; (i) made | ||||||
3 | for payments
of
principal and interest on bonds issued under | ||||||
4 | Section 15 of the Local Government
Debt Reform Act;
(j)
made | ||||||
5 | for a qualified airport authority to pay interest or principal | ||||||
6 | on
general obligation bonds issued for the purpose of paying | ||||||
7 | obligations due
under, or financing airport facilities | ||||||
8 | required to be acquired, constructed,
installed or equipped | ||||||
9 | pursuant to, contracts entered into before March
1, 1996 (but | ||||||
10 | not including any amendments to such a contract taking effect | ||||||
11 | on
or after that date); (k) made to fund expenses of providing | ||||||
12 | joint
recreational programs for persons with disabilities | ||||||
13 | under Section 5-8 of
the
Park District Code or Section 11-95-14 | ||||||
14 | of the Illinois Municipal Code; (l) made for contributions to a | ||||||
15 | firefighter's pension fund created under Article 4 of the | ||||||
16 | Illinois Pension Code, to the extent of the amount certified | ||||||
17 | under item (5) of Section 4-134 of the Illinois Pension Code; | ||||||
18 | and (m) made for the taxing district to pay interest or | ||||||
19 | principal on general obligation bonds issued pursuant to | ||||||
20 | Section 19-3.10 of the School Code.
| ||||||
21 | "Aggregate extension" for all taxing districts to which | ||||||
22 | this Law applies in
accordance with paragraph (2) of subsection | ||||||
23 | (e) of Section 18-213 means the
annual corporate extension for | ||||||
24 | the
taxing district and those special purpose extensions that | ||||||
25 | are made annually for
the taxing district, excluding special | ||||||
26 | purpose extensions: (a) made for the
taxing district to pay |
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| |||||||
1 | interest or principal on general obligation bonds that
were | ||||||
2 | approved by referendum; (b) made for any taxing district to pay | ||||||
3 | interest
or principal on general obligation bonds issued before | ||||||
4 | the effective date of
this amendatory Act of 1997;
(c) made
for | ||||||
5 | any taxing district to pay interest or principal on bonds | ||||||
6 | issued to refund
or continue to refund those bonds issued | ||||||
7 | before the effective date
of this amendatory Act of 1997;
(d) | ||||||
8 | made for any
taxing district to pay interest or principal on | ||||||
9 | bonds issued to refund or
continue to refund bonds issued after | ||||||
10 | the effective date of this amendatory Act
of 1997 if the bonds | ||||||
11 | were approved by referendum after the effective date of
this | ||||||
12 | amendatory Act of 1997;
(e) made for any
taxing district to pay | ||||||
13 | interest or principal on
revenue bonds issued before the | ||||||
14 | effective date of this amendatory Act of 1997
for payment of | ||||||
15 | which a property tax
levy or the full faith and credit of the | ||||||
16 | unit of local government is pledged;
however, a tax for the | ||||||
17 | payment of interest or principal on those bonds shall be
made | ||||||
18 | only after the governing body of the unit of local government | ||||||
19 | finds that
all other sources for payment are insufficient to | ||||||
20 | make those payments; (f) made
for payments under a building | ||||||
21 | commission lease when the lease payments are for
the retirement | ||||||
22 | of bonds issued by the commission before the effective date
of | ||||||
23 | this amendatory Act of 1997
to
pay for the building project; | ||||||
24 | (g) made for payments due under installment
contracts entered | ||||||
25 | into before the effective date of this amendatory Act of
1997;
| ||||||
26 | (h) made for payments
of principal and interest on limited |
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| |||||||
1 | bonds,
as defined in Section 3 of the Local Government Debt | ||||||
2 | Reform Act, in an amount
not to exceed the debt service | ||||||
3 | extension base less the amount in items (b),
(c), and (e) of | ||||||
4 | this definition for non-referendum obligations, except
| ||||||
5 | obligations initially issued pursuant to referendum; (i) made | ||||||
6 | for payments
of
principal and interest on bonds issued under | ||||||
7 | Section 15 of the Local Government
Debt Reform Act;
(j)
made | ||||||
8 | for a qualified airport authority to pay interest or principal | ||||||
9 | on
general obligation bonds issued for the purpose of paying | ||||||
10 | obligations due
under, or financing airport facilities | ||||||
11 | required to be acquired, constructed,
installed or equipped | ||||||
12 | pursuant to, contracts entered into before March
1, 1996 (but | ||||||
13 | not including any amendments to such a contract taking effect | ||||||
14 | on
or after that date); (k) made to fund expenses of providing | ||||||
15 | joint
recreational programs for persons with disabilities | ||||||
16 | under Section 5-8 of
the
Park District Code or Section 11-95-14 | ||||||
17 | of the Illinois Municipal Code; and (l) made for contributions | ||||||
18 | to a firefighter's pension fund created under Article 4 of the | ||||||
19 | Illinois Pension Code, to the extent of the amount certified | ||||||
20 | under item (5) of Section 4-134 of the Illinois Pension Code.
| ||||||
21 | "Debt service extension base" means an amount equal to that | ||||||
22 | portion of the
extension for a taxing district for the 1994 | ||||||
23 | levy year, or for those taxing
districts subject to this Law in | ||||||
24 | accordance with Section 18-213, except for
those subject to | ||||||
25 | paragraph (2) of subsection (e) of Section 18-213, for the
levy
| ||||||
26 | year in which the referendum making this Law applicable to the |
| |||||||
| |||||||
1 | taxing district
is held, or for those taxing districts subject | ||||||
2 | to this Law in accordance with
paragraph (2) of subsection (e) | ||||||
3 | of Section 18-213 for the 1996 levy year,
constituting an
| ||||||
4 | extension for payment of principal and interest on bonds issued | ||||||
5 | by the taxing
district without referendum, but not including | ||||||
6 | excluded non-referendum bonds. For park districts (i) that were | ||||||
7 | first
subject to this Law in 1991 or 1995 and (ii) whose | ||||||
8 | extension for the 1994 levy
year for the payment of principal | ||||||
9 | and interest on bonds issued by the park
district without | ||||||
10 | referendum (but not including excluded non-referendum bonds)
| ||||||
11 | was less than 51% of the amount for the 1991 levy year | ||||||
12 | constituting an
extension for payment of principal and interest | ||||||
13 | on bonds issued by the park
district without referendum (but | ||||||
14 | not including excluded non-referendum bonds),
"debt service | ||||||
15 | extension base" means an amount equal to that portion of the
| ||||||
16 | extension for the 1991 levy year constituting an extension for | ||||||
17 | payment of
principal and interest on bonds issued by the park | ||||||
18 | district without referendum
(but not including excluded | ||||||
19 | non-referendum bonds). A debt service extension base | ||||||
20 | established or increased at any time pursuant to any provision | ||||||
21 | of this Law, except Section 18-212, shall be increased each | ||||||
22 | year commencing with the later of (i) the 2009 levy year or | ||||||
23 | (ii) the first levy year in which this Law becomes applicable | ||||||
24 | to the taxing district, by the lesser of 5% or the percentage | ||||||
25 | increase in the Consumer Price Index during the 12-month | ||||||
26 | calendar year preceding the levy year. The debt service |
| |||||||
| |||||||
1 | extension
base may be established or increased as provided | ||||||
2 | under Section 18-212.
"Excluded non-referendum bonds" means | ||||||
3 | (i) bonds authorized by Public
Act 88-503 and issued under | ||||||
4 | Section 20a of the Chicago Park District Act for
aquarium and | ||||||
5 | museum projects; (ii) bonds issued under Section 15 of the
| ||||||
6 | Local Government Debt Reform Act; or (iii) refunding | ||||||
7 | obligations issued
to refund or to continue to refund | ||||||
8 | obligations initially issued pursuant to
referendum.
| ||||||
9 | "Special purpose extensions" include, but are not limited | ||||||
10 | to, extensions
for levies made on an annual basis for | ||||||
11 | unemployment and workers'
compensation, self-insurance, | ||||||
12 | contributions to pension plans, and extensions
made pursuant to | ||||||
13 | Section 6-601 of the Illinois Highway Code for a road
| ||||||
14 | district's permanent road fund whether levied annually or not. | ||||||
15 | The
extension for a special service area is not included in the
| ||||||
16 | aggregate extension.
| ||||||
17 | "Aggregate extension base" means the taxing district's | ||||||
18 | last preceding
aggregate extension as adjusted under Sections | ||||||
19 | 18-135, 18-215,
18-230, and 18-206.
An adjustment under Section | ||||||
20 | 18-135 shall be made for the 2007 levy year and all subsequent | ||||||
21 | levy years whenever one or more counties within which a taxing | ||||||
22 | district is located (i) used estimated valuations or rates when | ||||||
23 | extending taxes in the taxing district for the last preceding | ||||||
24 | levy year that resulted in the over or under extension of | ||||||
25 | taxes, or (ii) increased or decreased the tax extension for the | ||||||
26 | last preceding levy year as required by Section 18-135(c). |
| |||||||
| |||||||
1 | Whenever an adjustment is required under Section 18-135, the | ||||||
2 | aggregate extension base of the taxing district shall be equal | ||||||
3 | to the amount that the aggregate extension of the taxing | ||||||
4 | district would have been for the last preceding levy year if | ||||||
5 | either or both (i) actual, rather than estimated, valuations or | ||||||
6 | rates had been used to calculate the extension of taxes for the | ||||||
7 | last levy year, or (ii) the tax extension for the last | ||||||
8 | preceding levy year had not been adjusted as required by | ||||||
9 | subsection (c) of Section 18-135.
| ||||||
10 | Notwithstanding any other provision of law, for levy year | ||||||
11 | 2012, the aggregate extension base for West Northfield School | ||||||
12 | District No. 31 in Cook County shall be $12,654,592. | ||||||
13 | "Levy year" has the same meaning as "year" under Section
| ||||||
14 | 1-155.
| ||||||
15 | "New property" means (i) the assessed value, after final | ||||||
16 | board of review or
board of appeals action, of new improvements | ||||||
17 | or additions to existing
improvements on any parcel of real | ||||||
18 | property that increase the assessed value of
that real property | ||||||
19 | during the levy year multiplied by the equalization factor
| ||||||
20 | issued by the Department under Section 17-30, (ii) the assessed | ||||||
21 | value, after
final board of review or board of appeals action, | ||||||
22 | of real property not exempt
from real estate taxation, which | ||||||
23 | real property was exempt from real estate
taxation for any | ||||||
24 | portion of the immediately preceding levy year, multiplied by
| ||||||
25 | the equalization factor issued by the Department under Section | ||||||
26 | 17-30, including the assessed value, upon final stabilization |
| |||||||
| |||||||
1 | of occupancy after new construction is complete, of any real | ||||||
2 | property located within the boundaries of an otherwise or | ||||||
3 | previously exempt military reservation that is intended for | ||||||
4 | residential use and owned by or leased to a private corporation | ||||||
5 | or other entity,
(iii) in counties that classify in accordance | ||||||
6 | with Section 4 of Article
IX of the
Illinois Constitution, an | ||||||
7 | incentive property's additional assessed value
resulting from | ||||||
8 | a
scheduled increase in the level of assessment as applied to | ||||||
9 | the first year
final board of
review market value, and (iv) any | ||||||
10 | increase in assessed value due to oil or gas production from an | ||||||
11 | oil or gas well required to be permitted under the Hydraulic | ||||||
12 | Fracturing Regulatory Act that was not produced in or accounted | ||||||
13 | for during the previous levy year.
In addition, the county | ||||||
14 | clerk in a county containing a population of
3,000,000 or more | ||||||
15 | shall include in the 1997
recovered tax increment value for any | ||||||
16 | school district, any recovered tax
increment value that was | ||||||
17 | applicable to the 1995 tax year calculations.
| ||||||
18 | "Qualified airport authority" means an airport authority | ||||||
19 | organized under
the Airport Authorities Act and located in a | ||||||
20 | county bordering on the State of
Wisconsin and having a | ||||||
21 | population in excess of 200,000 and not greater than
500,000.
| ||||||
22 | "Recovered tax increment value" means, except as otherwise | ||||||
23 | provided in this
paragraph, the amount of the current year's | ||||||
24 | equalized assessed value, in the
first year after a | ||||||
25 | municipality terminates
the designation of an area as a | ||||||
26 | redevelopment project area previously
established under the |
| |||||||
| |||||||
1 | Tax Increment Allocation Development Act in the Illinois
| ||||||
2 | Municipal Code, previously established under the Industrial | ||||||
3 | Jobs Recovery Law
in the Illinois Municipal Code, previously | ||||||
4 | established under the Economic Development Project Area Tax | ||||||
5 | Increment Act of 1995, or previously established under the | ||||||
6 | Economic
Development Area Tax Increment Allocation Act, of each | ||||||
7 | taxable lot, block,
tract, or parcel of real property in the | ||||||
8 | redevelopment project area over and
above the initial equalized | ||||||
9 | assessed value of each property in the
redevelopment project | ||||||
10 | area.
If a municipality has failed to provide timely notice to | ||||||
11 | all taxing bodies of the termination of a redevelopment project | ||||||
12 | area under Section 11-74.4-8 of the Illinois Municipal Code and | ||||||
13 | the county clerk has been notified of that failure, then | ||||||
14 | "recovered tax increment value" means the amount of the current | ||||||
15 | year's equalized assessed value in the first year beginning at | ||||||
16 | least 60 days after the notice has been provided. For the taxes | ||||||
17 | which are extended for the 1997 levy year, the recovered tax
| ||||||
18 | increment value for a non-home rule taxing district that first | ||||||
19 | became subject
to this Law for the 1995 levy year because a | ||||||
20 | majority of its 1994 equalized
assessed value was in an | ||||||
21 | affected county or counties shall be increased if a
| ||||||
22 | municipality terminated the designation of an area in 1993 as a | ||||||
23 | redevelopment
project area previously established under the | ||||||
24 | Tax Increment Allocation
Development Act in the Illinois | ||||||
25 | Municipal Code, previously established under
the Industrial | ||||||
26 | Jobs Recovery Law in the Illinois Municipal Code, or previously
|
| |||||||
| |||||||
1 | established under the Economic Development Area Tax Increment | ||||||
2 | Allocation Act,
by an amount equal to the 1994 equalized | ||||||
3 | assessed value of each taxable lot,
block, tract, or parcel of | ||||||
4 | real property in the redevelopment project area over
and above | ||||||
5 | the initial equalized assessed value of each property in the
| ||||||
6 | redevelopment project area.
In the first year after a | ||||||
7 | municipality
removes a taxable lot, block, tract, or parcel of | ||||||
8 | real property from a
redevelopment project area established | ||||||
9 | under the Tax Increment Allocation
Development Act in the | ||||||
10 | Illinois
Municipal Code, the Industrial Jobs Recovery Law
in | ||||||
11 | the Illinois Municipal Code, or the Economic
Development Area | ||||||
12 | Tax Increment Allocation Act, "recovered tax increment value"
| ||||||
13 | means the amount of the current year's equalized assessed value | ||||||
14 | of each taxable
lot, block, tract, or parcel of real property | ||||||
15 | removed from the redevelopment
project area over and above the | ||||||
16 | initial equalized assessed value of that real
property before | ||||||
17 | removal from the redevelopment project area.
| ||||||
18 | Except as otherwise provided in this Section, "limiting | ||||||
19 | rate" means a
fraction the numerator of which is the last
| ||||||
20 | preceding aggregate extension base times an amount equal to one | ||||||
21 | plus the
extension limitation defined in this Section and the | ||||||
22 | denominator of which
is the current year's equalized assessed | ||||||
23 | value of all real property in the
territory under the | ||||||
24 | jurisdiction of the taxing district during the prior
levy year. | ||||||
25 | For those taxing districts that reduced their aggregate
| ||||||
26 | extension for the last preceding levy year, except for school |
| |||||||
| |||||||
1 | districts that reduced their extension for educational | ||||||
2 | purposes pursuant to Section 18-206, the highest aggregate | ||||||
3 | extension
in any of the last 3 preceding levy years shall be | ||||||
4 | used for the purpose of
computing the limiting rate. The | ||||||
5 | denominator shall not include new
property or the recovered tax | ||||||
6 | increment
value.
If a new rate, a rate decrease, or a limiting | ||||||
7 | rate increase has been approved at an election held after March | ||||||
8 | 21, 2006, then (i) the otherwise applicable limiting rate shall | ||||||
9 | be increased by the amount of the new rate or shall be reduced | ||||||
10 | by the amount of the rate decrease, as the case may be, or (ii) | ||||||
11 | in the case of a limiting rate increase, the limiting rate | ||||||
12 | shall be equal to the rate set forth
in the proposition | ||||||
13 | approved by the voters for each of the years specified in the | ||||||
14 | proposition, after
which the limiting rate of the taxing | ||||||
15 | district shall be calculated as otherwise provided. In the case | ||||||
16 | of a taxing district that obtained referendum approval for an | ||||||
17 | increased limiting rate on March 20, 2012, the limiting rate | ||||||
18 | for tax year 2012 shall be the rate that generates the | ||||||
19 | approximate total amount of taxes extendable for that tax year, | ||||||
20 | as set forth in the proposition approved by the voters; this | ||||||
21 | rate shall be the final rate applied by the county clerk for | ||||||
22 | the aggregate of all capped funds of the district for tax year | ||||||
23 | 2012.
| ||||||
24 | (Source: P.A. 99-143, eff. 7-27-15; 99-521, eff. 6-1-17; | ||||||
25 | 100-465, eff. 8-31-17.)
|
| |||||||
| |||||||
1 | Section 10. The Illinois Municipal Code is amended by | ||||||
2 | changing Section 11-74.4-8 as follows:
| ||||||
3 | (65 ILCS 5/11-74.4-8)
(from Ch. 24, par. 11-74.4-8)
| ||||||
4 | Sec. 11-74.4-8. Tax increment allocation financing. A | ||||||
5 | municipality may
not adopt tax increment financing in a
| ||||||
6 | redevelopment
project area after the effective date of this | ||||||
7 | amendatory Act of 1997 that will
encompass an area that is | ||||||
8 | currently included in an enterprise zone created
under the | ||||||
9 | Illinois Enterprise Zone Act unless that municipality, | ||||||
10 | pursuant to
Section 5.4 of the Illinois Enterprise Zone Act, | ||||||
11 | amends the enterprise zone
designating ordinance to limit the | ||||||
12 | eligibility for tax abatements as provided
in Section 5.4.1 of | ||||||
13 | the Illinois Enterprise Zone Act.
A municipality, at the time a | ||||||
14 | redevelopment project area
is designated, may adopt tax | ||||||
15 | increment allocation financing by passing an
ordinance | ||||||
16 | providing that the ad valorem taxes, if any, arising from the
| ||||||
17 | levies upon taxable real property in such redevelopment project
| ||||||
18 | area by taxing districts and tax rates determined in the manner | ||||||
19 | provided
in paragraph (c) of Section 11-74.4-9 each year after | ||||||
20 | the effective
date of the ordinance until redevelopment project | ||||||
21 | costs and all municipal
obligations financing redevelopment | ||||||
22 | project costs incurred under this Division
have been paid shall | ||||||
23 | be divided as follows, provided, however, that with respect to | ||||||
24 | any redevelopment project area located within a transit | ||||||
25 | facility improvement area established pursuant to Section |
| |||||||
| |||||||
1 | 11-74.4-3.3 in a municipality with a population of 1,000,000 or | ||||||
2 | more, ad valorem taxes, if any, arising from the levies upon | ||||||
3 | taxable real property in such redevelopment project area shall | ||||||
4 | be allocated as specifically provided in this Section:
| ||||||
5 | (a) That portion of taxes levied upon each taxable lot, | ||||||
6 | block, tract or
parcel of real property which is | ||||||
7 | attributable to the lower of the current
equalized assessed | ||||||
8 | value or the initial equalized assessed
value of each such | ||||||
9 | taxable lot, block, tract or parcel of real property
in the | ||||||
10 | redevelopment project area shall be allocated to and when | ||||||
11 | collected
shall be paid by the county collector to the | ||||||
12 | respective affected taxing
districts in the manner | ||||||
13 | required by law in the absence of the adoption of
tax | ||||||
14 | increment allocation financing.
| ||||||
15 | (b) Except from a tax levied by a township to retire | ||||||
16 | bonds issued to satisfy
court-ordered damages, that | ||||||
17 | portion, if any, of such taxes which is
attributable to the
| ||||||
18 | increase in the current equalized assessed valuation of | ||||||
19 | each taxable lot,
block, tract or parcel of real property | ||||||
20 | in the redevelopment project area
over and above the | ||||||
21 | initial equalized assessed value of each property in the
| ||||||
22 | project area shall be allocated to and when collected shall | ||||||
23 | be paid to the
municipal treasurer who shall deposit said | ||||||
24 | taxes into a special fund called
the special tax allocation | ||||||
25 | fund of the municipality for the purpose of
paying | ||||||
26 | redevelopment project costs and obligations incurred in |
| |||||||
| |||||||
1 | the payment
thereof. In any county with a population of | ||||||
2 | 3,000,000 or more that has adopted
a procedure for | ||||||
3 | collecting taxes that provides for one or more of the
| ||||||
4 | installments of the taxes to be billed and collected on an | ||||||
5 | estimated basis,
the municipal treasurer shall be paid for | ||||||
6 | deposit in the special tax
allocation fund of the | ||||||
7 | municipality, from the taxes collected from
estimated | ||||||
8 | bills issued for property in the redevelopment project | ||||||
9 | area, the
difference between the amount actually collected | ||||||
10 | from each taxable lot,
block, tract, or parcel of real | ||||||
11 | property within the redevelopment project
area and an | ||||||
12 | amount determined by multiplying the rate at which taxes | ||||||
13 | were
last extended against the taxable lot, block, track, | ||||||
14 | or parcel of real
property in the manner provided in | ||||||
15 | subsection (c) of Section 11-74.4-9 by
the initial | ||||||
16 | equalized assessed value of the property divided by the | ||||||
17 | number
of installments in which real estate taxes are | ||||||
18 | billed and collected within
the county; provided that the | ||||||
19 | payments on or before December 31,
1999 to a municipal | ||||||
20 | treasurer shall be made only if each of the following
| ||||||
21 | conditions are met:
| ||||||
22 | (1) The total equalized assessed value of the | ||||||
23 | redevelopment project
area as last determined was not | ||||||
24 | less than 175% of the total initial
equalized assessed | ||||||
25 | value.
| ||||||
26 | (2) Not more than 50% of the total equalized |
| |||||||
| |||||||
1 | assessed value of the
redevelopment project area as | ||||||
2 | last determined is attributable to a piece of
property | ||||||
3 | assigned a single real estate index number.
| ||||||
4 | (3) The municipal clerk has certified to the county | ||||||
5 | clerk that the
municipality has issued its obligations | ||||||
6 | to which there has been pledged
the incremental | ||||||
7 | property taxes of the redevelopment project area or | ||||||
8 | taxes
levied and collected on any or all property in | ||||||
9 | the municipality or
the full faith and credit of the | ||||||
10 | municipality to pay or secure payment for
all or a | ||||||
11 | portion of the redevelopment project costs. The | ||||||
12 | certification
shall be filed annually no later than | ||||||
13 | September 1 for the estimated taxes
to be distributed | ||||||
14 | in the following year; however, for the year 1992 the
| ||||||
15 | certification shall be made at any time on or before | ||||||
16 | March 31, 1992.
| ||||||
17 | (4) The municipality has not requested that the | ||||||
18 | total initial
equalized assessed value of real | ||||||
19 | property be adjusted as provided in
subsection (b) of | ||||||
20 | Section 11-74.4-9.
| ||||||
21 | The conditions of paragraphs (1) through (4) do not | ||||||
22 | apply after December
31, 1999 to payments to a municipal | ||||||
23 | treasurer
made by a county with 3,000,000 or more | ||||||
24 | inhabitants that has adopted an
estimated billing | ||||||
25 | procedure for collecting taxes.
If a county that has | ||||||
26 | adopted the estimated billing
procedure makes an erroneous |
| |||||||
| |||||||
1 | overpayment of tax revenue to the municipal
treasurer, then | ||||||
2 | the county may seek a refund of that overpayment.
The | ||||||
3 | county shall send the municipal treasurer a notice of | ||||||
4 | liability for the
overpayment on or before the mailing date | ||||||
5 | of the next real estate tax bill
within the county. The | ||||||
6 | refund shall be limited to the amount of the
overpayment.
| ||||||
7 | It is the intent of this Division that after the | ||||||
8 | effective date of this
amendatory Act of 1988 a | ||||||
9 | municipality's own ad valorem
tax arising from levies on | ||||||
10 | taxable real property be included in the
determination of | ||||||
11 | incremental revenue in the manner provided in paragraph
(c) | ||||||
12 | of Section 11-74.4-9. If the municipality does not extend | ||||||
13 | such a tax,
it shall annually deposit in the municipality's | ||||||
14 | Special Tax Increment Fund
an amount equal to 10% of the | ||||||
15 | total contributions to the fund from all
other taxing | ||||||
16 | districts in that year. The annual 10% deposit required by
| ||||||
17 | this paragraph shall be limited to the actual amount of | ||||||
18 | municipally
produced incremental tax revenues available to | ||||||
19 | the municipality from
taxpayers located in the | ||||||
20 | redevelopment project area in that year if:
(a) the plan | ||||||
21 | for the area restricts the use of the property primarily to
| ||||||
22 | industrial purposes, (b) the municipality establishing the | ||||||
23 | redevelopment
project area is a home-rule community with a | ||||||
24 | 1990 population of between
25,000 and 50,000, (c) the | ||||||
25 | municipality is wholly located within a county
with a 1990 | ||||||
26 | population of over 750,000 and (d) the redevelopment |
| |||||||
| |||||||
1 | project
area was established by the municipality prior to | ||||||
2 | June 1, 1990. This
payment shall be in lieu of a | ||||||
3 | contribution of ad valorem taxes on real
property. If no | ||||||
4 | such payment is made, any redevelopment project area of the
| ||||||
5 | municipality shall be dissolved.
| ||||||
6 | If a municipality has adopted tax increment allocation | ||||||
7 | financing by ordinance
and the County Clerk thereafter | ||||||
8 | certifies the "total initial equalized assessed
value as | ||||||
9 | adjusted" of the taxable real property within such | ||||||
10 | redevelopment
project area in the manner provided in | ||||||
11 | paragraph (b) of Section 11-74.4-9,
each year after the | ||||||
12 | date of the certification of the total initial equalized
| ||||||
13 | assessed value as adjusted until redevelopment project | ||||||
14 | costs and all
municipal obligations financing | ||||||
15 | redevelopment project costs have been paid
the ad valorem | ||||||
16 | taxes, if any, arising from the levies upon the taxable | ||||||
17 | real
property in such redevelopment project area by taxing | ||||||
18 | districts and tax
rates determined in the manner provided | ||||||
19 | in paragraph (c) of Section
11-74.4-9 shall be divided as | ||||||
20 | follows, provided, however, that with respect to any | ||||||
21 | redevelopment project area located within a transit | ||||||
22 | facility improvement area established pursuant to Section | ||||||
23 | 11-74.4-3.3 in a municipality with a population of | ||||||
24 | 1,000,000 or more, ad valorem taxes, if any, arising from | ||||||
25 | the levies upon the taxable real property in such | ||||||
26 | redevelopment project area shall be allocated as |
| |||||||
| |||||||
1 | specifically provided in this Section:
| ||||||
2 | (1) That portion of the taxes levied upon each | ||||||
3 | taxable lot, block, tract
or parcel of real property | ||||||
4 | which is attributable to the lower of the
current | ||||||
5 | equalized assessed value or "current equalized | ||||||
6 | assessed value as
adjusted" or the initial equalized | ||||||
7 | assessed value of each such taxable lot,
block, tract, | ||||||
8 | or parcel of real property existing at the time tax | ||||||
9 | increment
financing was adopted, minus the total | ||||||
10 | current homestead exemptions under Article 15 of the | ||||||
11 | Property
Tax Code in the
redevelopment project area | ||||||
12 | shall be allocated to and when collected shall be
paid | ||||||
13 | by the county collector to the respective affected | ||||||
14 | taxing districts in the
manner required by law in the | ||||||
15 | absence of the adoption of tax increment
allocation | ||||||
16 | financing.
| ||||||
17 | (2) That portion, if any, of such taxes which is | ||||||
18 | attributable to the
increase in the current equalized | ||||||
19 | assessed valuation of each taxable lot,
block, tract, | ||||||
20 | or parcel of real property in the redevelopment project | ||||||
21 | area,
over and above the initial equalized assessed | ||||||
22 | value of each property
existing at the time tax | ||||||
23 | increment financing was adopted, minus the total
| ||||||
24 | current homestead exemptions pertaining to each piece | ||||||
25 | of property provided
by Article 15 of the Property Tax | ||||||
26 | Code
in the redevelopment
project area, shall be |
| |||||||
| |||||||
1 | allocated to and when collected shall be paid to the
| ||||||
2 | municipal Treasurer, who shall deposit said taxes into | ||||||
3 | a special fund called
the special tax allocation fund | ||||||
4 | of the municipality for the purpose of paying
| ||||||
5 | redevelopment project costs and obligations incurred | ||||||
6 | in the payment thereof.
| ||||||
7 | The municipality may pledge in the ordinance the funds | ||||||
8 | in and to be
deposited in the special tax allocation fund | ||||||
9 | for the payment of such costs
and obligations. No part of | ||||||
10 | the current equalized assessed valuation of
each property | ||||||
11 | in the redevelopment project area attributable to any
| ||||||
12 | increase above the total initial equalized assessed value, | ||||||
13 | or the total
initial equalized assessed value as adjusted, | ||||||
14 | of such properties shall be
used in calculating the general | ||||||
15 | State aid formula, provided for in
Section 18-8 of the | ||||||
16 | School Code, or the evidence-based funding formula, | ||||||
17 | provided for in Section 18-8.15 of the School Code, until | ||||||
18 | such time as all redevelopment
project costs have been paid | ||||||
19 | as provided for in this Section.
| ||||||
20 | Whenever a municipality issues bonds for the purpose of | ||||||
21 | financing
redevelopment project costs, such municipality | ||||||
22 | may provide by ordinance for the
appointment of a trustee, | ||||||
23 | which may be any trust company within the State,
and for | ||||||
24 | the establishment of such funds or accounts to be | ||||||
25 | maintained by
such trustee as the municipality shall deem | ||||||
26 | necessary to provide for the
security and payment of the |
| |||||||
| |||||||
1 | bonds. If such municipality provides for
the appointment of | ||||||
2 | a trustee, such trustee shall be considered the assignee
of | ||||||
3 | any payments assigned by the municipality pursuant to such | ||||||
4 | ordinance
and this Section. Any amounts paid to such | ||||||
5 | trustee as assignee shall be
deposited in the funds or | ||||||
6 | accounts established pursuant to such trust
agreement, and | ||||||
7 | shall be held by such trustee in trust for the benefit of | ||||||
8 | the
holders of the bonds, and such holders shall have a | ||||||
9 | lien on and a security
interest in such funds or accounts | ||||||
10 | so long as the bonds remain outstanding and
unpaid. Upon | ||||||
11 | retirement of the bonds, the trustee shall pay over any | ||||||
12 | excess
amounts held to the municipality for deposit in the | ||||||
13 | special tax allocation
fund.
| ||||||
14 | When such redevelopment projects costs, including | ||||||
15 | without limitation all
municipal obligations financing | ||||||
16 | redevelopment project costs incurred under
this Division, | ||||||
17 | have been paid, all surplus funds then remaining in the
| ||||||
18 | special tax allocation fund shall be distributed
by being | ||||||
19 | paid by the
municipal treasurer to the Department of | ||||||
20 | Revenue, the municipality and the
county collector; first | ||||||
21 | to the Department of Revenue and the municipality
in direct | ||||||
22 | proportion to the tax incremental revenue received from the | ||||||
23 | State
and the municipality, but not to exceed the total | ||||||
24 | incremental revenue received
from the State or the | ||||||
25 | municipality less any annual surplus distribution
of | ||||||
26 | incremental revenue previously made; with any remaining |
| |||||||
| |||||||
1 | funds to be paid
to the County Collector who shall | ||||||
2 | immediately thereafter pay said funds to
the taxing | ||||||
3 | districts in the redevelopment project area in the same | ||||||
4 | manner
and proportion as the most recent distribution by | ||||||
5 | the county collector to
the affected districts of real | ||||||
6 | property taxes from real property in the
redevelopment | ||||||
7 | project area.
| ||||||
8 | Upon the payment of all redevelopment project costs, | ||||||
9 | the retirement of
obligations, the distribution of any | ||||||
10 | excess monies pursuant to this
Section, and final closing | ||||||
11 | of the books and records of the redevelopment
project
area, | ||||||
12 | the municipality , if it has not already done so, shall | ||||||
13 | adopt an ordinance dissolving the special
tax allocation | ||||||
14 | fund for the redevelopment project area and terminating the
| ||||||
15 | designation of the redevelopment project area as a | ||||||
16 | redevelopment project
area.
Title to real or personal | ||||||
17 | property and public improvements
acquired
by or for
the
| ||||||
18 | municipality as a result of the redevelopment project and | ||||||
19 | plan shall vest in
the
municipality when acquired and shall | ||||||
20 | continue to be held by the municipality
after the | ||||||
21 | redevelopment project area has been terminated.
| ||||||
22 | Municipalities shall notify affected taxing districts | ||||||
23 | prior to
July 1 November 1 if the redevelopment project | ||||||
24 | area is to be terminated by December 31
of
that same year. | ||||||
25 | If a municipality extends estimated dates of completion of | ||||||
26 | a
redevelopment project and retirement of obligations to |
| |||||||
| |||||||
1 | finance a
redevelopment project, as allowed by this | ||||||
2 | amendatory Act of 1993, that
extension shall not extend the | ||||||
3 | property tax increment allocation financing
authorized by | ||||||
4 | this Section. Thereafter the rates of the taxing districts
| ||||||
5 | shall be extended and taxes levied, collected and | ||||||
6 | distributed in the manner
applicable in the absence of the | ||||||
7 | adoption of tax increment allocation
financing.
| ||||||
8 | After the effective date of this amendatory Act of the | ||||||
9 | 101st General Assembly, any new ordinance adopting tax | ||||||
10 | increment financing in a redevelopment project area shall | ||||||
11 | specify a date for the dissolution of the special tax | ||||||
12 | allocation fund for the redevelopment project area and a | ||||||
13 | date for the termination of the designation of the | ||||||
14 | redevelopment project area as a redevelopment project | ||||||
15 | area. The municipality may amend the ordinance at any time | ||||||
16 | to change the date of termination. No later than 90 days | ||||||
17 | after the effective date of this amendatory Act of the | ||||||
18 | 101st General Assembly, each municipality shall amend all | ||||||
19 | existing tax increment financing ordinances to specify a | ||||||
20 | date for the dissolution of the special tax allocation fund | ||||||
21 | for the redevelopment project area and a date for | ||||||
22 | termination of the designation of the redevelopment | ||||||
23 | project area as a redevelopment project area. The date of | ||||||
24 | termination as originally designated or designated by the | ||||||
25 | amendment of the ordinance shall be consistent with the | ||||||
26 | terms of Section 11-74.4-3.5. |
| |||||||
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1 | If a municipality with a population of 1,000,000 or | ||||||
2 | more has adopted by ordinance tax increment allocation | ||||||
3 | financing for a redevelopment project area located in a | ||||||
4 | transit facility improvement area established pursuant to | ||||||
5 | Section 11-74.4-3.3, for each year after the effective date | ||||||
6 | of the ordinance until redevelopment project costs and all | ||||||
7 | municipal obligations financing redevelopment project | ||||||
8 | costs have been paid, the ad valorem taxes, if any, arising | ||||||
9 | from the levies upon the taxable real property in that | ||||||
10 | redevelopment project area by taxing districts and tax | ||||||
11 | rates determined in the manner provided in paragraph (c) of | ||||||
12 | Section 11-74.4-9 shall be divided as follows: | ||||||
13 | (1) That portion of the taxes levied upon each | ||||||
14 | taxable lot, block, tract or parcel of real property | ||||||
15 | which is attributable to the lower of (i) the current | ||||||
16 | equalized assessed value or "current equalized | ||||||
17 | assessed value as adjusted" or (ii) the initial | ||||||
18 | equalized assessed value of each such taxable lot, | ||||||
19 | block, tract, or parcel of real property existing at | ||||||
20 | the time tax increment financing was adopted, minus the | ||||||
21 | total current homestead exemptions under Article 15 of | ||||||
22 | the Property Tax Code in the redevelopment project area | ||||||
23 | shall be allocated to and when collected shall be paid | ||||||
24 | by the county collector to the respective affected | ||||||
25 | taxing districts in the manner required by law in the | ||||||
26 | absence of the adoption of tax increment allocation |
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1 | financing. | ||||||
2 | (2) That portion, if any, of such taxes which is | ||||||
3 | attributable to the increase in the current equalized | ||||||
4 | assessed valuation of each taxable lot, block, tract, | ||||||
5 | or parcel of real property in the redevelopment project | ||||||
6 | area, over and above the initial equalized assessed | ||||||
7 | value of each property existing at the time tax | ||||||
8 | increment financing was adopted, minus the total | ||||||
9 | current homestead exemptions pertaining to each piece | ||||||
10 | of property provided by Article 15 of the Property Tax | ||||||
11 | Code in the redevelopment project area, shall be | ||||||
12 | allocated to and when collected shall be paid by the | ||||||
13 | county collector as follows: | ||||||
14 | (A) First, that portion which would be payable | ||||||
15 | to a school district whose boundaries are | ||||||
16 | coterminous with such municipality in the absence | ||||||
17 | of the adoption of tax increment allocation | ||||||
18 | financing, shall be paid to such school district in | ||||||
19 | the manner required by law in the absence of the | ||||||
20 | adoption of tax increment allocation financing; | ||||||
21 | then | ||||||
22 | (B) 80% of the remaining portion shall be paid | ||||||
23 | to the municipal Treasurer, who shall deposit said | ||||||
24 | taxes into a special fund called the special tax | ||||||
25 | allocation fund of the municipality for the | ||||||
26 | purpose of paying redevelopment project costs and |
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1 | obligations incurred in the payment thereof; and | ||||||
2 | then | ||||||
3 | (C) 20% of the remaining portion shall be paid | ||||||
4 | to the respective affected taxing districts, other | ||||||
5 | than the school district described in clause (a) | ||||||
6 | above, in the manner required by law in the absence | ||||||
7 | of the adoption of tax increment allocation | ||||||
8 | financing. | ||||||
9 | Nothing in this Section shall be construed as relieving | ||||||
10 | property in such
redevelopment project areas from being | ||||||
11 | assessed as provided in the Property
Tax Code or as relieving | ||||||
12 | owners of such property from paying a uniform rate of
taxes, as | ||||||
13 | required by Section 4 of Article IX of the Illinois | ||||||
14 | Constitution.
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15 | (Source: P.A. 99-792, eff. 8-12-16; 100-465, eff. 8-31-17.)
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