Bill Text: IL SB3564 | 2013-2014 | 98th General Assembly | Introduced

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Bill Title: Amends the Property Tax Extension Limitation Law in the Property Tax Code. Provides that a district's aggregate extension base shall be modified by certain recaptured amounts. Provides that a taxing district may seek voter approval before it decreases its aggregate extension for one or more levy years.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2015-01-13 - Session Sine Die [SB3564 Detail]

Download: Illinois-2013-SB3564-Introduced.html

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98TH GENERAL ASSEMBLY State of Illinois 2013 and 2014 SB3564 Introduced 2/14/2014, by Sen. Don Harmon SYNOPSIS AS INTRODUCED:
35 ILCS 200/18-185
35 ILCS 200/18-205.5 new
Amends the Property Tax Extension Limitation Law in the Property Tax Code. Provides that a district's aggregate extension base shall be modified by certain recaptured amounts. Provides that a taxing district may seek voter approval before it decreases its aggregate extension for one or more levy years.
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FISCAL NOTE ACT MAY APPLY HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY
A BILL FOR
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AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Property Tax Code is amended by changing
Section 18-185 and by adding Section 18-205.5 as follows:
(35 ILCS 200/18-185)
Sec. 18-185. Short title; definitions. This Division 5 may
be cited as the Property Tax Extension Limitation Law. As used
in this Division 5:
"Consumer Price Index" means the Consumer Price Index for
All Urban Consumers for all items published by the United
States Department of Labor.
"Extension limitation" means (a) the lesser of 5% or the
percentage increase in the Consumer Price Index during the
12-month calendar year preceding the levy year or (b) the rate
of increase approved by voters under Section 18-205.
"Affected county" means a county of 3,000,000 or more
inhabitants or a county contiguous to a county of 3,000,000 or
more inhabitants.
"Taxing district" has the same meaning provided in Section
1-150, except as otherwise provided in this Section. For the
1991 through 1994 levy years only, "taxing district" includes
only each non-home rule taxing district having the majority of

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its 1990 equalized assessed value within any county or counties
contiguous to a county with 3,000,000 or more inhabitants.
Beginning with the 1995 levy year, "taxing district" includes
only each non-home rule taxing district subject to this Law
before the 1995 levy year and each non-home rule taxing
district not subject to this Law before the 1995 levy year
having the majority of its 1994 equalized assessed value in an
affected county or counties. Beginning 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.
"Aggregate extension" for taxing districts to which this
Law applied before the 1995 levy year 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: (a) made for
the taxing district to pay interest or principal on general
obligation bonds that were approved by referendum; (b) made for
any taxing district to pay interest or principal on general
obligation bonds issued before October 1, 1991; (c) made for
any taxing district to pay interest or principal on bonds
issued to refund or continue to refund those bonds issued
before October 1, 1991; (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

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referendum; (e) made for any taxing district to pay interest or
principal on revenue bonds issued before October 1, 1991 for
payment of which a property tax levy or the full faith and
credit of the unit of local government is pledged; however, a
tax for the payment of interest or principal on those bonds
shall be made only after the governing body of the unit of
local government finds that all other sources for payment are
insufficient to make those payments; (f) made for payments
under a building commission lease when the lease payments are
for the retirement of bonds issued by the commission before
October 1, 1991, to pay for the building project; (g) made for
payments due under installment contracts entered into before
October 1, 1991; (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, 1991; (i) 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), (e), and (h) of this definition for non-referendum
obligations, except obligations initially issued pursuant to
referendum; (j) made for payments of principal and interest on
bonds issued under Section 15 of the Local Government Debt
Reform Act; (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

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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; the amount
of any extension under this item (k) shall be certified by the
school district to the county clerk; (l) made to fund expenses
of providing joint recreational programs for the handicapped
under Section 5-8 of the Park District Code or Section 11-95-14
of the Illinois Municipal Code; (m) made for temporary
relocation loan repayment purposes pursuant to Sections 2-3.77
and 17-2.2d of the School Code; (n) made for payment of
principal and interest on any bonds issued under the authority
of Section 17-2.2d of the School Code; (o) made for
contributions to a firefighter's pension fund created under
Article 4 of the Illinois Pension Code, to the extent of the
amount certified under item (5) of Section 4-134 of the
Illinois Pension Code; and (p) made for road purposes in the
first year after a township assumes the rights, powers, duties,
assets, property, liabilities, obligations, and
responsibilities of a road district abolished under the
provisions of Section 6-133 of the Illinois Highway 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

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annually for the taxing district, excluding special purpose
extensions: (a) made for the taxing district to pay interest or
principal on general obligation bonds that were approved by
referendum; (b) made for any taxing district to pay interest or
principal on general obligation bonds issued before March 1,
1995; (c) made for any taxing district to pay interest or
principal on bonds issued to refund or continue to refund those
bonds issued before March 1, 1995; (d) made for any taxing
district to pay interest or principal on bonds issued to refund
or continue to refund bonds issued after March 1, 1995 that
were approved by referendum; (e) made for 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; however, a tax for the payment of interest or
principal on those bonds shall be made only after the governing
body of the unit of local government finds that all other
sources for payment are insufficient to make those payments;
(f) made for payments under a building commission lease when
the lease payments are for the retirement of bonds issued by
the commission before March 1, 1995 to pay for the building
project; (g) made for payments due under installment contracts
entered into before March 1, 1995; (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, 1991; (h-4) made for

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stormwater management purposes by the Metropolitan Water
Reclamation District of Greater Chicago under Section 12 of the
Metropolitan Water Reclamation District Act; (i) 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 this definition for
non-referendum obligations, except obligations initially
issued pursuant to referendum and bonds described in subsection
(h) of this definition; (j) made for payments of principal and
interest on bonds issued under Section 15 of the Local
Government Debt Reform Act; (k) made for payments of principal
and interest on bonds authorized by Public Act 88-503 and
issued under Section 20a of the Chicago Park District Act for
aquarium or museum projects; (l) made for payments of principal
and interest on bonds authorized by Public Act 87-1191 or
93-601 and (i) issued pursuant to Section 21.2 of the Cook
County Forest Preserve District Act, (ii) issued under Section
42 of the Cook County Forest Preserve District Act for
zoological park projects, or (iii) issued under Section 44.1 of
the Cook County Forest Preserve District Act for botanical
gardens projects; (m) made pursuant to Section 34-53.5 of the
School Code, whether levied annually or not; (n) made to fund
expenses of providing joint recreational programs for the
handicapped under Section 5-8 of the Park District Code or
Section 11-95-14 of the Illinois Municipal Code; (o) made by

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the Chicago Park District for recreational programs for the
handicapped under subsection (c) of Section 7.06 of the Chicago
Park District Act; (p) made for contributions to a
firefighter's pension fund created under Article 4 of the
Illinois Pension Code, to the extent of the amount certified
under item (5) of Section 4-134 of the Illinois Pension Code;
and (q) made by Ford Heights School District 169 under Section
17-9.02 of the School Code.
"Aggregate extension" for all taxing districts to which
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: (a) made for the taxing district to pay
interest or principal on general obligation bonds that were
approved by referendum; (b) made for any taxing district to pay
interest or principal on general obligation bonds issued before
the date on which the referendum making this Law applicable to
the taxing district is held; (c) made for any taxing district
to pay interest or principal on bonds issued to refund or
continue to refund those bonds issued before the date on which
the referendum making this Law applicable to the taxing
district is held; (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

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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; (e) made for any taxing district to pay
interest or principal on revenue bonds issued before the date
on which the referendum making this Law applicable to the
taxing district is held for payment of which a property tax
levy or the full faith and credit of the unit of local
government is pledged; however, a tax for the payment of
interest or principal on those bonds shall be made only after
the governing body of the unit of local government finds that
all other sources for payment are insufficient to make those
payments; (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 the building project; (g) made for payments due
under installment contracts entered into before the date on
which the referendum making this Law applicable to the taxing
district is held; (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 this definition for non-referendum obligations, except
obligations initially issued pursuant to referendum; (i) made
for payments of principal and interest on bonds issued under

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Section 15 of the Local Government Debt Reform Act; (j) made
for a qualified airport authority to pay interest or principal
on general obligation bonds issued for the purpose of paying
obligations due under, or financing airport facilities
required to be acquired, constructed, installed or equipped
pursuant to, contracts entered into before March 1, 1996 (but
not including any amendments to such a contract taking effect
on or after that date); (k) made to fund expenses of providing
joint recreational programs for the handicapped under Section
5-8 of the Park District Code or Section 11-95-14 of the
Illinois Municipal Code; (l) made for contributions to a
firefighter's pension fund created under Article 4 of the
Illinois Pension Code, to the extent of the amount certified
under item (5) of Section 4-134 of the Illinois Pension Code;
and (m) made for the taxing district to pay interest or
principal on general obligation bonds issued pursuant to
Section 19-3.10 of the School Code.
"Aggregate extension" for all taxing districts to which
this Law applies in accordance with 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: (a) made for the taxing district to pay
interest or principal on general obligation bonds that were
approved by referendum; (b) made for any taxing district to pay
interest or principal on general obligation bonds issued before

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the effective date of this amendatory Act of 1997; (c) made for
any taxing district to pay interest or principal on bonds
issued to refund or continue to refund those bonds issued
before the effective date of this amendatory Act of 1997; (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 date of this amendatory Act of 1997 if the bonds
were approved by referendum after the effective date of this
amendatory Act of 1997; (e) made for any taxing district to pay
interest or principal on revenue bonds issued before the
effective date of this amendatory Act of 1997 for payment of
which a property tax levy or the full faith and credit of the
unit of local government is pledged; however, a tax for the
payment of interest or principal on those bonds shall be made
only after the governing body of the unit of local government
finds that all other sources for payment are insufficient to
make those payments; (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 effective date of
this amendatory Act of 1997 to pay for the building project;
(g) made for payments due under installment contracts entered
into before 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

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this definition for non-referendum obligations, except
obligations initially issued pursuant to referendum; (i) made
for payments of principal and interest on bonds issued under
Section 15 of the Local Government Debt Reform Act; (j) made
for a qualified airport authority to pay interest or principal
on general obligation bonds issued for the purpose of paying
obligations due under, or financing airport facilities
required to be acquired, constructed, installed or equipped
pursuant to, contracts entered into before March 1, 1996 (but
not including any amendments to such a contract taking effect
on or after that date); (k) made to fund expenses of providing
joint recreational programs for the handicapped under Section
5-8 of the Park District Code or Section 11-95-14 of the
Illinois Municipal Code; and (l) made for contributions to a
firefighter's pension fund created under Article 4 of the
Illinois Pension Code, to the extent of the amount certified
under item (5) of Section 4-134 of the Illinois Pension Code.
"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

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extension for payment of principal and interest on bonds issued
by the taxing district without referendum, but not including
excluded non-referendum bonds. For park districts (i) that were
first subject to this Law in 1991 or 1995 and (ii) whose
extension for the 1994 levy year for the payment of principal
and interest on bonds issued by the park district without
referendum (but not including excluded non-referendum bonds)
was less than 51% of the amount for the 1991 levy year
constituting an extension for payment of principal and interest
on bonds issued by the park district without referendum (but
not including excluded non-referendum bonds), "debt service
extension base" means an amount equal to that portion of the
extension for the 1991 levy year constituting an extension for
payment of principal and interest on bonds issued by the park
district without referendum (but not including excluded
non-referendum bonds). A debt service extension base
established or increased at any time pursuant to any provision
of this Law, except Section 18-212, shall be increased each
year commencing with the later of (i) the 2009 levy year or
(ii) the first levy year in which this Law becomes applicable
to the taxing district, by the lesser of 5% or the percentage
increase in the Consumer Price Index during the 12-month
calendar year preceding the levy year. The debt service
extension base may be established or increased as provided
under Section 18-212. "Excluded non-referendum bonds" means
(i) bonds authorized by Public Act 88-503 and issued under

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Section 20a of the Chicago Park District Act for aquarium and
museum projects; (ii) bonds issued under Section 15 of the
Local Government Debt Reform Act; or (iii) refunding
obligations issued to refund or to continue to refund
obligations initially issued pursuant to referendum.
"Special purpose extensions" include, but are not limited
to, extensions for levies made on an annual basis for
unemployment and workers' compensation, self-insurance,
contributions to pension plans, and extensions made pursuant to
Section 6-601 of the Illinois Highway Code for a road
district's permanent road fund whether levied annually or not.
The extension for a special service area is not included in the
aggregate extension.
"Aggregate extension base" means: (i) for levy years before
2015, the taxing district's last preceding aggregate extension
as adjusted under Sections 18-135, 18-215, and 18-230; and (ii)
for levy years 2015 and later, the district's modified
aggregate extension base. An adjustment under Section 18-135
shall be made for the 2007 levy year and all subsequent levy
years whenever one or more counties within which a taxing
district is located (i) used estimated valuations or rates when
extending taxes in the taxing district for the last preceding
levy year that resulted in the over or under extension of
taxes, or (ii) increased or decreased the tax extension for the
last preceding levy year as required by Section 18-135(c).
Whenever an adjustment is required under Section 18-135, the

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aggregate extension base of the taxing district shall be equal
to the amount that the aggregate extension of the taxing
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.
"Aggregate extension limit" means: (i) for the 2015 levy
year, the equalized assessed value of the district in the 2014
levy year multiplied by the 2014 limiting rate; and (ii) for
the 2016 levy year and thereafter, the previous levy year's
maximum limiting rate multiplied by the equalized assessed
value of the district in the previous levy year.
"Modified aggregate extension base" means the preceding
year's aggregate extension, as adjusted under Sections 18-135,
18-215, and 18-230, plus the recapture aggregate extension
base.
"Recaptured aggregate extension base" means one-third of
the difference between the aggregate extension limit and the
previous year's aggregate extension.
"Maximum limiting rate" means a fraction the numerator of
which is the aggregate extension limit 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
assessed value of all real property in the territory under the

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jurisdiction of the taxing district during the prior levy year.
The denominator shall not include new property or the recovered
tax increment value.
Notwithstanding any other provision of law, for levy year
2012, the aggregate extension base for West Northfield School
District No. 31 in Cook County shall be $12,654,592.
"Levy year" has the same meaning as "year" under Section
1-155.
"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, (iii) in counties that classify in accordance
with Section 4 of Article IX of the Illinois Constitution, an

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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, and (iv) any
increase in assessed value due to oil or gas production from an
oil or gas well required to be permitted under the Hydraulic
Fracturing Regulatory Act that was not produced in or accounted
for during the previous levy year. In addition, the county
clerk in a county containing a population of 3,000,000 or more
shall include in the 1997 recovered tax increment value for any
school district, any recovered tax increment value that was
applicable to the 1995 tax year calculations.
"Qualified airport authority" means an airport authority
organized under the Airport Authorities Act and located in a
county bordering on the State of Wisconsin and having a
population in excess of 200,000 and not greater than 500,000.
"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

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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. For 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. 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

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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
removal from 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 assessed
value of all real property in the territory under the
jurisdiction of the taxing district during the prior levy year.
If a decrease in the district's aggregate extension has been
approved by referendum on or after January 1, 2015, then, for
the year for which the decrease has been approved, the limiting
rate for that district shall be a fraction, the numerator of
which is the difference between (i) the last preceding
aggregate extension base times an amount equal to one plus the
extension limitation defined in this Section and (ii) the
amount of the decrease approved by referendum under Section
18-190.3 of this Law, and the denominator of which is the
current year's equalized assessed value of all real property in
the territory under the jurisdiction of the taxing district
during the prior levy year. For those taxing districts that
reduced their aggregate extension for the last preceding levy
year, the highest aggregate extension in any of the last 3
preceding levy years shall be used for the purpose of computing

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the limiting rate. The denominator shall not include new
property or the recovered tax increment value. If a new rate, a
rate decrease, or a limiting rate increase has been approved at
an election held after March 21, 2006, then (i) the otherwise
applicable limiting rate shall be increased by the amount of
the new rate or shall be reduced by the amount of the rate
decrease, as the case may be, or (ii) in the case of a limiting
rate increase, the limiting rate shall be equal to the rate set
forth in the proposition approved by the voters for each of the
years specified in the proposition, after which the limiting
rate of the taxing district shall be calculated as otherwise
provided. 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 generates the approximate total amount of taxes extendable
for that tax year, as set forth in the proposition approved by
the voters; this rate shall be the final rate applied by the
county clerk for the aggregate of all capped funds of the
district for tax year 2012.
(Source: P.A. 97-611, eff. 1-1-12; 97-1154, eff. 1-25-13; 98-6,
eff. 3-29-13; 98-23, eff. 6-17-13.)
(35 ILCS 200/18-205.5 new)
Sec. 18-205.5. Referendum to decrease the aggregate
extension.
(a) Notwithstanding any other provision of law, a taxing

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district may seek voter approval before it decreases its
aggregate extension for one or more levy years if that taxing
district holds a referendum before the levy date for the first
levy year at which a majority of voters voting on the issue
approves adoption of a lower aggregate extension. Referenda
shall be conducted at a regularly scheduled election in
accordance with the Election Code. The question shall be
presented in substantially the following manner:
Shall the aggregate extension under the Property Tax
Extension Limitation Law for (insert the legal name,
number, if any, and county or counties of the taxing
district and geographic or other common name by which a
school or community college district is known and referred
to), Illinois, be reduced by (the amount of decrease
sought) for (insert each levy year for which the decreased
aggregate extension will apply)?
(b) The votes must be recorded as "Yes" or "No".
The ballot for any proposition submitted pursuant to this
Section shall have printed thereon, but not as a part of the
proposition submitted, only the following supplemental
information (which shall be supplied to the election authority
by the taxing district) in substantially the following form:
"(1) The amount of taxes extended which were subject to
the Property Tax Cap (Property Tax Extension Limitation
Law) in levy year (insert most recent levy year) was
(insert the most recent levy year's aggregate extension

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base). If the proposition is not approved, then the taxing
district may decrease its extension by the lesser of 5% or
the percentage increase in the Consumer Price Index during
the 12-month calendar year preceding (insert levy year). If
the proposition is approved, then the taxing district may
decrease its extension in levy year (insert levy year) by
(insert the amount of decrease sought).
(2) For the...(insert levy year for which the decrease
will be applicable) levy year, the approximate amount of
the additional tax extendable against property containing
a single family residence and having a fair market value at
the time of the referendum of $100,000 is estimated to be
(insert amount).".
The approximate amount of the reduced taxes extendable
shown in paragraph (2) shall be calculated by multiplying
$100,000 (the fair market value of the property without regard
to any property tax exemptions) by (i) the percentage level of
assessment prescribed for that property by statute, or by
ordinance of the county board in counties that classify
property for purposes of taxation in accordance with Section 4
of Article IX of the Illinois Constitution; (ii) the most
recent final equalization factor certified to the county clerk
by the Department of Revenue at the time the taxing district
initiates the submission of the proposition to the electors;
and (iii) the decrease in the aggregate extension proposed in
the question; and dividing the result by the last known

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equalized assessed value of the taxing district at the time the
submission of the question is initiated by the taxing district.
Any notice required to be published in connection with the
submission of the proposition shall also contain this
supplemental information and shall not contain any other
supplemental information regarding the proposition. Any error,
miscalculation, or inaccuracy in computing any amount set forth
on the ballot and in the notice that is not deliberate shall
not invalidate or affect the validity of any proposition
approved. Notice of the referendum shall be published and
posted as otherwise required by law, and the submission of the
proposition shall be initiated as provided by law.
If a majority of all ballots cast on the proposition are in
favor of the proposition, then the district may increase its
aggregate extension as provided in the referendum.