Illinois 2025-2026 Regular Session

Illinois House Bill HB2720 Compare Versions

Only one version of the bill is available at this time.

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1	1	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB2720 Introduced , by Rep. Suzanne M. Ness SYNOPSIS AS INTRODUCED: 35 ILCS 200/18-185 Amends the Property Tax Extension Limitation Law in the Property Tax Code. Provides that special purpose levies made for the purpose of funding a Veterans Assistance Commission are not included in a taxing district's aggregate extension. LRB104 07520 HLH 17564 b A BILL FOR 104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB2720 Introduced , by Rep. Suzanne M. Ness 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 special purpose levies made for the purpose of funding a Veterans Assistance Commission are not included in a taxing district's aggregate extension. LRB104 07520 HLH 17564 b LRB104 07520 HLH 17564 b A BILL FOR
2	2	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB2720 Introduced , by Rep. Suzanne M. Ness SYNOPSIS AS INTRODUCED:
3	3	35 ILCS 200/18-185 35 ILCS 200/18-185
4	4	35 ILCS 200/18-185
5	5	Amends the Property Tax Extension Limitation Law in the Property Tax Code. Provides that special purpose levies made for the purpose of funding a Veterans Assistance Commission are not included in a taxing district's aggregate extension.
6	6	LRB104 07520 HLH 17564 b LRB104 07520 HLH 17564 b
7	7	LRB104 07520 HLH 17564 b
8	8	A BILL FOR
9	9	HB2720LRB104 07520 HLH 17564 b HB2720 LRB104 07520 HLH 17564 b
10	10	HB2720 LRB104 07520 HLH 17564 b
11	11	1 AN ACT concerning revenue.
12	12	2 Be it enacted by the People of the State of Illinois,
13	13	3 represented in the General Assembly:
14	14	4 Section 5. The Property Tax Code is amended by changing
15	15	5 Section 18-185 as follows:
16	16	6 (35 ILCS 200/18-185)
17	17	7 Sec. 18-185. Short title; definitions. This Division 5
18	18	8 may be cited as the Property Tax Extension Limitation Law. As
19	19	9 used in this Division 5:
20	20	10 "Consumer Price Index" means the Consumer Price Index for
21	21	11 All Urban Consumers for all items published by the United
22	22	12 States Department of Labor.
23	23	13 "Extension limitation" means (a) the lesser of 5% or the
24	24	14 percentage increase in the Consumer Price Index during the
25	25	15 12-month calendar year preceding the levy year or (b) the rate
26	26	16 of increase approved by voters under Section 18-205.
27	27	17 "Affected county" means a county of 3,000,000 or more
28	28	18 inhabitants or a county contiguous to a county of 3,000,000 or
29	29	19 more inhabitants.
30	30	20 "Taxing district" has the same meaning provided in Section
31	31	21 1-150, except as otherwise provided in this Section. For the
32	32	22 1991 through 1994 levy years only, "taxing district" includes
33	33	23 only each non-home rule taxing district having the majority of
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37	37	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB2720 Introduced , by Rep. Suzanne M. Ness SYNOPSIS AS INTRODUCED:
38	38	35 ILCS 200/18-185 35 ILCS 200/18-185
39	39	35 ILCS 200/18-185
40	40	Amends the Property Tax Extension Limitation Law in the Property Tax Code. Provides that special purpose levies made for the purpose of funding a Veterans Assistance Commission are not included in a taxing district's aggregate extension.
41	41	LRB104 07520 HLH 17564 b LRB104 07520 HLH 17564 b
42	42	LRB104 07520 HLH 17564 b
43	43	A BILL FOR
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49	49	35 ILCS 200/18-185
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53	53	LRB104 07520 HLH 17564 b
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68	68	1 its 1990 equalized assessed value within any county or
69	69	2 counties contiguous to a county with 3,000,000 or more
70	70	3 inhabitants. Beginning with the 1995 levy year, "taxing
71	71	4 district" includes only each non-home rule taxing district
72	72	5 subject to this Law before the 1995 levy year and each non-home
73	73	6 rule taxing district not subject to this Law before the 1995
74	74	7 levy year having the majority of its 1994 equalized assessed
75	75	8 value in an affected county or counties. Beginning with the
76	76	9 levy year in which this Law becomes applicable to a taxing
77	77	10 district as provided in Section 18-213, "taxing district" also
78	78	11 includes those taxing districts made subject to this Law as
79	79	12 provided in Section 18-213.
80	80	13 "Aggregate extension" for taxing districts to which this
81	81	14 Law applied before the 1995 levy year means the annual
82	82	15 corporate extension for the taxing district and those special
83	83	16 purpose extensions that are made annually for the taxing
84	84	17 district, excluding special purpose extensions: (a) made for
85	85	18 the taxing district to pay interest or principal on general
86	86	19 obligation bonds that were approved by referendum; (b) made
87	87	20 for any taxing district to pay interest or principal on
88	88	21 general obligation bonds issued before October 1, 1991; (c)
89	89	22 made for any taxing district to pay interest or principal on
90	90	23 bonds issued to refund or continue to refund those bonds
91	91	24 issued before October 1, 1991; (d) made for any taxing
92	92	25 district to pay interest or principal on bonds issued to
93	93	26 refund or continue to refund bonds issued after October 1,
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104	104	1 1991 that were approved by referendum; (e) made for any taxing
105	105	2 district to pay interest or principal on revenue bonds issued
106	106	3 before October 1, 1991 for payment of which a property tax levy
107	107	4 or the full faith and credit of the unit of local government is
108	108	5 pledged; however, a tax for the payment of interest or
109	109	6 principal on those bonds shall be made only after the
110	110	7 governing body of the unit of local government finds that all
111	111	8 other sources for payment are insufficient to make those
112	112	9 payments; (f) made for payments under a building commission
113	113	10 lease when the lease payments are for the retirement of bonds
114	114	11 issued by the commission before October 1, 1991, to pay for the
115	115	12 building project; (g) made for payments due under installment
116	116	13 contracts entered into before October 1, 1991; (h) made for
117	117	14 payments of principal and interest on bonds issued under the
118	118	15 Metropolitan Water Reclamation District Act to finance
119	119	16 construction projects initiated before October 1, 1991; (i)
120	120	17 made for payments of principal and interest on limited bonds,
121	121	18 as defined in Section 3 of the Local Government Debt Reform
122	122	19 Act, in an amount not to exceed the debt service extension base
123	123	20 less the amount in items (b), (c), (e), and (h) of this
124	124	21 definition for non-referendum obligations, except obligations
125	125	22 initially issued pursuant to referendum; (j) made for payments
126	126	23 of principal and interest on bonds issued under Section 15 of
127	127	24 the Local Government Debt Reform Act; (k) made by a school
128	128	25 district that participates in the Special Education District
129	129	26 of Lake County, created by special education joint agreement
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140	140	1 under Section 10-22.31 of the School Code, for payment of the
141	141	2 school district's share of the amounts required to be
142	142	3 contributed by the Special Education District of Lake County
143	143	4 to the Illinois Municipal Retirement Fund under Article 7 of
144	144	5 the Illinois Pension Code; the amount of any extension under
145	145	6 this item (k) shall be certified by the school district to the
146	146	7 county clerk; (l) made to fund expenses of providing joint
147	147	8 recreational programs for persons with disabilities under
148	148	9 Section 5-8 of the Park District Code or Section 11-95-14 of
149	149	10 the Illinois Municipal Code; (m) made for temporary relocation
150	150	11 loan repayment purposes pursuant to Sections 2-3.77 and
151	151	12 17-2.2d of the School Code; (n) made for payment of principal
152	152	13 and interest on any bonds issued under the authority of
153	153	14 Section 17-2.2d of the School Code; (o) made for contributions
154	154	15 to a firefighter's pension fund created under Article 4 of the
155	155	16 Illinois Pension Code, to the extent of the amount certified
156	156	17 under item (5) of Section 4-134 of the Illinois Pension Code;
157	157	18 (p) made for road purposes in the first year after a township
158	158	19 assumes the rights, powers, duties, assets, property,
159	159	20 liabilities, obligations, and responsibilities of a road
160	160	21 district abolished under the provisions of Section 6-133 of
161	161	22 the Illinois Highway Code; and (q) made under Section 4 of the
162	162	23 Community Mental Health Act to provide the necessary funds or
163	163	24 to supplement existing funds for community mental health
164	164	25 facilities and services, including facilities and services for
165	165	26 the person with a developmental disability or a substance use
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176	176	1 disorder; (r) and (q) made for the payment of principal and
177	177	2 interest on any bonds issued under the authority of Section
178	178	3 17-2.11 of the School Code or to refund or continue to refund
179	179	4 those bonds; and (s) beginning with the 2026 levy year, made
180	180	5 for the purpose of funding a Veterans Assistance Commission,
181	181	6 as provided in Section 5-2006 of the Counties Code.
182	182	7 "Aggregate extension" for the taxing districts to which
183	183	8 this Law did not apply before the 1995 levy year (except taxing
184	184	9 districts subject to this Law in accordance with Section
185	185	10 18-213) means the annual corporate extension for the taxing
186	186	11 district and those special purpose extensions that are made
187	187	12 annually for the taxing district, excluding special purpose
188	188	13 extensions: (a) made for the taxing district to pay interest
189	189	14 or principal on general obligation bonds that were approved by
190	190	15 referendum; (b) made for any taxing district to pay interest
191	191	16 or principal on general obligation bonds issued before March
192	192	17 1, 1995; (c) made for any taxing district to pay interest or
193	193	18 principal on bonds issued to refund or continue to refund
194	194	19 those bonds issued before March 1, 1995; (d) made for any
195	195	20 taxing district to pay interest or principal on bonds issued
196	196	21 to refund or continue to refund bonds issued after March 1,
197	197	22 1995 that were approved by referendum; (e) made for any taxing
198	198	23 district to pay interest or principal on revenue bonds issued
199	199	24 before March 1, 1995 for payment of which a property tax levy
200	200	25 or the full faith and credit of the unit of local government is
201	201	26 pledged; however, a tax for the payment of interest or
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212	212	1 principal on those bonds shall be made only after the
213	213	2 governing body of the unit of local government finds that all
214	214	3 other sources for payment are insufficient to make those
215	215	4 payments; (f) made for payments under a building commission
216	216	5 lease when the lease payments are for the retirement of bonds
217	217	6 issued by the commission before March 1, 1995 to pay for the
218	218	7 building project; (g) made for payments due under installment
219	219	8 contracts entered into before March 1, 1995; (h) made for
220	220	9 payments of principal and interest on bonds issued under the
221	221	10 Metropolitan Water Reclamation District Act to finance
222	222	11 construction projects initiated before October 1, 1991; (h-4)
223	223	12 made for stormwater management purposes by the Metropolitan
224	224	13 Water Reclamation District of Greater Chicago under Section 12
225	225	14 of the Metropolitan Water Reclamation District Act; (h-8) made
226	226	15 for payments of principal and interest on bonds issued under
227	227	16 Section 9.6a of the Metropolitan Water Reclamation District
228	228	17 Act to make contributions to the pension fund established
229	229	18 under Article 13 of the Illinois Pension Code; (i) made for
230	230	19 payments of principal and interest on limited bonds, as
231	231	20 defined in Section 3 of the Local Government Debt Reform Act,
232	232	21 in an amount not to exceed the debt service extension base less
233	233	22 the amount in items (b), (c), and (e) of this definition for
234	234	23 non-referendum obligations, except obligations initially
235	235	24 issued pursuant to referendum and bonds described in
236	236	25 subsections (h) and (h-8) of this definition; (j) made for
237	237	26 payments of principal and interest on bonds issued under
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248	248	1 Section 15 of the Local Government Debt Reform Act; (k) made
249	249	2 for payments of principal and interest on bonds authorized by
250	250	3 Public Act 88-503 and issued under Section 20a of the Chicago
251	251	4 Park District Act for aquarium or museum projects and bonds
252	252	5 issued under Section 20a of the Chicago Park District Act for
253	253	6 the purpose of making contributions to the pension fund
254	254	7 established under Article 12 of the Illinois Pension Code; (l)
255	255	8 made for payments of principal and interest on bonds
256	256	9 authorized by Public Act 87-1191 or 93-601 and (i) issued
257	257	10 pursuant to Section 21.2 of the Cook County Forest Preserve
258	258	11 District Act, (ii) issued under Section 42 of the Cook County
259	259	12 Forest Preserve District Act for zoological park projects, or
260	260	13 (iii) issued under Section 44.1 of the Cook County Forest
261	261	14 Preserve District Act for botanical gardens projects; (m) made
262	262	15 pursuant to Section 34-53.5 of the School Code, whether levied
263	263	16 annually or not; (n) made to fund expenses of providing joint
264	264	17 recreational programs for persons with disabilities under
265	265	18 Section 5-8 of the Park District Code or Section 11-95-14 of
266	266	19 the Illinois Municipal Code; (o) made by the Chicago Park
267	267	20 District for recreational programs for persons with
268	268	21 disabilities under subsection (c) of Section 7.06 of the
269	269	22 Chicago Park District Act; (p) made for contributions to a
270	270	23 firefighter's pension fund created under Article 4 of the
271	271	24 Illinois Pension Code, to the extent of the amount certified
272	272	25 under item (5) of Section 4-134 of the Illinois Pension Code;
273	273	26 (q) made by Ford Heights School District 169 under Section
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284	284	1 17-9.02 of the School Code; (r) made for the purpose of making
285	285	2 employer contributions to the Public School Teachers' Pension
286	286	3 and Retirement Fund of Chicago under Section 34-53 of the
287	287	4 School Code; and (s) made under Section 4 of the Community
288	288	5 Mental Health Act to provide the necessary funds or to
289	289	6 supplement existing funds for community mental health
290	290	7 facilities and services, including facilities and services for
291	291	8 the person with a developmental disability or a substance use
292	292	9 disorder; (t) and (s) made for the payment of principal and
293	293	10 interest on any bonds issued under the authority of Section
294	294	11 17-2.11 of the School Code or to refund or continue to refund
295	295	12 those bonds; and (u) beginning with the 2026 levy year, made
296	296	13 for the purpose of funding a Veterans Assistance Commission,
297	297	14 as provided in Section 5-2006 of the Counties Code.
298	298	15 "Aggregate extension" for all taxing districts to which
299	299	16 this Law applies in accordance with Section 18-213, except for
300	300	17 those taxing districts subject to paragraph (2) of subsection
301	301	18 (e) of Section 18-213, means the annual corporate extension
302	302	19 for the taxing district and those special purpose extensions
303	303	20 that are made annually for the taxing district, excluding
304	304	21 special purpose extensions: (a) made for the taxing district
305	305	22 to pay interest or principal on general obligation bonds that
306	306	23 were approved by referendum; (b) made for any taxing district
307	307	24 to pay interest or principal on general obligation bonds
308	308	25 issued before the date on which the referendum making this Law
309	309	26 applicable to the taxing district is held; (c) made for any
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320	320	1 taxing district to pay interest or principal on bonds issued
321	321	2 to refund or continue to refund those bonds issued before the
322	322	3 date on which the referendum making this Law applicable to the
323	323	4 taxing district is held; (d) made for any taxing district to
324	324	5 pay interest or principal on bonds issued to refund or
325	325	6 continue to refund bonds issued after the date on which the
326	326	7 referendum making this Law applicable to the taxing district
327	327	8 is held if the bonds were approved by referendum after the date
328	328	9 on which the referendum making this Law applicable to the
329	329	10 taxing district is held; (e) made for any taxing district to
330	330	11 pay interest or principal on revenue bonds issued before the
331	331	12 date on which the referendum making this Law applicable to the
332	332	13 taxing district is held for payment of which a property tax
333	333	14 levy or the full faith and credit of the unit of local
334	334	15 government is pledged; however, a tax for the payment of
335	335	16 interest or principal on those bonds shall be made only after
336	336	17 the governing body of the unit of local government finds that
337	337	18 all other sources for payment are insufficient to make those
338	338	19 payments; (f) made for payments under a building commission
339	339	20 lease when the lease payments are for the retirement of bonds
340	340	21 issued by the commission before the date on which the
341	341	22 referendum making this Law applicable to the taxing district
342	342	23 is held to pay for the building project; (g) made for payments
343	343	24 due under installment contracts entered into before the date
344	344	25 on which the referendum making this Law applicable to the
345	345	26 taxing district is held; (h) made for payments of principal
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356	356	1 and interest on limited bonds, as defined in Section 3 of the
357	357	2 Local Government Debt Reform Act, in an amount not to exceed
358	358	3 the debt service extension base less the amount in items (b),
359	359	4 (c), and (e) of this definition for non-referendum
360	360	5 obligations, except obligations initially issued pursuant to
361	361	6 referendum; (i) made for payments of principal and interest on
362	362	7 bonds issued under Section 15 of the Local Government Debt
363	363	8 Reform Act; (j) made for a qualified airport authority to pay
364	364	9 interest or principal on general obligation bonds issued for
365	365	10 the purpose of paying obligations due under, or financing
366	366	11 airport facilities required to be acquired, constructed,
367	367	12 installed or equipped pursuant to, contracts entered into
368	368	13 before March 1, 1996 (but not including any amendments to such
369	369	14 a contract taking effect on or after that date); (k) made to
370	370	15 fund expenses of providing joint recreational programs for
371	371	16 persons with disabilities under Section 5-8 of the Park
372	372	17 District Code or Section 11-95-14 of the Illinois Municipal
373	373	18 Code; (l) made for contributions to a firefighter's pension
374	374	19 fund created under Article 4 of the Illinois Pension Code, to
375	375	20 the extent of the amount certified under item (5) of Section
376	376	21 4-134 of the Illinois Pension Code; (m) made for the taxing
377	377	22 district to pay interest or principal on general obligation
378	378	23 bonds issued pursuant to Section 19-3.10 of the School Code;
379	379	24 and (n) made under Section 4 of the Community Mental Health Act
380	380	25 to provide the necessary funds or to supplement existing funds
381	381	26 for community mental health facilities and services, including
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392	392	1 facilities and services for the person with a developmental
393	393	2 disability or a substance use disorder; (o) and (n) made for
394	394	3 the payment of principal and interest on any bonds issued
395	395	4 under the authority of Section 17-2.11 of the School Code or to
396	396	5 refund or continue to refund those bonds; and (p) beginning
397	397	6 with the 2026 levy year, made for the purpose of funding a
398	398	7 Veterans Assistance Commission, as provided in Section 5-2006
399	399	8 of the Counties Code.
400	400	9 "Aggregate extension" for all taxing districts to which
401	401	10 this Law applies in accordance with paragraph (2) of
402	402	11 subsection (e) of Section 18-213 means the annual corporate
403	403	12 extension for the taxing district and those special purpose
404	404	13 extensions that are made annually for the taxing district,
405	405	14 excluding special purpose extensions: (a) made for the taxing
406	406	15 district to pay interest or principal on general obligation
407	407	16 bonds that were approved by referendum; (b) made for any
408	408	17 taxing district to pay interest or principal on general
409	409	18 obligation bonds issued before March 7, 1997 (the effective
410	410	19 date of Public Act 89-718); (c) made for any taxing district to
411	411	20 pay interest or principal on bonds issued to refund or
412	412	21 continue to refund those bonds issued before March 7, 1997
413	413	22 (the effective date of Public Act 89-718); (d) made for any
414	414	23 taxing district to pay interest or principal on bonds issued
415	415	24 to refund or continue to refund bonds issued after March 7,
416	416	25 1997 (the effective date of Public Act 89-718) if the bonds
417	417	26 were approved by referendum after March 7, 1997 (the effective
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428	428	1 date of Public Act 89-718); (e) made for any taxing district to
429	429	2 pay interest or principal on revenue bonds issued before March
430	430	3 7, 1997 (the effective date of Public Act 89-718) for payment
431	431	4 of which a property tax levy or the full faith and credit of
432	432	5 the unit of local government is pledged; however, a tax for the
433	433	6 payment of interest or principal on those bonds shall be made
434	434	7 only after the governing body of the unit of local government
435	435	8 finds that all other sources for payment are insufficient to
436	436	9 make those payments; (f) made for payments under a building
437	437	10 commission lease when the lease payments are for the
438	438	11 retirement of bonds issued by the commission before March 7,
439	439	12 1997 (the effective date of Public Act 89-718) to pay for the
440	440	13 building project; (g) made for payments due under installment
441	441	14 contracts entered into before March 7, 1997 (the effective
442	442	15 date of Public Act 89-718); (h) made for payments of principal
443	443	16 and interest on limited bonds, as defined in Section 3 of the
444	444	17 Local Government Debt Reform Act, in an amount not to exceed
445	445	18 the debt service extension base less the amount in items (b),
446	446	19 (c), and (e) of this definition for non-referendum
447	447	20 obligations, except obligations initially issued pursuant to
448	448	21 referendum; (i) made for payments of principal and interest on
449	449	22 bonds issued under Section 15 of the Local Government Debt
450	450	23 Reform Act; (j) made for a qualified airport authority to pay
451	451	24 interest or principal on general obligation bonds issued for
452	452	25 the purpose of paying obligations due under, or financing
453	453	26 airport facilities required to be acquired, constructed,
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464	464	1 installed or equipped pursuant to, contracts entered into
465	465	2 before March 1, 1996 (but not including any amendments to such
466	466	3 a contract taking effect on or after that date); (k) made to
467	467	4 fund expenses of providing joint recreational programs for
468	468	5 persons with disabilities under Section 5-8 of the Park
469	469	6 District Code or Section 11-95-14 of the Illinois Municipal
470	470	7 Code; (l) made for contributions to a firefighter's pension
471	471	8 fund created under Article 4 of the Illinois Pension Code, to
472	472	9 the extent of the amount certified under item (5) of Section
473	473	10 4-134 of the Illinois Pension Code; and (m) made under Section
474	474	11 4 of the Community Mental Health Act to provide the necessary
475	475	12 funds or to supplement existing funds for community mental
476	476	13 health facilities and services, including facilities and
477	477	14 services for the person with a developmental disability or a
478	478	15 substance use disorder; (n) and (m) made for the payment of
479	479	16 principal and interest on any bonds issued under the authority
480	480	17 of Section 17-2.11 of the School Code or to refund or continue
481	481	18 to refund those bonds; and (o) beginning with the 2026 levy
482	482	19 year, made for the purpose of funding a Veterans Assistance
483	483	20 Commission, as provided in Section 5-2006 of the Counties
484	484	21 Code.
485	485	22 "Debt service extension base" means an amount equal to
486	486	23 that portion of the extension for a taxing district for the
487	487	24 1994 levy year, or for those taxing districts subject to this
488	488	25 Law in accordance with Section 18-213, except for those
489	489	26 subject to paragraph (2) of subsection (e) of Section 18-213,
490	490
491	491
492	492
493	493
494	494
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496	496
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499	499	HB2720 - 14 - LRB104 07520 HLH 17564 b
500	500	1 for the levy year in which the referendum making this Law
501	501	2 applicable to the taxing district is held, or for those taxing
502	502	3 districts subject to this Law in accordance with paragraph (2)
503	503	4 of subsection (e) of Section 18-213 for the 1996 levy year,
504	504	5 constituting an extension for payment of principal and
505	505	6 interest on bonds issued by the taxing district without
506	506	7 referendum, but not including excluded non-referendum bonds.
507	507	8 For park districts (i) that were first subject to this Law in
508	508	9 1991 or 1995 and (ii) whose extension for the 1994 levy year
509	509	10 for the payment of principal and interest on bonds issued by
510	510	11 the park district without referendum (but not including
511	511	12 excluded non-referendum bonds) was less than 51% of the amount
512	512	13 for the 1991 levy year constituting an extension for payment
513	513	14 of principal and interest on bonds issued by the park district
514	514	15 without referendum (but not including excluded non-referendum
515	515	16 bonds), "debt service extension base" means an amount equal to
516	516	17 that portion of the extension for the 1991 levy year
517	517	18 constituting an extension for payment of principal and
518	518	19 interest on bonds issued by the park district without
519	519	20 referendum (but not including excluded non-referendum bonds).
520	520	21 A debt service extension base established or increased at any
521	521	22 time pursuant to any provision of this Law, except Section
522	522	23 18-212, shall be increased each year commencing with the later
523	523	24 of (i) the 2009 levy year or (ii) the first levy year in which
524	524	25 this Law becomes applicable to the taxing district, by the
525	525	26 lesser of 5% or the percentage increase in the Consumer Price
526	526
527	527
528	528
529	529
530	530
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532	532
533	533
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536	536	1 Index during the 12-month calendar year preceding the levy
537	537	2 year. The debt service extension base may be established or
538	538	3 increased as provided under Section 18-212. "Excluded
539	539	4 non-referendum bonds" means (i) bonds authorized by Public Act
540	540	5 88-503 and issued under Section 20a of the Chicago Park
541	541	6 District Act for aquarium and museum projects; (ii) bonds
542	542	7 issued under Section 15 of the Local Government Debt Reform
543	543	8 Act; or (iii) refunding obligations issued to refund or to
544	544	9 continue to refund obligations initially issued pursuant to
545	545	10 referendum.
546	546	11 "Special purpose extensions" include, but are not limited
547	547	12 to, extensions for levies made on an annual basis for
548	548	13 unemployment and workers' compensation, self-insurance,
549	549	14 contributions to pension plans, and extensions made pursuant
550	550	15 to Section 6-601 of the Illinois Highway Code for a road
551	551	16 district's permanent road fund whether levied annually or not.
552	552	17 The extension for a special service area is not included in the
553	553	18 aggregate extension.
554	554	19 "Aggregate extension base" means the taxing district's
555	555	20 last preceding aggregate extension as adjusted under Sections
556	556	21 18-135, 18-215, 18-230, 18-206, and 18-233. Beginning with
557	557	22 levy year 2022, for taxing districts that are specified in
558	558	23 Section 18-190.7, the taxing district's aggregate extension
559	559	24 base shall be calculated as provided in Section 18-190.7. An
560	560	25 adjustment under Section 18-135 shall be made for the 2007
561	561	26 levy year and all subsequent levy years whenever one or more
562	562
563	563
564	564
565	565
566	566
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568	568
569	569
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571	571	HB2720 - 16 - LRB104 07520 HLH 17564 b
572	572	1 counties within which a taxing district is located (i) used
573	573	2 estimated valuations or rates when extending taxes in the
574	574	3 taxing district for the last preceding levy year that resulted
575	575	4 in the over or under extension of taxes, or (ii) increased or
576	576	5 decreased the tax extension for the last preceding levy year
577	577	6 as required by Section 18-135(c). Whenever an adjustment is
578	578	7 required under Section 18-135, the aggregate extension base of
579	579	8 the taxing district shall be equal to the amount that the
580	580	9 aggregate extension of the taxing district would have been for
581	581	10 the last preceding levy year if either or both (i) actual,
582	582	11 rather than estimated, valuations or rates had been used to
583	583	12 calculate the extension of taxes for the last levy year, or
584	584	13 (ii) the tax extension for the last preceding levy year had not
585	585	14 been adjusted as required by subsection (c) of Section 18-135.
586	586	15 Notwithstanding any other provision of law, for levy year
587	587	16 2012, the aggregate extension base for West Northfield School
588	588	17 District No. 31 in Cook County shall be $12,654,592.
589	589	18 Notwithstanding any other provision of law, for the
590	590	19 purpose of calculating the limiting rate for levy year 2023,
591	591	20 the last preceding aggregate extension base for Homewood
592	592	21 School District No. 153 in Cook County shall be $19,535,377.
593	593	22 Notwithstanding any other provision of law, for levy year
594	594	23 2022, the aggregate extension base of a home equity assurance
595	595	24 program that levied at least $1,000,000 in property taxes in
596	596	25 levy year 2019 or 2020 under the Home Equity Assurance Act
597	597	26 shall be the amount that the program's aggregate extension
598	598
599	599
600	600
601	601
602	602
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604	604
605	605
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607	607	HB2720 - 17 - LRB104 07520 HLH 17564 b
608	608	1 base for levy year 2021 would have been if the program had
609	609	2 levied a property tax for levy year 2021.
610	610	3 "Levy year" has the same meaning as "year" under Section
611	611	4 1-155.
612	612	5 "New property" means (i) the assessed value, after final
613	613	6 board of review or board of appeals action, of new
614	614	7 improvements or additions to existing improvements on any
615	615	8 parcel of real property that increase the assessed value of
616	616	9 that real property during the levy year multiplied by the
617	617	10 equalization factor issued by the Department under Section
618	618	11 17-30, (ii) the assessed value, after final board of review or
619	619	12 board of appeals action, of real property not exempt from real
620	620	13 estate taxation, which real property was exempt from real
621	621	14 estate taxation for any portion of the immediately preceding
622	622	15 levy year, multiplied by the equalization factor issued by the
623	623	16 Department under Section 17-30, including the assessed value,
624	624	17 upon final stabilization of occupancy after new construction
625	625	18 is complete, of any real property located within the
626	626	19 boundaries of an otherwise or previously exempt military
627	627	20 reservation that is intended for residential use and owned by
628	628	21 or leased to a private corporation or other entity, (iii) in
629	629	22 counties that classify in accordance with Section 4 of Article
630	630	23 IX of the Illinois Constitution, an incentive property's
631	631	24 additional assessed value resulting from a scheduled increase
632	632	25 in the level of assessment as applied to the first year final
633	633	26 board of review market value, and (iv) any increase in
634	634
635	635
636	636
637	637
638	638
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640	640
641	641
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643	643	HB2720 - 18 - LRB104 07520 HLH 17564 b
644	644	1 assessed value due to oil or gas production from an oil or gas
645	645	2 well required to be permitted under the Hydraulic Fracturing
646	646	3 Regulatory Act that was not produced in or accounted for
647	647	4 during the previous levy year. In addition, the county clerk
648	648	5 in a county containing a population of 3,000,000 or more shall
649	649	6 include in the 1997 recovered tax increment value for any
650	650	7 school district, any recovered tax increment value that was
651	651	8 applicable to the 1995 tax year calculations.
652	652	9 "Qualified airport authority" means an airport authority
653	653	10 organized under the Airport Authorities Act and located in a
654	654	11 county bordering on the State of Wisconsin and having a
655	655	12 population in excess of 200,000 and not greater than 500,000.
656	656	13 "Recovered tax increment value" means, except as otherwise
657	657	14 provided in this paragraph, the amount of the current year's
658	658	15 equalized assessed value, in the first year after a
659	659	16 municipality terminates the designation of an area as a
660	660	17 redevelopment project area previously established under the
661	661	18 Tax Increment Allocation Redevelopment Act in the Illinois
662	662	19 Municipal Code, previously established under the Industrial
663	663	20 Jobs Recovery Law in the Illinois Municipal Code, previously
664	664	21 established under the Economic Development Project Area Tax
665	665	22 Increment Act of 1995, or previously established under the
666	666	23 Economic Development Area Tax Increment Allocation Act, of
667	667	24 each taxable lot, block, tract, or parcel of real property in
668	668	25 the redevelopment project area over and above the initial
669	669	26 equalized assessed value of each property in the redevelopment
670	670
671	671
672	672
673	673
674	674
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676	676
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679	679	HB2720 - 19 - LRB104 07520 HLH 17564 b
680	680	1 project area. For the taxes which are extended for the 1997
681	681	2 levy year, the recovered tax increment value for a non-home
682	682	3 rule taxing district that first became subject to this Law for
683	683	4 the 1995 levy year because a majority of its 1994 equalized
684	684	5 assessed value was in an affected county or counties shall be
685	685	6 increased if a municipality terminated the designation of an
686	686	7 area in 1993 as a redevelopment project area previously
687	687	8 established under the Tax Increment Allocation Redevelopment
688	688	9 Act in the Illinois Municipal Code, previously established
689	689	10 under the Industrial Jobs Recovery Law in the Illinois
690	690	11 Municipal Code, or previously established under the Economic
691	691	12 Development Area Tax Increment Allocation Act, by an amount
692	692	13 equal to the 1994 equalized assessed value of each taxable
693	693	14 lot, block, tract, or parcel of real property in the
694	694	15 redevelopment project area over and above the initial
695	695	16 equalized assessed value of each property in the redevelopment
696	696	17 project area. In the first year after a municipality removes a
697	697	18 taxable lot, block, tract, or parcel of real property from a
698	698	19 redevelopment project area established under the Tax Increment
699	699	20 Allocation Redevelopment Act in the Illinois Municipal Code,
700	700	21 the Industrial Jobs Recovery Law in the Illinois Municipal
701	701	22 Code, or the Economic Development Area Tax Increment
702	702	23 Allocation Act, "recovered tax increment value" means the
703	703	24 amount of the current year's equalized assessed value of each
704	704	25 taxable lot, block, tract, or parcel of real property removed
705	705	26 from the redevelopment project area over and above the initial
706	706
707	707
708	708
709	709
710	710
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712	712
713	713
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715	715	HB2720 - 20 - LRB104 07520 HLH 17564 b
716	716	1 equalized assessed value of that real property before removal
717	717	2 from the redevelopment project area.
718	718	3 Except as otherwise provided in this Section, "limiting
719	719	4 rate" means a fraction the numerator of which is the last
720	720	5 preceding aggregate extension base times an amount equal to
721	721	6 one plus the extension limitation defined in this Section and
722	722	7 the denominator of which is the current year's equalized
723	723	8 assessed value of all real property in the territory under the
724	724	9 jurisdiction of the taxing district during the prior levy
725	725	10 year. For those taxing districts that reduced their aggregate
726	726	11 extension for the last preceding levy year, except for school
727	727	12 districts that reduced their extension for educational
728	728	13 purposes pursuant to Section 18-206, the highest aggregate
729	729	14 extension in any of the last 3 preceding levy years shall be
730	730	15 used for the purpose of computing the limiting rate. The
731	731	16 denominator shall not include new property or the recovered
732	732	17 tax increment value. If a new rate, a rate decrease, or a
733	733	18 limiting rate increase has been approved at an election held
734	734	19 after March 21, 2006, then (i) the otherwise applicable
735	735	20 limiting rate shall be increased by the amount of the new rate
736	736	21 or shall be reduced by the amount of the rate decrease, as the
737	737	22 case may be, or (ii) in the case of a limiting rate increase,
738	738	23 the limiting rate shall be equal to the rate set forth in the
739	739	24 proposition approved by the voters for each of the years
740	740	25 specified in the proposition, after which the limiting rate of
741	741	26 the taxing district shall be calculated as otherwise provided.
742	742
743	743
744	744
745	745
746	746
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748	748
749	749
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