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Illinois House Bill HB2642

Illinois 2025-2026 Regular Session

Illinois House Bill HB2642 Compare Versions

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11 104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB2642 Introduced , by Rep. Martin McLaughlin SYNOPSIS AS INTRODUCED: 35 ILCS 200/18-185 Amends the Property Tax Extension Limitation Law in the Property Tax Code. Provides that the limiting rate shall be calculated using the highest aggregate extension from any year in which the taxing district was subject to the Property Tax Extension Limitation Law (currently, the last 3 preceding levy years). Provides that an aggregate extension established for a levy year in which the taxing district was authorized to temporarily increase its limiting rate or its extension limitation may not be used. LRB104 09746 HLH 19812 b A BILL FOR 104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB2642 Introduced , by Rep. Martin McLaughlin SYNOPSIS AS INTRODUCED: 35 ILCS 200/18-185 35 ILCS 200/18-185 Amends the Property Tax Extension Limitation Law in the Property Tax Code. Provides that the limiting rate shall be calculated using the highest aggregate extension from any year in which the taxing district was subject to the Property Tax Extension Limitation Law (currently, the last 3 preceding levy years). Provides that an aggregate extension established for a levy year in which the taxing district was authorized to temporarily increase its limiting rate or its extension limitation may not be used. LRB104 09746 HLH 19812 b LRB104 09746 HLH 19812 b A BILL FOR
22 104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB2642 Introduced , by Rep. Martin McLaughlin SYNOPSIS AS INTRODUCED:
33 35 ILCS 200/18-185 35 ILCS 200/18-185
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55 Amends the Property Tax Extension Limitation Law in the Property Tax Code. Provides that the limiting rate shall be calculated using the highest aggregate extension from any year in which the taxing district was subject to the Property Tax Extension Limitation Law (currently, the last 3 preceding levy years). Provides that an aggregate extension established for a levy year in which the taxing district was authorized to temporarily increase its limiting rate or its extension limitation may not be used.
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1111 1 AN ACT concerning revenue.
1212 2 Be it enacted by the People of the State of Illinois,
1313 3 represented in the General Assembly:
1414 4 Section 5. The Property Tax Code is amended by changing
1515 5 Section 18-185 as follows:
1616 6 (35 ILCS 200/18-185)
1717 7 Sec. 18-185. Short title; definitions. This Division 5
1818 8 may be cited as the Property Tax Extension Limitation Law. As
1919 9 used in this Division 5:
2020 10 "Consumer Price Index" means the Consumer Price Index for
2121 11 All Urban Consumers for all items published by the United
2222 12 States Department of Labor.
2323 13 "Extension limitation" means (a) the lesser of 5% or the
2424 14 percentage increase in the Consumer Price Index during the
2525 15 12-month calendar year preceding the levy year or (b) the rate
2626 16 of increase approved by voters under Section 18-205.
2727 17 "Affected county" means a county of 3,000,000 or more
2828 18 inhabitants or a county contiguous to a county of 3,000,000 or
2929 19 more inhabitants.
3030 20 "Taxing district" has the same meaning provided in Section
3131 21 1-150, except as otherwise provided in this Section. For the
3232 22 1991 through 1994 levy years only, "taxing district" includes
3333 23 only each non-home rule taxing district having the majority of
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3737 104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB2642 Introduced , by Rep. Martin McLaughlin SYNOPSIS AS INTRODUCED:
3838 35 ILCS 200/18-185 35 ILCS 200/18-185
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4040 Amends the Property Tax Extension Limitation Law in the Property Tax Code. Provides that the limiting rate shall be calculated using the highest aggregate extension from any year in which the taxing district was subject to the Property Tax Extension Limitation Law (currently, the last 3 preceding levy years). Provides that an aggregate extension established for a levy year in which the taxing district was authorized to temporarily increase its limiting rate or its extension limitation may not be used.
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6868 1 its 1990 equalized assessed value within any county or
6969 2 counties contiguous to a county with 3,000,000 or more
7070 3 inhabitants. Beginning with the 1995 levy year, "taxing
7171 4 district" includes only each non-home rule taxing district
7272 5 subject to this Law before the 1995 levy year and each non-home
7373 6 rule taxing district not subject to this Law before the 1995
7474 7 levy year having the majority of its 1994 equalized assessed
7575 8 value in an affected county or counties. Beginning with the
7676 9 levy year in which this Law becomes applicable to a taxing
7777 10 district as provided in Section 18-213, "taxing district" also
7878 11 includes those taxing districts made subject to this Law as
7979 12 provided in Section 18-213.
8080 13 "Aggregate extension" for taxing districts to which this
8181 14 Law applied before the 1995 levy year means the annual
8282 15 corporate extension for the taxing district and those special
8383 16 purpose extensions that are made annually for the taxing
8484 17 district, excluding special purpose extensions: (a) made for
8585 18 the taxing district to pay interest or principal on general
8686 19 obligation bonds that were approved by referendum; (b) made
8787 20 for any taxing district to pay interest or principal on
8888 21 general obligation bonds issued before October 1, 1991; (c)
8989 22 made for any taxing district to pay interest or principal on
9090 23 bonds issued to refund or continue to refund those bonds
9191 24 issued before October 1, 1991; (d) made for any taxing
9292 25 district to pay interest or principal on bonds issued to
9393 26 refund or continue to refund bonds issued after October 1,
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104104 1 1991 that were approved by referendum; (e) made for any taxing
105105 2 district to pay interest or principal on revenue bonds issued
106106 3 before October 1, 1991 for payment of which a property tax levy
107107 4 or the full faith and credit of the unit of local government is
108108 5 pledged; however, a tax for the payment of interest or
109109 6 principal on those bonds shall be made only after the
110110 7 governing body of the unit of local government finds that all
111111 8 other sources for payment are insufficient to make those
112112 9 payments; (f) made for payments under a building commission
113113 10 lease when the lease payments are for the retirement of bonds
114114 11 issued by the commission before October 1, 1991, to pay for the
115115 12 building project; (g) made for payments due under installment
116116 13 contracts entered into before October 1, 1991; (h) made for
117117 14 payments of principal and interest on bonds issued under the
118118 15 Metropolitan Water Reclamation District Act to finance
119119 16 construction projects initiated before October 1, 1991; (i)
120120 17 made for payments of principal and interest on limited bonds,
121121 18 as defined in Section 3 of the Local Government Debt Reform
122122 19 Act, in an amount not to exceed the debt service extension base
123123 20 less the amount in items (b), (c), (e), and (h) of this
124124 21 definition for non-referendum obligations, except obligations
125125 22 initially issued pursuant to referendum; (j) made for payments
126126 23 of principal and interest on bonds issued under Section 15 of
127127 24 the Local Government Debt Reform Act; (k) made by a school
128128 25 district that participates in the Special Education District
129129 26 of Lake County, created by special education joint agreement
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140140 1 under Section 10-22.31 of the School Code, for payment of the
141141 2 school district's share of the amounts required to be
142142 3 contributed by the Special Education District of Lake County
143143 4 to the Illinois Municipal Retirement Fund under Article 7 of
144144 5 the Illinois Pension Code; the amount of any extension under
145145 6 this item (k) shall be certified by the school district to the
146146 7 county clerk; (l) made to fund expenses of providing joint
147147 8 recreational programs for persons with disabilities under
148148 9 Section 5-8 of the Park District Code or Section 11-95-14 of
149149 10 the Illinois Municipal Code; (m) made for temporary relocation
150150 11 loan repayment purposes pursuant to Sections 2-3.77 and
151151 12 17-2.2d of the School Code; (n) made for payment of principal
152152 13 and interest on any bonds issued under the authority of
153153 14 Section 17-2.2d of the School Code; (o) made for contributions
154154 15 to a firefighter's pension fund created under Article 4 of the
155155 16 Illinois Pension Code, to the extent of the amount certified
156156 17 under item (5) of Section 4-134 of the Illinois Pension Code;
157157 18 (p) made for road purposes in the first year after a township
158158 19 assumes the rights, powers, duties, assets, property,
159159 20 liabilities, obligations, and responsibilities of a road
160160 21 district abolished under the provisions of Section 6-133 of
161161 22 the Illinois Highway Code; and (q) made under Section 4 of the
162162 23 Community Mental Health Act to provide the necessary funds or
163163 24 to supplement existing funds for community mental health
164164 25 facilities and services, including facilities and services for
165165 26 the person with a developmental disability or a substance use
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176176 1 disorder; and (r) (q) made for the payment of principal and
177177 2 interest on any bonds issued under the authority of Section
178178 3 17-2.11 of the School Code or to refund or continue to refund
179179 4 those bonds.
180180 5 "Aggregate extension" for the taxing districts to which
181181 6 this Law did not apply before the 1995 levy year (except taxing
182182 7 districts subject to this Law in accordance with Section
183183 8 18-213) means the annual corporate extension for the taxing
184184 9 district and those special purpose extensions that are made
185185 10 annually for the taxing district, excluding special purpose
186186 11 extensions: (a) made for the taxing district to pay interest
187187 12 or principal on general obligation bonds that were approved by
188188 13 referendum; (b) made for any taxing district to pay interest
189189 14 or principal on general obligation bonds issued before March
190190 15 1, 1995; (c) made for any taxing district to pay interest or
191191 16 principal on bonds issued to refund or continue to refund
192192 17 those bonds issued before March 1, 1995; (d) made for any
193193 18 taxing district to pay interest or principal on bonds issued
194194 19 to refund or continue to refund bonds issued after March 1,
195195 20 1995 that were approved by referendum; (e) made for any taxing
196196 21 district to pay interest or principal on revenue bonds issued
197197 22 before March 1, 1995 for payment of which a property tax levy
198198 23 or the full faith and credit of the unit of local government is
199199 24 pledged; however, a tax for the payment of interest or
200200 25 principal on those bonds shall be made only after the
201201 26 governing body of the unit of local government finds that all
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212212 1 other sources for payment are insufficient to make those
213213 2 payments; (f) made for payments under a building commission
214214 3 lease when the lease payments are for the retirement of bonds
215215 4 issued by the commission before March 1, 1995 to pay for the
216216 5 building project; (g) made for payments due under installment
217217 6 contracts entered into before March 1, 1995; (h) made for
218218 7 payments of principal and interest on bonds issued under the
219219 8 Metropolitan Water Reclamation District Act to finance
220220 9 construction projects initiated before October 1, 1991; (h-4)
221221 10 made for stormwater management purposes by the Metropolitan
222222 11 Water Reclamation District of Greater Chicago under Section 12
223223 12 of the Metropolitan Water Reclamation District Act; (h-8) made
224224 13 for payments of principal and interest on bonds issued under
225225 14 Section 9.6a of the Metropolitan Water Reclamation District
226226 15 Act to make contributions to the pension fund established
227227 16 under Article 13 of the Illinois Pension Code; (i) made for
228228 17 payments of principal and interest on limited bonds, as
229229 18 defined in Section 3 of the Local Government Debt Reform Act,
230230 19 in an amount not to exceed the debt service extension base less
231231 20 the amount in items (b), (c), and (e) of this definition for
232232 21 non-referendum obligations, except obligations initially
233233 22 issued pursuant to referendum and bonds described in
234234 23 subsections (h) and (h-8) of this definition; (j) made for
235235 24 payments of principal and interest on bonds issued under
236236 25 Section 15 of the Local Government Debt Reform Act; (k) made
237237 26 for payments of principal and interest on bonds authorized by
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248248 1 Public Act 88-503 and issued under Section 20a of the Chicago
249249 2 Park District Act for aquarium or museum projects and bonds
250250 3 issued under Section 20a of the Chicago Park District Act for
251251 4 the purpose of making contributions to the pension fund
252252 5 established under Article 12 of the Illinois Pension Code; (l)
253253 6 made for payments of principal and interest on bonds
254254 7 authorized by Public Act 87-1191 or 93-601 and (i) issued
255255 8 pursuant to Section 21.2 of the Cook County Forest Preserve
256256 9 District Act, (ii) issued under Section 42 of the Cook County
257257 10 Forest Preserve District Act for zoological park projects, or
258258 11 (iii) issued under Section 44.1 of the Cook County Forest
259259 12 Preserve District Act for botanical gardens projects; (m) made
260260 13 pursuant to Section 34-53.5 of the School Code, whether levied
261261 14 annually or not; (n) made to fund expenses of providing joint
262262 15 recreational programs for persons with disabilities under
263263 16 Section 5-8 of the Park District Code or Section 11-95-14 of
264264 17 the Illinois Municipal Code; (o) made by the Chicago Park
265265 18 District for recreational programs for persons with
266266 19 disabilities under subsection (c) of Section 7.06 of the
267267 20 Chicago Park District Act; (p) made for contributions to a
268268 21 firefighter's pension fund created under Article 4 of the
269269 22 Illinois Pension Code, to the extent of the amount certified
270270 23 under item (5) of Section 4-134 of the Illinois Pension Code;
271271 24 (q) made by Ford Heights School District 169 under Section
272272 25 17-9.02 of the School Code; (r) made for the purpose of making
273273 26 employer contributions to the Public School Teachers' Pension
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284284 1 and Retirement Fund of Chicago under Section 34-53 of the
285285 2 School Code; and (s) made under Section 4 of the Community
286286 3 Mental Health Act to provide the necessary funds or to
287287 4 supplement existing funds for community mental health
288288 5 facilities and services, including facilities and services for
289289 6 the person with a developmental disability or a substance use
290290 7 disorder; and (t) (s) made for the payment of principal and
291291 8 interest on any bonds issued under the authority of Section
292292 9 17-2.11 of the School Code or to refund or continue to refund
293293 10 those bonds.
294294 11 "Aggregate extension" for all taxing districts to which
295295 12 this Law applies in accordance with Section 18-213, except for
296296 13 those taxing districts subject to paragraph (2) of subsection
297297 14 (e) of Section 18-213, means the annual corporate extension
298298 15 for the taxing district and those special purpose extensions
299299 16 that are made annually for the taxing district, excluding
300300 17 special purpose extensions: (a) made for the taxing district
301301 18 to pay interest or principal on general obligation bonds that
302302 19 were approved by referendum; (b) made for any taxing district
303303 20 to pay interest or principal on general obligation bonds
304304 21 issued before the date on which the referendum making this Law
305305 22 applicable to the taxing district is held; (c) made for any
306306 23 taxing district to pay interest or principal on bonds issued
307307 24 to refund or continue to refund those bonds issued before the
308308 25 date on which the referendum making this Law applicable to the
309309 26 taxing district is held; (d) made for any taxing district to
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320320 1 pay interest or principal on bonds issued to refund or
321321 2 continue to refund bonds issued after the date on which the
322322 3 referendum making this Law applicable to the taxing district
323323 4 is held if the bonds were approved by referendum after the date
324324 5 on which the referendum making this Law applicable to the
325325 6 taxing district is held; (e) made for any taxing district to
326326 7 pay interest or principal on revenue bonds issued before the
327327 8 date on which the referendum making this Law applicable to the
328328 9 taxing district is held for payment of which a property tax
329329 10 levy or the full faith and credit of the unit of local
330330 11 government is pledged; however, a tax for the payment of
331331 12 interest or principal on those bonds shall be made only after
332332 13 the governing body of the unit of local government finds that
333333 14 all other sources for payment are insufficient to make those
334334 15 payments; (f) made for payments under a building commission
335335 16 lease when the lease payments are for the retirement of bonds
336336 17 issued by the commission before the date on which the
337337 18 referendum making this Law applicable to the taxing district
338338 19 is held to pay for the building project; (g) made for payments
339339 20 due under installment contracts entered into before the date
340340 21 on which the referendum making this Law applicable to the
341341 22 taxing district is held; (h) made for payments of principal
342342 23 and interest on limited bonds, as defined in Section 3 of the
343343 24 Local Government Debt Reform Act, in an amount not to exceed
344344 25 the debt service extension base less the amount in items (b),
345345 26 (c), and (e) of this definition for non-referendum
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356356 1 obligations, except obligations initially issued pursuant to
357357 2 referendum; (i) made for payments of principal and interest on
358358 3 bonds issued under Section 15 of the Local Government Debt
359359 4 Reform Act; (j) made for a qualified airport authority to pay
360360 5 interest or principal on general obligation bonds issued for
361361 6 the purpose of paying obligations due under, or financing
362362 7 airport facilities required to be acquired, constructed,
363363 8 installed or equipped pursuant to, contracts entered into
364364 9 before March 1, 1996 (but not including any amendments to such
365365 10 a contract taking effect on or after that date); (k) made to
366366 11 fund expenses of providing joint recreational programs for
367367 12 persons with disabilities under Section 5-8 of the Park
368368 13 District Code or Section 11-95-14 of the Illinois Municipal
369369 14 Code; (l) made for contributions to a firefighter's pension
370370 15 fund created under Article 4 of the Illinois Pension Code, to
371371 16 the extent of the amount certified under item (5) of Section
372372 17 4-134 of the Illinois Pension Code; (m) made for the taxing
373373 18 district to pay interest or principal on general obligation
374374 19 bonds issued pursuant to Section 19-3.10 of the School Code;
375375 20 and (n) made under Section 4 of the Community Mental Health Act
376376 21 to provide the necessary funds or to supplement existing funds
377377 22 for community mental health facilities and services, including
378378 23 facilities and services for the person with a developmental
379379 24 disability or a substance use disorder; and (o) (n) made for
380380 25 the payment of principal and interest on any bonds issued
381381 26 under the authority of Section 17-2.11 of the School Code or to
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392392 1 refund or continue to refund those bonds.
393393 2 "Aggregate extension" for all taxing districts to which
394394 3 this Law applies in accordance with paragraph (2) of
395395 4 subsection (e) of Section 18-213 means the annual corporate
396396 5 extension for the taxing district and those special purpose
397397 6 extensions that are made annually for the taxing district,
398398 7 excluding special purpose extensions: (a) made for the taxing
399399 8 district to pay interest or principal on general obligation
400400 9 bonds that were approved by referendum; (b) made for any
401401 10 taxing district to pay interest or principal on general
402402 11 obligation bonds issued before March 7, 1997 (the effective
403403 12 date of Public Act 89-718); (c) made for any taxing district to
404404 13 pay interest or principal on bonds issued to refund or
405405 14 continue to refund those bonds issued before March 7, 1997
406406 15 (the effective date of Public Act 89-718); (d) made for any
407407 16 taxing district to pay interest or principal on bonds issued
408408 17 to refund or continue to refund bonds issued after March 7,
409409 18 1997 (the effective date of Public Act 89-718) if the bonds
410410 19 were approved by referendum after March 7, 1997 (the effective
411411 20 date of Public Act 89-718); (e) made for any taxing district to
412412 21 pay interest or principal on revenue bonds issued before March
413413 22 7, 1997 (the effective date of Public Act 89-718) for payment
414414 23 of which a property tax levy or the full faith and credit of
415415 24 the unit of local government is pledged; however, a tax for the
416416 25 payment of interest or principal on those bonds shall be made
417417 26 only after the governing body of the unit of local government
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428428 1 finds that all other sources for payment are insufficient to
429429 2 make those payments; (f) made for payments under a building
430430 3 commission lease when the lease payments are for the
431431 4 retirement of bonds issued by the commission before March 7,
432432 5 1997 (the effective date of Public Act 89-718) to pay for the
433433 6 building project; (g) made for payments due under installment
434434 7 contracts entered into before March 7, 1997 (the effective
435435 8 date of Public Act 89-718); (h) made for payments of principal
436436 9 and interest on limited bonds, as defined in Section 3 of the
437437 10 Local Government Debt Reform Act, in an amount not to exceed
438438 11 the debt service extension base less the amount in items (b),
439439 12 (c), and (e) of this definition for non-referendum
440440 13 obligations, except obligations initially issued pursuant to
441441 14 referendum; (i) made for payments of principal and interest on
442442 15 bonds issued under Section 15 of the Local Government Debt
443443 16 Reform Act; (j) made for a qualified airport authority to pay
444444 17 interest or principal on general obligation bonds issued for
445445 18 the purpose of paying obligations due under, or financing
446446 19 airport facilities required to be acquired, constructed,
447447 20 installed or equipped pursuant to, contracts entered into
448448 21 before March 1, 1996 (but not including any amendments to such
449449 22 a contract taking effect on or after that date); (k) made to
450450 23 fund expenses of providing joint recreational programs for
451451 24 persons with disabilities under Section 5-8 of the Park
452452 25 District Code or Section 11-95-14 of the Illinois Municipal
453453 26 Code; (l) made for contributions to a firefighter's pension
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464464 1 fund created under Article 4 of the Illinois Pension Code, to
465465 2 the extent of the amount certified under item (5) of Section
466466 3 4-134 of the Illinois Pension Code; and (m) made under Section
467467 4 4 of the Community Mental Health Act to provide the necessary
468468 5 funds or to supplement existing funds for community mental
469469 6 health facilities and services, including facilities and
470470 7 services for the person with a developmental disability or a
471471 8 substance use disorder; and (n) (m) made for the payment of
472472 9 principal and interest on any bonds issued under the authority
473473 10 of Section 17-2.11 of the School Code or to refund or continue
474474 11 to refund those bonds.
475475 12 "Debt service extension base" means an amount equal to
476476 13 that portion of the extension for a taxing district for the
477477 14 1994 levy year, or for those taxing districts subject to this
478478 15 Law in accordance with Section 18-213, except for those
479479 16 subject to paragraph (2) of subsection (e) of Section 18-213,
480480 17 for the levy year in which the referendum making this Law
481481 18 applicable to the taxing district is held, or for those taxing
482482 19 districts subject to this Law in accordance with paragraph (2)
483483 20 of subsection (e) of Section 18-213 for the 1996 levy year,
484484 21 constituting an extension for payment of principal and
485485 22 interest on bonds issued by the taxing district without
486486 23 referendum, but not including excluded non-referendum bonds.
487487 24 For park districts (i) that were first subject to this Law in
488488 25 1991 or 1995 and (ii) whose extension for the 1994 levy year
489489 26 for the payment of principal and interest on bonds issued by
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500500 1 the park district without referendum (but not including
501501 2 excluded non-referendum bonds) was less than 51% of the amount
502502 3 for the 1991 levy year constituting an extension for payment
503503 4 of principal and interest on bonds issued by the park district
504504 5 without referendum (but not including excluded non-referendum
505505 6 bonds), "debt service extension base" means an amount equal to
506506 7 that portion of the extension for the 1991 levy year
507507 8 constituting an extension for payment of principal and
508508 9 interest on bonds issued by the park district without
509509 10 referendum (but not including excluded non-referendum bonds).
510510 11 A debt service extension base established or increased at any
511511 12 time pursuant to any provision of this Law, except Section
512512 13 18-212, shall be increased each year commencing with the later
513513 14 of (i) the 2009 levy year or (ii) the first levy year in which
514514 15 this Law becomes applicable to the taxing district, by the
515515 16 lesser of 5% or the percentage increase in the Consumer Price
516516 17 Index during the 12-month calendar year preceding the levy
517517 18 year. The debt service extension base may be established or
518518 19 increased as provided under Section 18-212. "Excluded
519519 20 non-referendum bonds" means (i) bonds authorized by Public Act
520520 21 88-503 and issued under Section 20a of the Chicago Park
521521 22 District Act for aquarium and museum projects; (ii) bonds
522522 23 issued under Section 15 of the Local Government Debt Reform
523523 24 Act; or (iii) refunding obligations issued to refund or to
524524 25 continue to refund obligations initially issued pursuant to
525525 26 referendum.
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536536 1 "Special purpose extensions" include, but are not limited
537537 2 to, extensions for levies made on an annual basis for
538538 3 unemployment and workers' compensation, self-insurance,
539539 4 contributions to pension plans, and extensions made pursuant
540540 5 to Section 6-601 of the Illinois Highway Code for a road
541541 6 district's permanent road fund whether levied annually or not.
542542 7 The extension for a special service area is not included in the
543543 8 aggregate extension.
544544 9 "Aggregate extension base" means the taxing district's
545545 10 last preceding aggregate extension as adjusted under Sections
546546 11 18-135, 18-215, 18-230, 18-206, and 18-233. Beginning with
547547 12 levy year 2022, for taxing districts that are specified in
548548 13 Section 18-190.7, the taxing district's aggregate extension
549549 14 base shall be calculated as provided in Section 18-190.7. An
550550 15 adjustment under Section 18-135 shall be made for the 2007
551551 16 levy year and all subsequent levy years whenever one or more
552552 17 counties within which a taxing district is located (i) used
553553 18 estimated valuations or rates when extending taxes in the
554554 19 taxing district for the last preceding levy year that resulted
555555 20 in the over or under extension of taxes, or (ii) increased or
556556 21 decreased the tax extension for the last preceding levy year
557557 22 as required by Section 18-135(c). Whenever an adjustment is
558558 23 required under Section 18-135, the aggregate extension base of
559559 24 the taxing district shall be equal to the amount that the
560560 25 aggregate extension of the taxing district would have been for
561561 26 the last preceding levy year if either or both (i) actual,
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572572 1 rather than estimated, valuations or rates had been used to
573573 2 calculate the extension of taxes for the last levy year, or
574574 3 (ii) the tax extension for the last preceding levy year had not
575575 4 been adjusted as required by subsection (c) of Section 18-135.
576576 5 Notwithstanding any other provision of law, for levy year
577577 6 2012, the aggregate extension base for West Northfield School
578578 7 District No. 31 in Cook County shall be $12,654,592.
579579 8 Notwithstanding any other provision of law, for the
580580 9 purpose of calculating the limiting rate for levy year 2023,
581581 10 the last preceding aggregate extension base for Homewood
582582 11 School District No. 153 in Cook County shall be $19,535,377.
583583 12 Notwithstanding any other provision of law, for levy year
584584 13 2022, the aggregate extension base of a home equity assurance
585585 14 program that levied at least $1,000,000 in property taxes in
586586 15 levy year 2019 or 2020 under the Home Equity Assurance Act
587587 16 shall be the amount that the program's aggregate extension
588588 17 base for levy year 2021 would have been if the program had
589589 18 levied a property tax for levy year 2021.
590590 19 "Levy year" has the same meaning as "year" under Section
591591 20 1-155.
592592 21 "New property" means (i) the assessed value, after final
593593 22 board of review or board of appeals action, of new
594594 23 improvements or additions to existing improvements on any
595595 24 parcel of real property that increase the assessed value of
596596 25 that real property during the levy year multiplied by the
597597 26 equalization factor issued by the Department under Section
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608608 1 17-30, (ii) the assessed value, after final board of review or
609609 2 board of appeals action, of real property not exempt from real
610610 3 estate taxation, which real property was exempt from real
611611 4 estate taxation for any portion of the immediately preceding
612612 5 levy year, multiplied by the equalization factor issued by the
613613 6 Department under Section 17-30, including the assessed value,
614614 7 upon final stabilization of occupancy after new construction
615615 8 is complete, of any real property located within the
616616 9 boundaries of an otherwise or previously exempt military
617617 10 reservation that is intended for residential use and owned by
618618 11 or leased to a private corporation or other entity, (iii) in
619619 12 counties that classify in accordance with Section 4 of Article
620620 13 IX of the Illinois Constitution, an incentive property's
621621 14 additional assessed value resulting from a scheduled increase
622622 15 in the level of assessment as applied to the first year final
623623 16 board of review market value, and (iv) any increase in
624624 17 assessed value due to oil or gas production from an oil or gas
625625 18 well required to be permitted under the Hydraulic Fracturing
626626 19 Regulatory Act that was not produced in or accounted for
627627 20 during the previous levy year. In addition, the county clerk
628628 21 in a county containing a population of 3,000,000 or more shall
629629 22 include in the 1997 recovered tax increment value for any
630630 23 school district, any recovered tax increment value that was
631631 24 applicable to the 1995 tax year calculations.
632632 25 "Qualified airport authority" means an airport authority
633633 26 organized under the Airport Authorities Act and located in a
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644644 1 county bordering on the State of Wisconsin and having a
645645 2 population in excess of 200,000 and not greater than 500,000.
646646 3 "Recovered tax increment value" means, except as otherwise
647647 4 provided in this paragraph, the amount of the current year's
648648 5 equalized assessed value, in the first year after a
649649 6 municipality terminates the designation of an area as a
650650 7 redevelopment project area previously established under the
651651 8 Tax Increment Allocation Redevelopment Act in the Illinois
652652 9 Municipal Code, previously established under the Industrial
653653 10 Jobs Recovery Law in the Illinois Municipal Code, previously
654654 11 established under the Economic Development Project Area Tax
655655 12 Increment Act of 1995, or previously established under the
656656 13 Economic Development Area Tax Increment Allocation Act, of
657657 14 each taxable lot, block, tract, or parcel of real property in
658658 15 the redevelopment project area over and above the initial
659659 16 equalized assessed value of each property in the redevelopment
660660 17 project area. For the taxes which are extended for the 1997
661661 18 levy year, the recovered tax increment value for a non-home
662662 19 rule taxing district that first became subject to this Law for
663663 20 the 1995 levy year because a majority of its 1994 equalized
664664 21 assessed value was in an affected county or counties shall be
665665 22 increased if a municipality terminated the designation of an
666666 23 area in 1993 as a redevelopment project area previously
667667 24 established under the Tax Increment Allocation Redevelopment
668668 25 Act in the Illinois Municipal Code, previously established
669669 26 under the Industrial Jobs Recovery Law in the Illinois
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680680 1 Municipal Code, or previously established under the Economic
681681 2 Development Area Tax Increment Allocation Act, by an amount
682682 3 equal to the 1994 equalized assessed value of each taxable
683683 4 lot, block, tract, or parcel of real property in the
684684 5 redevelopment project area over and above the initial
685685 6 equalized assessed value of each property in the redevelopment
686686 7 project area. In the first year after a municipality removes a
687687 8 taxable lot, block, tract, or parcel of real property from a
688688 9 redevelopment project area established under the Tax Increment
689689 10 Allocation Redevelopment Act in the Illinois Municipal Code,
690690 11 the Industrial Jobs Recovery Law in the Illinois Municipal
691691 12 Code, or the Economic Development Area Tax Increment
692692 13 Allocation Act, "recovered tax increment value" means the
693693 14 amount of the current year's equalized assessed value of each
694694 15 taxable lot, block, tract, or parcel of real property removed
695695 16 from the redevelopment project area over and above the initial
696696 17 equalized assessed value of that real property before removal
697697 18 from the redevelopment project area.
698698 19 Except as otherwise provided in this Section, "limiting
699699 20 rate" means a fraction the numerator of which is the last
700700 21 preceding aggregate extension base times an amount equal to
701701 22 one plus the extension limitation defined in this Section and
702702 23 the denominator of which is the current year's equalized
703703 24 assessed value of all real property in the territory under the
704704 25 jurisdiction of the taxing district during the prior levy
705705 26 year. For those taxing districts that reduced their aggregate
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716716 1 extension for the last preceding levy year, except for school
717717 2 districts that reduced their extension for educational
718718 3 purposes pursuant to Section 18-206, the highest aggregate
719719 4 extension from in any of the last 3 preceding levy year in
720720 5 which the taxing district was subject to this Division (other
721721 6 than an aggregate extension established for a levy year in
722722 7 which the taxing district was authorized to temporarily
723723 8 increase its limiting rate under Section 18-190 or its
724724 9 extension limitation under Section 18-205) years shall be used
725725 10 for the purpose of computing the limiting rate. The
726726 11 denominator shall not include new property or the recovered
727727 12 tax increment value. If a new rate, a rate decrease, or a
728728 13 limiting rate increase has been approved at an election held
729729 14 after March 21, 2006, then (i) the otherwise applicable
730730 15 limiting rate shall be increased by the amount of the new rate
731731 16 or shall be reduced by the amount of the rate decrease, as the
732732 17 case may be, or (ii) in the case of a limiting rate increase,
733733 18 the limiting rate shall be equal to the rate set forth in the
734734 19 proposition approved by the voters for each of the years
735735 20 specified in the proposition, after which the limiting rate of
736736 21 the taxing district shall be calculated as otherwise provided.
737737 22 In the case of a taxing district that obtained referendum
738738 23 approval for an increased limiting rate on March 20, 2012, the
739739 24 limiting rate for tax year 2012 shall be the rate that
740740 25 generates the approximate total amount of taxes extendable for
741741 26 that tax year, as set forth in the proposition approved by the
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