Illinois 2025-2026 Regular Session

Illinois Senate Bill SB0216 Compare Versions

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

Old	New	Differences
1	1	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 SB0216 Introduced 1/22/2025, by Sen. Dan McConchie SYNOPSIS AS INTRODUCED: 35 ILCS 200/18-18535 ILCS 200/18-20535 ILCS 200/18-207 new35 ILCS 200/18-212 Amends the Property Tax Extension Limitation Law in the Property Tax Code. Provides that a taxing district shall reduce its aggregate extension base for the purpose of lowering its limiting rate for future years upon referendum approval initiated by the submission of a petition by the voters of the district. Provides that the extension limitation shall be: (a) the lesser of 5% or the average percentage increase in the Consumer Price Index for the 10 years immediately preceding the levy year for which the extension limitation is being calculated; or (b) the rate of increase approved by the voters. Effective immediately. LRB104 03819 HLH 13843 b A BILL FOR 104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 SB0216 Introduced 1/22/2025, by Sen. Dan McConchie SYNOPSIS AS INTRODUCED: 35 ILCS 200/18-18535 ILCS 200/18-20535 ILCS 200/18-207 new35 ILCS 200/18-212 35 ILCS 200/18-185 35 ILCS 200/18-205 35 ILCS 200/18-207 new 35 ILCS 200/18-212 Amends the Property Tax Extension Limitation Law in the Property Tax Code. Provides that a taxing district shall reduce its aggregate extension base for the purpose of lowering its limiting rate for future years upon referendum approval initiated by the submission of a petition by the voters of the district. Provides that the extension limitation shall be: (a) the lesser of 5% or the average percentage increase in the Consumer Price Index for the 10 years immediately preceding the levy year for which the extension limitation is being calculated; or (b) the rate of increase approved by the voters. Effective immediately. LRB104 03819 HLH 13843 b LRB104 03819 HLH 13843 b A BILL FOR
2	2	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 SB0216 Introduced 1/22/2025, by Sen. Dan McConchie SYNOPSIS AS INTRODUCED:
3	3	35 ILCS 200/18-18535 ILCS 200/18-20535 ILCS 200/18-207 new35 ILCS 200/18-212 35 ILCS 200/18-185 35 ILCS 200/18-205 35 ILCS 200/18-207 new 35 ILCS 200/18-212
4	4	35 ILCS 200/18-185
5	5	35 ILCS 200/18-205
6	6	35 ILCS 200/18-207 new
7	7	35 ILCS 200/18-212
8	8	Amends the Property Tax Extension Limitation Law in the Property Tax Code. Provides that a taxing district shall reduce its aggregate extension base for the purpose of lowering its limiting rate for future years upon referendum approval initiated by the submission of a petition by the voters of the district. Provides that the extension limitation shall be: (a) the lesser of 5% or the average percentage increase in the Consumer Price Index for the 10 years immediately preceding the levy year for which the extension limitation is being calculated; or (b) the rate of increase approved by the voters. Effective immediately.
9	9	LRB104 03819 HLH 13843 b LRB104 03819 HLH 13843 b
10	10	LRB104 03819 HLH 13843 b
11	11	A BILL FOR
12	12	SB0216LRB104 03819 HLH 13843 b SB0216 LRB104 03819 HLH 13843 b
13	13	SB0216 LRB104 03819 HLH 13843 b
14	14	1 AN ACT concerning revenue.
15	15	2 Be it enacted by the People of the State of Illinois,
16	16	3 represented in the General Assembly:
17	17	4 Section 5. The Property Tax Code is amended by changing
18	18	5 Sections 18-185, 18-205, and 18-212 and by adding Section
19	19	6 18-207 as follows:
20	20	7 (35 ILCS 200/18-185)
21	21	8 Sec. 18-185. Short title; definitions. This Division 5
22	22	9 may be cited as the Property Tax Extension Limitation Law. As
23	23	10 used in this Division 5:
24	24	11 "Consumer Price Index" means the Consumer Price Index for
25	25	12 All Urban Consumers for all items published by the United
26	26	13 States Department of Labor.
27	27	14 "Extension limitation" means, for taxable years prior to
28	28	15 2025: (a) the lesser of 5% or the percentage increase in the
29	29	16 Consumer Price Index during the 12-month calendar year
30	30	17 preceding the levy year; or (b) the rate of increase approved
31	31	18 by voters under Section 18-205.
32	32	19 "Extension limitation" means, for taxable year 2025 and
33	33	20 thereafter: (a) the lesser of 5% or the average percentage
34	34	21 increase in the Consumer Price Index for the 10 years
35	35	22 immediately preceding the levy year for which the extension
36	36	23 limitation is being calculated; or (b) the rate of increase
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40	40	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 SB0216 Introduced 1/22/2025, by Sen. Dan McConchie SYNOPSIS AS INTRODUCED:
41	41	35 ILCS 200/18-18535 ILCS 200/18-20535 ILCS 200/18-207 new35 ILCS 200/18-212 35 ILCS 200/18-185 35 ILCS 200/18-205 35 ILCS 200/18-207 new 35 ILCS 200/18-212
42	42	35 ILCS 200/18-185
43	43	35 ILCS 200/18-205
44	44	35 ILCS 200/18-207 new
45	45	35 ILCS 200/18-212
46	46	Amends the Property Tax Extension Limitation Law in the Property Tax Code. Provides that a taxing district shall reduce its aggregate extension base for the purpose of lowering its limiting rate for future years upon referendum approval initiated by the submission of a petition by the voters of the district. Provides that the extension limitation shall be: (a) the lesser of 5% or the average percentage increase in the Consumer Price Index for the 10 years immediately preceding the levy year for which the extension limitation is being calculated; or (b) the rate of increase approved by the voters. Effective immediately.
47	47	LRB104 03819 HLH 13843 b LRB104 03819 HLH 13843 b
48	48	LRB104 03819 HLH 13843 b
49	49	A BILL FOR
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55	55	35 ILCS 200/18-185
56	56	35 ILCS 200/18-205
57	57	35 ILCS 200/18-207 new
58	58	35 ILCS 200/18-212
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77	77	1 approved by voters under Section 18-205.
78	78	2 "Affected county" means a county of 3,000,000 or more
79	79	3 inhabitants or a county contiguous to a county of 3,000,000 or
80	80	4 more inhabitants.
81	81	5 "Taxing district" has the same meaning provided in Section
82	82	6 1-150, except as otherwise provided in this Section. For the
83	83	7 1991 through 1994 levy years only, "taxing district" includes
84	84	8 only each non-home rule taxing district having the majority of
85	85	9 its 1990 equalized assessed value within any county or
86	86	10 counties contiguous to a county with 3,000,000 or more
87	87	11 inhabitants. Beginning with the 1995 levy year, "taxing
88	88	12 district" includes only each non-home rule taxing district
89	89	13 subject to this Law before the 1995 levy year and each non-home
90	90	14 rule taxing district not subject to this Law before the 1995
91	91	15 levy year having the majority of its 1994 equalized assessed
92	92	16 value in an affected county or counties. Beginning with the
93	93	17 levy year in which this Law becomes applicable to a taxing
94	94	18 district as provided in Section 18-213, "taxing district" also
95	95	19 includes those taxing districts made subject to this Law as
96	96	20 provided in Section 18-213.
97	97	21 "Aggregate extension" for taxing districts to which this
98	98	22 Law applied before the 1995 levy year means the annual
99	99	23 corporate extension for the taxing district and those special
100	100	24 purpose extensions that are made annually for the taxing
101	101	25 district, excluding special purpose extensions: (a) made for
102	102	26 the taxing district to pay interest or principal on general
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113	113	1 obligation bonds that were approved by referendum; (b) made
114	114	2 for any taxing district to pay interest or principal on
115	115	3 general obligation bonds issued before October 1, 1991; (c)
116	116	4 made for any taxing district to pay interest or principal on
117	117	5 bonds issued to refund or continue to refund those bonds
118	118	6 issued before October 1, 1991; (d) made for any taxing
119	119	7 district to pay interest or principal on bonds issued to
120	120	8 refund or continue to refund bonds issued after October 1,
121	121	9 1991 that were approved by referendum; (e) made for any taxing
122	122	10 district to pay interest or principal on revenue bonds issued
123	123	11 before October 1, 1991 for payment of which a property tax levy
124	124	12 or the full faith and credit of the unit of local government is
125	125	13 pledged; however, a tax for the payment of interest or
126	126	14 principal on those bonds shall be made only after the
127	127	15 governing body of the unit of local government finds that all
128	128	16 other sources for payment are insufficient to make those
129	129	17 payments; (f) made for payments under a building commission
130	130	18 lease when the lease payments are for the retirement of bonds
131	131	19 issued by the commission before October 1, 1991, to pay for the
132	132	20 building project; (g) made for payments due under installment
133	133	21 contracts entered into before October 1, 1991; (h) made for
134	134	22 payments of principal and interest on bonds issued under the
135	135	23 Metropolitan Water Reclamation District Act to finance
136	136	24 construction projects initiated before October 1, 1991; (i)
137	137	25 made for payments of principal and interest on limited bonds,
138	138	26 as defined in Section 3 of the Local Government Debt Reform
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149	149	1 Act, in an amount not to exceed the debt service extension base
150	150	2 less the amount in items (b), (c), (e), and (h) of this
151	151	3 definition for non-referendum obligations, except obligations
152	152	4 initially issued pursuant to referendum; (j) made for payments
153	153	5 of principal and interest on bonds issued under Section 15 of
154	154	6 the Local Government Debt Reform Act; (k) made by a school
155	155	7 district that participates in the Special Education District
156	156	8 of Lake County, created by special education joint agreement
157	157	9 under Section 10-22.31 of the School Code, for payment of the
158	158	10 school district's share of the amounts required to be
159	159	11 contributed by the Special Education District of Lake County
160	160	12 to the Illinois Municipal Retirement Fund under Article 7 of
161	161	13 the Illinois Pension Code; the amount of any extension under
162	162	14 this item (k) shall be certified by the school district to the
163	163	15 county clerk; (l) made to fund expenses of providing joint
164	164	16 recreational programs for persons with disabilities under
165	165	17 Section 5-8 of the Park District Code or Section 11-95-14 of
166	166	18 the Illinois Municipal Code; (m) made for temporary relocation
167	167	19 loan repayment purposes pursuant to Sections 2-3.77 and
168	168	20 17-2.2d of the School Code; (n) made for payment of principal
169	169	21 and interest on any bonds issued under the authority of
170	170	22 Section 17-2.2d of the School Code; (o) made for contributions
171	171	23 to a firefighter's pension fund created under Article 4 of the
172	172	24 Illinois Pension Code, to the extent of the amount certified
173	173	25 under item (5) of Section 4-134 of the Illinois Pension Code;
174	174	26 (p) made for road purposes in the first year after a township
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185	185	1 assumes the rights, powers, duties, assets, property,
186	186	2 liabilities, obligations, and responsibilities of a road
187	187	3 district abolished under the provisions of Section 6-133 of
188	188	4 the Illinois Highway Code; and (q) made under Section 4 of the
189	189	5 Community Mental Health Act to provide the necessary funds or
190	190	6 to supplement existing funds for community mental health
191	191	7 facilities and services, including facilities and services for
192	192	8 the person with a developmental disability or a substance use
193	193	9 disorder; and (r) (q) made for the payment of principal and
194	194	10 interest on any bonds issued under the authority of Section
195	195	11 17-2.11 of the School Code or to refund or continue to refund
196	196	12 those bonds.
197	197	13 "Aggregate extension" for the taxing districts to which
198	198	14 this Law did not apply before the 1995 levy year (except taxing
199	199	15 districts subject to this Law in accordance with Section
200	200	16 18-213) means the annual corporate extension for the taxing
201	201	17 district and those special purpose extensions that are made
202	202	18 annually for the taxing district, excluding special purpose
203	203	19 extensions: (a) made for the taxing district to pay interest
204	204	20 or principal on general obligation bonds that were approved by
205	205	21 referendum; (b) made for any taxing district to pay interest
206	206	22 or principal on general obligation bonds issued before March
207	207	23 1, 1995; (c) made for any taxing district to pay interest or
208	208	24 principal on bonds issued to refund or continue to refund
209	209	25 those bonds issued before March 1, 1995; (d) made for any
210	210	26 taxing district to pay interest or principal on bonds issued
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221	221	1 to refund or continue to refund bonds issued after March 1,
222	222	2 1995 that were approved by referendum; (e) made for any taxing
223	223	3 district to pay interest or principal on revenue bonds issued
224	224	4 before March 1, 1995 for payment of which a property tax levy
225	225	5 or the full faith and credit of the unit of local government is
226	226	6 pledged; however, a tax for the payment of interest or
227	227	7 principal on those bonds shall be made only after the
228	228	8 governing body of the unit of local government finds that all
229	229	9 other sources for payment are insufficient to make those
230	230	10 payments; (f) made for payments under a building commission
231	231	11 lease when the lease payments are for the retirement of bonds
232	232	12 issued by the commission before March 1, 1995 to pay for the
233	233	13 building project; (g) made for payments due under installment
234	234	14 contracts entered into before March 1, 1995; (h) made for
235	235	15 payments of principal and interest on bonds issued under the
236	236	16 Metropolitan Water Reclamation District Act to finance
237	237	17 construction projects initiated before October 1, 1991; (h-4)
238	238	18 made for stormwater management purposes by the Metropolitan
239	239	19 Water Reclamation District of Greater Chicago under Section 12
240	240	20 of the Metropolitan Water Reclamation District Act; (h-8) made
241	241	21 for payments of principal and interest on bonds issued under
242	242	22 Section 9.6a of the Metropolitan Water Reclamation District
243	243	23 Act to make contributions to the pension fund established
244	244	24 under Article 13 of the Illinois Pension Code; (i) made for
245	245	25 payments of principal and interest on limited bonds, as
246	246	26 defined in Section 3 of the Local Government Debt Reform Act,
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257	257	1 in an amount not to exceed the debt service extension base less
258	258	2 the amount in items (b), (c), and (e) of this definition for
259	259	3 non-referendum obligations, except obligations initially
260	260	4 issued pursuant to referendum and bonds described in
261	261	5 subsections (h) and (h-8) of this definition; (j) made for
262	262	6 payments of principal and interest on bonds issued under
263	263	7 Section 15 of the Local Government Debt Reform Act; (k) made
264	264	8 for payments of principal and interest on bonds authorized by
265	265	9 Public Act 88-503 and issued under Section 20a of the Chicago
266	266	10 Park District Act for aquarium or museum projects and bonds
267	267	11 issued under Section 20a of the Chicago Park District Act for
268	268	12 the purpose of making contributions to the pension fund
269	269	13 established under Article 12 of the Illinois Pension Code; (l)
270	270	14 made for payments of principal and interest on bonds
271	271	15 authorized by Public Act 87-1191 or 93-601 and (i) issued
272	272	16 pursuant to Section 21.2 of the Cook County Forest Preserve
273	273	17 District Act, (ii) issued under Section 42 of the Cook County
274	274	18 Forest Preserve District Act for zoological park projects, or
275	275	19 (iii) issued under Section 44.1 of the Cook County Forest
276	276	20 Preserve District Act for botanical gardens projects; (m) made
277	277	21 pursuant to Section 34-53.5 of the School Code, whether levied
278	278	22 annually or not; (n) made to fund expenses of providing joint
279	279	23 recreational programs for persons with disabilities under
280	280	24 Section 5-8 of the Park District Code or Section 11-95-14 of
281	281	25 the Illinois Municipal Code; (o) made by the Chicago Park
282	282	26 District for recreational programs for persons with
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293	293	1 disabilities under subsection (c) of Section 7.06 of the
294	294	2 Chicago Park District Act; (p) made for contributions to a
295	295	3 firefighter's pension fund created under Article 4 of the
296	296	4 Illinois Pension Code, to the extent of the amount certified
297	297	5 under item (5) of Section 4-134 of the Illinois Pension Code;
298	298	6 (q) made by Ford Heights School District 169 under Section
299	299	7 17-9.02 of the School Code; (r) made for the purpose of making
300	300	8 employer contributions to the Public School Teachers' Pension
301	301	9 and Retirement Fund of Chicago under Section 34-53 of the
302	302	10 School Code; and (s) made under Section 4 of the Community
303	303	11 Mental Health Act to provide the necessary funds or to
304	304	12 supplement existing funds for community mental health
305	305	13 facilities and services, including facilities and services for
306	306	14 the person with a developmental disability or a substance use
307	307	15 disorder; and (t) (s) made for the payment of principal and
308	308	16 interest on any bonds issued under the authority of Section
309	309	17 17-2.11 of the School Code or to refund or continue to refund
310	310	18 those bonds.
311	311	19 "Aggregate extension" for all taxing districts to which
312	312	20 this Law applies in accordance with Section 18-213, except for
313	313	21 those taxing districts subject to paragraph (2) of subsection
314	314	22 (e) of Section 18-213, means the annual corporate extension
315	315	23 for the taxing district and those special purpose extensions
316	316	24 that are made annually for the taxing district, excluding
317	317	25 special purpose extensions: (a) made for the taxing district
318	318	26 to pay interest or principal on general obligation bonds that
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329	329	1 were approved by referendum; (b) made for any taxing district
330	330	2 to pay interest or principal on general obligation bonds
331	331	3 issued before the date on which the referendum making this Law
332	332	4 applicable to the taxing district is held; (c) made for any
333	333	5 taxing district to pay interest or principal on bonds issued
334	334	6 to refund or continue to refund those bonds issued before the
335	335	7 date on which the referendum making this Law applicable to the
336	336	8 taxing district is held; (d) made for any taxing district to
337	337	9 pay interest or principal on bonds issued to refund or
338	338	10 continue to refund bonds issued after the date on which the
339	339	11 referendum making this Law applicable to the taxing district
340	340	12 is held if the bonds were approved by referendum after the date
341	341	13 on which the referendum making this Law applicable to the
342	342	14 taxing district is held; (e) made for any taxing district to
343	343	15 pay interest or principal on revenue bonds issued before the
344	344	16 date on which the referendum making this Law applicable to the
345	345	17 taxing district is held for payment of which a property tax
346	346	18 levy or the full faith and credit of the unit of local
347	347	19 government is pledged; however, a tax for the payment of
348	348	20 interest or principal on those bonds shall be made only after
349	349	21 the governing body of the unit of local government finds that
350	350	22 all other sources for payment are insufficient to make those
351	351	23 payments; (f) made for payments under a building commission
352	352	24 lease when the lease payments are for the retirement of bonds
353	353	25 issued by the commission before the date on which the
354	354	26 referendum making this Law applicable to the taxing district
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365	365	1 is held to pay for the building project; (g) made for payments
366	366	2 due under installment contracts entered into before the date
367	367	3 on which the referendum making this Law applicable to the
368	368	4 taxing district is held; (h) made for payments of principal
369	369	5 and interest on limited bonds, as defined in Section 3 of the
370	370	6 Local Government Debt Reform Act, in an amount not to exceed
371	371	7 the debt service extension base less the amount in items (b),
372	372	8 (c), and (e) of this definition for non-referendum
373	373	9 obligations, except obligations initially issued pursuant to
374	374	10 referendum; (i) made for payments of principal and interest on
375	375	11 bonds issued under Section 15 of the Local Government Debt
376	376	12 Reform Act; (j) made for a qualified airport authority to pay
377	377	13 interest or principal on general obligation bonds issued for
378	378	14 the purpose of paying obligations due under, or financing
379	379	15 airport facilities required to be acquired, constructed,
380	380	16 installed or equipped pursuant to, contracts entered into
381	381	17 before March 1, 1996 (but not including any amendments to such
382	382	18 a contract taking effect on or after that date); (k) made to
383	383	19 fund expenses of providing joint recreational programs for
384	384	20 persons with disabilities under Section 5-8 of the Park
385	385	21 District Code or Section 11-95-14 of the Illinois Municipal
386	386	22 Code; (l) made for contributions to a firefighter's pension
387	387	23 fund created under Article 4 of the Illinois Pension Code, to
388	388	24 the extent of the amount certified under item (5) of Section
389	389	25 4-134 of the Illinois Pension Code; (m) made for the taxing
390	390	26 district to pay interest or principal on general obligation
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401	401	1 bonds issued pursuant to Section 19-3.10 of the School Code;
402	402	2 and (n) made under Section 4 of the Community Mental Health Act
403	403	3 to provide the necessary funds or to supplement existing funds
404	404	4 for community mental health facilities and services, including
405	405	5 facilities and services for the person with a developmental
406	406	6 disability or a substance use disorder; and (o) (n) made for
407	407	7 the payment of principal and interest on any bonds issued
408	408	8 under the authority of Section 17-2.11 of the School Code or to
409	409	9 refund or continue to refund those bonds.
410	410	10 "Aggregate extension" for all taxing districts to which
411	411	11 this Law applies in accordance with paragraph (2) of
412	412	12 subsection (e) of Section 18-213 means the annual corporate
413	413	13 extension for the taxing district and those special purpose
414	414	14 extensions that are made annually for the taxing district,
415	415	15 excluding special purpose extensions: (a) made for the taxing
416	416	16 district to pay interest or principal on general obligation
417	417	17 bonds that were approved by referendum; (b) made for any
418	418	18 taxing district to pay interest or principal on general
419	419	19 obligation bonds issued before March 7, 1997 (the effective
420	420	20 date of Public Act 89-718); (c) made for any taxing district to
421	421	21 pay interest or principal on bonds issued to refund or
422	422	22 continue to refund those bonds issued before March 7, 1997
423	423	23 (the effective date of Public Act 89-718); (d) made for any
424	424	24 taxing district to pay interest or principal on bonds issued
425	425	25 to refund or continue to refund bonds issued after March 7,
426	426	26 1997 (the effective date of Public Act 89-718) if the bonds
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437	437	1 were approved by referendum after March 7, 1997 (the effective
438	438	2 date of Public Act 89-718); (e) made for any taxing district to
439	439	3 pay interest or principal on revenue bonds issued before March
440	440	4 7, 1997 (the effective date of Public Act 89-718) for payment
441	441	5 of which a property tax levy or the full faith and credit of
442	442	6 the unit of local government is pledged; however, a tax for the
443	443	7 payment of interest or principal on those bonds shall be made
444	444	8 only after the governing body of the unit of local government
445	445	9 finds that all other sources for payment are insufficient to
446	446	10 make those payments; (f) made for payments under a building
447	447	11 commission lease when the lease payments are for the
448	448	12 retirement of bonds issued by the commission before March 7,
449	449	13 1997 (the effective date of Public Act 89-718) to pay for the
450	450	14 building project; (g) made for payments due under installment
451	451	15 contracts entered into before March 7, 1997 (the effective
452	452	16 date of Public Act 89-718); (h) made for payments of principal
453	453	17 and interest on limited bonds, as defined in Section 3 of the
454	454	18 Local Government Debt Reform Act, in an amount not to exceed
455	455	19 the debt service extension base less the amount in items (b),
456	456	20 (c), and (e) of this definition for non-referendum
457	457	21 obligations, except obligations initially issued pursuant to
458	458	22 referendum; (i) made for payments of principal and interest on
459	459	23 bonds issued under Section 15 of the Local Government Debt
460	460	24 Reform Act; (j) made for a qualified airport authority to pay
461	461	25 interest or principal on general obligation bonds issued for
462	462	26 the purpose of paying obligations due under, or financing
463	463
464	464
465	465
466	466
467	467
468	468	SB0216 - 12 - LRB104 03819 HLH 13843 b
469	469
470	470
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472	472	SB0216 - 13 - LRB104 03819 HLH 13843 b
473	473	1 airport facilities required to be acquired, constructed,
474	474	2 installed or equipped pursuant to, contracts entered into
475	475	3 before March 1, 1996 (but not including any amendments to such
476	476	4 a contract taking effect on or after that date); (k) made to
477	477	5 fund expenses of providing joint recreational programs for
478	478	6 persons with disabilities under Section 5-8 of the Park
479	479	7 District Code or Section 11-95-14 of the Illinois Municipal
480	480	8 Code; (l) made for contributions to a firefighter's pension
481	481	9 fund created under Article 4 of the Illinois Pension Code, to
482	482	10 the extent of the amount certified under item (5) of Section
483	483	11 4-134 of the Illinois Pension Code; and (m) made under Section
484	484	12 4 of the Community Mental Health Act to provide the necessary
485	485	13 funds or to supplement existing funds for community mental
486	486	14 health facilities and services, including facilities and
487	487	15 services for the person with a developmental disability or a
488	488	16 substance use disorder; and (n) (m) made for the payment of
489	489	17 principal and interest on any bonds issued under the authority
490	490	18 of Section 17-2.11 of the School Code or to refund or continue
491	491	19 to refund those bonds.
492	492	20 "Debt service extension base" means an amount equal to
493	493	21 that portion of the extension for a taxing district for the
494	494	22 1994 levy year, or for those taxing districts subject to this
495	495	23 Law in accordance with Section 18-213, except for those
496	496	24 subject to paragraph (2) of subsection (e) of Section 18-213,
497	497	25 for the levy year in which the referendum making this Law
498	498	26 applicable to the taxing district is held, or for those taxing
499	499
500	500
501	501
502	502
503	503
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505	505
506	506
507	507	SB0216- 14 -LRB104 03819 HLH 13843 b SB0216 - 14 - LRB104 03819 HLH 13843 b
508	508	SB0216 - 14 - LRB104 03819 HLH 13843 b
509	509	1 districts subject to this Law in accordance with paragraph (2)
510	510	2 of subsection (e) of Section 18-213 for the 1996 levy year,
511	511	3 constituting an extension for payment of principal and
512	512	4 interest on bonds issued by the taxing district without
513	513	5 referendum, but not including excluded non-referendum bonds.
514	514	6 For park districts (i) that were first subject to this Law in
515	515	7 1991 or 1995 and (ii) whose extension for the 1994 levy year
516	516	8 for the payment of principal and interest on bonds issued by
517	517	9 the park district without referendum (but not including
518	518	10 excluded non-referendum bonds) was less than 51% of the amount
519	519	11 for the 1991 levy year constituting an extension for payment
520	520	12 of principal and interest on bonds issued by the park district
521	521	13 without referendum (but not including excluded non-referendum
522	522	14 bonds), "debt service extension base" means an amount equal to
523	523	15 that portion of the extension for the 1991 levy year
524	524	16 constituting an extension for payment of principal and
525	525	17 interest on bonds issued by the park district without
526	526	18 referendum (but not including excluded non-referendum bonds).
527	527	19 A debt service extension base established or increased at any
528	528	20 time pursuant to any provision of this Law, except Section
529	529	21 18-212, shall be increased each year commencing with the later
530	530	22 of (i) the 2009 levy year or (ii) the first levy year in which
531	531	23 this Law becomes applicable to the taxing district, by the
532	532	24 extension limitation lesser of 5% or the percentage increase
533	533	25 in the Consumer Price Index during the 12-month calendar year
534	534	26 preceding the levy year. The debt service extension base may
535	535
536	536
537	537
538	538
539	539
540	540	SB0216 - 14 - LRB104 03819 HLH 13843 b
541	541
542	542
543	543	SB0216- 15 -LRB104 03819 HLH 13843 b SB0216 - 15 - LRB104 03819 HLH 13843 b
544	544	SB0216 - 15 - LRB104 03819 HLH 13843 b
545	545	1 be established or increased as provided under Section 18-212.
546	546	2 "Excluded non-referendum bonds" means (i) bonds authorized by
547	547	3 Public Act 88-503 and issued under Section 20a of the Chicago
548	548	4 Park District Act for aquarium and museum projects; (ii) bonds
549	549	5 issued under Section 15 of the Local Government Debt Reform
550	550	6 Act; or (iii) refunding obligations issued to refund or to
551	551	7 continue to refund obligations initially issued pursuant to
552	552	8 referendum.
553	553	9 "Special purpose extensions" include, but are not limited
554	554	10 to, extensions for levies made on an annual basis for
555	555	11 unemployment and workers' compensation, self-insurance,
556	556	12 contributions to pension plans, and extensions made pursuant
557	557	13 to Section 6-601 of the Illinois Highway Code for a road
558	558	14 district's permanent road fund whether levied annually or not.
559	559	15 The extension for a special service area is not included in the
560	560	16 aggregate extension.
561	561	17 "Aggregate extension base" means the taxing district's
562	562	18 last preceding aggregate extension as adjusted under Sections
563	563	19 18-135, 18-215, 18-230, 18-206, and 18-233. Beginning with
564	564	20 levy year 2022, for taxing districts that are specified in
565	565	21 Section 18-190.7, the taxing district's aggregate extension
566	566	22 base shall be calculated as provided in Section 18-190.7. An
567	567	23 adjustment under Section 18-135 shall be made for the 2007
568	568	24 levy year and all subsequent levy years whenever one or more
569	569	25 counties within which a taxing district is located (i) used
570	570	26 estimated valuations or rates when extending taxes in the
571	571
572	572
573	573
574	574
575	575
576	576	SB0216 - 15 - LRB104 03819 HLH 13843 b
577	577
578	578
579	579	SB0216- 16 -LRB104 03819 HLH 13843 b SB0216 - 16 - LRB104 03819 HLH 13843 b
580	580	SB0216 - 16 - LRB104 03819 HLH 13843 b
581	581	1 taxing district for the last preceding levy year that resulted
582	582	2 in the over or under extension of taxes, or (ii) increased or
583	583	3 decreased the tax extension for the last preceding levy year
584	584	4 as required by Section 18-135(c). Whenever an adjustment is
585	585	5 required under Section 18-135, the aggregate extension base of
586	586	6 the taxing district shall be equal to the amount that the
587	587	7 aggregate extension of the taxing district would have been for
588	588	8 the last preceding levy year if either or both (i) actual,
589	589	9 rather than estimated, valuations or rates had been used to
590	590	10 calculate the extension of taxes for the last levy year, or
591	591	11 (ii) the tax extension for the last preceding levy year had not
592	592	12 been adjusted as required by subsection (c) of Section 18-135.
593	593	13 Notwithstanding any other provision of law, for levy year
594	594	14 2012, the aggregate extension base for West Northfield School
595	595	15 District No. 31 in Cook County shall be $12,654,592.
596	596	16 Notwithstanding any other provision of law, for the
597	597	17 purpose of calculating the limiting rate for levy year 2023,
598	598	18 the last preceding aggregate extension base for Homewood
599	599	19 School District No. 153 in Cook County shall be $19,535,377.
600	600	20 Notwithstanding any other provision of law, for levy year
601	601	21 2022, the aggregate extension base of a home equity assurance
602	602	22 program that levied at least $1,000,000 in property taxes in
603	603	23 levy year 2019 or 2020 under the Home Equity Assurance Act
604	604	24 shall be the amount that the program's aggregate extension
605	605	25 base for levy year 2021 would have been if the program had
606	606	26 levied a property tax for levy year 2021.
607	607
608	608
609	609
610	610
611	611
612	612	SB0216 - 16 - LRB104 03819 HLH 13843 b
613	613
614	614
615	615	SB0216- 17 -LRB104 03819 HLH 13843 b SB0216 - 17 - LRB104 03819 HLH 13843 b
616	616	SB0216 - 17 - LRB104 03819 HLH 13843 b
617	617	1 "Levy year" has the same meaning as "year" under Section
618	618	2 1-155.
619	619	3 "New property" means (i) the assessed value, after final
620	620	4 board of review or board of appeals action, of new
621	621	5 improvements or additions to existing improvements on any
622	622	6 parcel of real property that increase the assessed value of
623	623	7 that real property during the levy year multiplied by the
624	624	8 equalization factor issued by the Department under Section
625	625	9 17-30, (ii) the assessed value, after final board of review or
626	626	10 board of appeals action, of real property not exempt from real
627	627	11 estate taxation, which real property was exempt from real
628	628	12 estate taxation for any portion of the immediately preceding
629	629	13 levy year, multiplied by the equalization factor issued by the
630	630	14 Department under Section 17-30, including the assessed value,
631	631	15 upon final stabilization of occupancy after new construction
632	632	16 is complete, of any real property located within the
633	633	17 boundaries of an otherwise or previously exempt military
634	634	18 reservation that is intended for residential use and owned by
635	635	19 or leased to a private corporation or other entity, (iii) in
636	636	20 counties that classify in accordance with Section 4 of Article
637	637	21 IX of the Illinois Constitution, an incentive property's
638	638	22 additional assessed value resulting from a scheduled increase
639	639	23 in the level of assessment as applied to the first year final
640	640	24 board of review market value, and (iv) any increase in
641	641	25 assessed value due to oil or gas production from an oil or gas
642	642	26 well required to be permitted under the Hydraulic Fracturing
643	643
644	644
645	645
646	646
647	647
648	648	SB0216 - 17 - LRB104 03819 HLH 13843 b
649	649
650	650
651	651	SB0216- 18 -LRB104 03819 HLH 13843 b SB0216 - 18 - LRB104 03819 HLH 13843 b
652	652	SB0216 - 18 - LRB104 03819 HLH 13843 b
653	653	1 Regulatory Act that was not produced in or accounted for
654	654	2 during the previous levy year. In addition, the county clerk
655	655	3 in a county containing a population of 3,000,000 or more shall
656	656	4 include in the 1997 recovered tax increment value for any
657	657	5 school district, any recovered tax increment value that was
658	658	6 applicable to the 1995 tax year calculations.
659	659	7 "Qualified airport authority" means an airport authority
660	660	8 organized under the Airport Authorities Act and located in a
661	661	9 county bordering on the State of Wisconsin and having a
662	662	10 population in excess of 200,000 and not greater than 500,000.
663	663	11 "Recovered tax increment value" means, except as otherwise
664	664	12 provided in this paragraph, the amount of the current year's
665	665	13 equalized assessed value, in the first year after a
666	666	14 municipality terminates the designation of an area as a
667	667	15 redevelopment project area previously established under the
668	668	16 Tax Increment Allocation Redevelopment Act in the Illinois
669	669	17 Municipal Code, previously established under the Industrial
670	670	18 Jobs Recovery Law in the Illinois Municipal Code, previously
671	671	19 established under the Economic Development Project Area Tax
672	672	20 Increment Act of 1995, or previously established under the
673	673	21 Economic Development Area Tax Increment Allocation Act, of
674	674	22 each taxable lot, block, tract, or parcel of real property in
675	675	23 the redevelopment project area over and above the initial
676	676	24 equalized assessed value of each property in the redevelopment
677	677	25 project area. For the taxes which are extended for the 1997
678	678	26 levy year, the recovered tax increment value for a non-home
679	679
680	680
681	681
682	682
683	683
684	684	SB0216 - 18 - LRB104 03819 HLH 13843 b
685	685
686	686
687	687	SB0216- 19 -LRB104 03819 HLH 13843 b SB0216 - 19 - LRB104 03819 HLH 13843 b
688	688	SB0216 - 19 - LRB104 03819 HLH 13843 b
689	689	1 rule taxing district that first became subject to this Law for
690	690	2 the 1995 levy year because a majority of its 1994 equalized
691	691	3 assessed value was in an affected county or counties shall be
692	692	4 increased if a municipality terminated the designation of an
693	693	5 area in 1993 as a redevelopment project area previously
694	694	6 established under the Tax Increment Allocation Redevelopment
695	695	7 Act in the Illinois Municipal Code, previously established
696	696	8 under the Industrial Jobs Recovery Law in the Illinois
697	697	9 Municipal Code, or previously established under the Economic
698	698	10 Development Area Tax Increment Allocation Act, by an amount
699	699	11 equal to the 1994 equalized assessed value of each taxable
700	700	12 lot, block, tract, or parcel of real property in the
701	701	13 redevelopment project area over and above the initial
702	702	14 equalized assessed value of each property in the redevelopment
703	703	15 project area. In the first year after a municipality removes a
704	704	16 taxable lot, block, tract, or parcel of real property from a
705	705	17 redevelopment project area established under the Tax Increment
706	706	18 Allocation Redevelopment Act in the Illinois Municipal Code,
707	707	19 the Industrial Jobs Recovery Law in the Illinois Municipal
708	708	20 Code, or the Economic Development Area Tax Increment
709	709	21 Allocation Act, "recovered tax increment value" means the
710	710	22 amount of the current year's equalized assessed value of each
711	711	23 taxable lot, block, tract, or parcel of real property removed
712	712	24 from the redevelopment project area over and above the initial
713	713	25 equalized assessed value of that real property before removal
714	714	26 from the redevelopment project area.
715	715
716	716
717	717
718	718
719	719
720	720	SB0216 - 19 - LRB104 03819 HLH 13843 b
721	721
722	722
723	723	SB0216- 20 -LRB104 03819 HLH 13843 b SB0216 - 20 - LRB104 03819 HLH 13843 b
724	724	SB0216 - 20 - LRB104 03819 HLH 13843 b
725	725	1 Except as otherwise provided in this Section, "limiting
726	726	2 rate" means a fraction the numerator of which is the last
727	727	3 preceding aggregate extension base (as reduced by Section
728	728	4 18-207, if applicable) times an amount equal to one plus the
729	729	5 extension limitation defined in this Section and the
730	730	6 denominator of which is the current year's equalized assessed
731	731	7 value of all real property in the territory under the
732	732	8 jurisdiction of the taxing district during the prior levy
733	733	9 year. For those taxing districts that reduced their aggregate
734	734	10 extension for the last preceding levy year, except for school
735	735	11 districts that reduced their extension for educational
736	736	12 purposes pursuant to Section 18-206 and taxing districts that
737	737	13 reduced their aggregate extension pursuant to Section 18-207,
738	738	14 the highest aggregate extension in any of the last 3 preceding
739	739	15 levy years shall be used for the purpose of computing the
740	740	16 limiting rate. The denominator shall not include new property
741	741	17 or the recovered tax increment value. If a new rate, a rate
742	742	18 decrease, or a limiting rate increase has been approved at an
743	743	19 election held after March 21, 2006, then (i) the otherwise
744	744	20 applicable limiting rate shall be increased by the amount of
745	745	21 the new rate or shall be reduced by the amount of the rate
746	746	22 decrease, as the case may be, or (ii) in the case of a limiting
747	747	23 rate increase, the limiting rate shall be equal to the rate set
748	748	24 forth in the proposition approved by the voters for each of the
749	749	25 years specified in the proposition, after which the limiting
750	750	26 rate of the taxing district shall be calculated as otherwise
751	751
752	752
753	753
754	754
755	755
756	756	SB0216 - 20 - LRB104 03819 HLH 13843 b
757	757
758	758
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760	760	SB0216 - 21 - LRB104 03819 HLH 13843 b
761	761	1 provided. In the case of a taxing district that obtained
762	762	2 referendum approval for an increased limiting rate on March
763	763	3 20, 2012, the limiting rate for tax year 2012 shall be the rate
764	764	4 that generates the approximate total amount of taxes
765	765	5 extendable for that tax year, as set forth in the proposition
766	766	6 approved by the voters; this rate shall be the final rate
767	767	7 applied by the county clerk for the aggregate of all capped
768	768	8 funds of the district for tax year 2012.
769	769	9 (Source: P.A. 102-263, eff. 8-6-21; 102-311, eff. 8-6-21;
770	770	10 102-519, eff. 8-20-21; 102-558, eff. 8-20-21; 102-707, eff.
771	771	11 4-22-22; 102-813, eff. 5-13-22; 102-895, eff. 5-23-22;
772	772	12 103-154, eff. 6-30-23; 103-587, eff. 5-28-24; 103-591, eff.
773	773	13 7-1-24; 103-592, eff. 6-7-24; revised 7-9-24.)
774	774	14 (35 ILCS 200/18-205)
775	775	15 Sec. 18-205. Referendum to increase the extension
776	776	16 limitation. A taxing district is limited to an extension
777	777	17 limitation as defined in Section 18-185 of 5% or the
778	778	18 percentage increase in the Consumer Price Index during the
779	779	19 12-month calendar year preceding the levy year, whichever is
780	780	20 less. A taxing district may increase its extension limitation
781	781	21 for one or more levy years if that taxing district holds a
782	782	22 referendum before the levy date for the first levy year at
783	783	23 which a majority of voters voting on the issue approves
784	784	24 adoption of a higher extension limitation. Referenda shall be
785	785	25 conducted at a regularly scheduled election in accordance with
786	786
787	787
788	788
789	789
790	790
791	791	SB0216 - 21 - LRB104 03819 HLH 13843 b
792	792
793	793
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795	795	SB0216 - 22 - LRB104 03819 HLH 13843 b
796	796	1 the Election Code. The question shall be presented in
797	797	2 substantially the following manner for all elections held
798	798	3 after March 21, 2006:
799	799	4 Shall the extension limitation under the Property Tax
800	800	5 Extension Limitation Law for (insert the legal name,
801	801	6 number, if any, and county or counties of the taxing
802	802	7 district and geographic or other common name by which a
803	803	8 school or community college district is known and referred
804	804	9 to), Illinois, be increased from (the extension limitation
805	805	10 under item (a) of the definition of extension limitation
806	806	11 in Section 18-185) the lesser of 5% or the percentage
807	807	12 increase in the Consumer Price Index over the prior levy
808	808	13 year to (insert the percentage of the proposed increase)%
809	809	14 per year for (insert each levy year for which the
810	810	15 increased extension limitation will apply)?
811	811	16 The votes must be recorded as "Yes" or "No".
812	812	17 If a majority of voters voting on the issue approves the
813	813	18 adoption of the increase, the increase shall be applicable for
814	814	19 each levy year specified.
815	815	20 The ballot for any question submitted pursuant to this
816	816	21 Section shall have printed thereon, but not as a part of the
817	817	22 question submitted, only the following supplemental
818	818	23 information (which shall be supplied to the election authority
819	819	24 by the taxing district) in substantially the following form:
820	820	25 (1) For the (insert the first levy year for which the
821	821	26 increased extension limitation will be applicable) levy
822	822
823	823
824	824
825	825
826	826
827	827	SB0216 - 22 - LRB104 03819 HLH 13843 b
828	828
829	829
830	830	SB0216- 23 -LRB104 03819 HLH 13843 b SB0216 - 23 - LRB104 03819 HLH 13843 b
831	831	SB0216 - 23 - LRB104 03819 HLH 13843 b
832	832	1 year the approximate amount of the additional tax
833	833	2 extendable against property containing a single family
834	834	3 residence and having a fair market value at the time of the
835	835	4 referendum of $100,000 is estimated to be $....
836	836	5 (2) Based upon an average annual percentage increase
837	837	6 (or decrease) in the market value of such property of ...%
838	838	7 (insert percentage equal to the average annual percentage
839	839	8 increase or decrease for the prior 3 levy years, at the
840	840	9 time the submission of the question is initiated by the
841	841	10 taxing district, in the amount of (A) the equalized
842	842	11 assessed value of the taxable property in the taxing
843	843	12 district less (B) the new property included in the
844	844	13 equalized assessed value), the approximate amount of the
845	845	14 additional tax extendable against such property for the
846	846	15 ... levy year is estimated to be $... and for the ... levy
847	847	16 year is estimated to be $....
848	848	17 Paragraph (2) shall be included only if the increased
849	849	18 extension limitation will be applicable for more than one year
850	850	19 and shall list each levy year for which the increased
851	851	20 extension limitation will be applicable. The additional tax
852	852	21 shown for each levy year shall be the approximate dollar
853	853	22 amount of the increase over the amount of the most recently
854	854	23 completed extension at the time the submission of the question
855	855	24 is initiated by the taxing district. The approximate amount of
856	856	25 the additional tax extendable shown in paragraphs (1) and (2)
857	857	26 shall be calculated by multiplying $100,000 (the fair market
858	858
859	859
860	860
861	861
862	862
863	863	SB0216 - 23 - LRB104 03819 HLH 13843 b
864	864
865	865
866	866	SB0216- 24 -LRB104 03819 HLH 13843 b SB0216 - 24 - LRB104 03819 HLH 13843 b
867	867	SB0216 - 24 - LRB104 03819 HLH 13843 b
868	868	1 value of the property without regard to any property tax
869	869	2 exemptions) by (i) the percentage level of assessment
870	870	3 prescribed for that property by statute, or by ordinance of
871	871	4 the county board in counties that classify property for
872	872	5 purposes of taxation in accordance with Section 4 of Article
873	873	6 IX of the Illinois Constitution; (ii) the most recent final
874	874	7 equalization factor certified to the county clerk by the
875	875	8 Department of Revenue at the time the taxing district
876	876	9 initiates the submission of the proposition to the electors;
877	877	10 (iii) the last known aggregate extension base of the taxing
878	878	11 district at the time the submission of the question is
879	879	12 initiated by the taxing district; and (iv) the difference
880	880	13 between the percentage increase proposed in the question and
881	881	14 the otherwise applicable extension limitation lesser of 5% or
882	882	15 the percentage increase in the Consumer Price Index for the
883	883	16 prior levy year (or an estimate of the percentage increase for
884	884	17 the prior levy year if the increase is unavailable at the time
885	885	18 the submission of the question is initiated by the taxing
886	886	19 district); and dividing the result by the last known equalized
887	887	20 assessed value of the taxing district at the time the
888	888	21 submission of the question is initiated by the taxing
889	889	22 district. This amendatory Act of the 97th General Assembly is
890	890	23 intended to clarify the existing requirements of this Section,
891	891	24 and shall not be construed to validate any prior non-compliant
892	892	25 referendum language. Any notice required to be published in
893	893	26 connection with the submission of the question shall also
894	894
895	895
896	896
897	897
898	898
899	899	SB0216 - 24 - LRB104 03819 HLH 13843 b
900	900
901	901
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903	903	SB0216 - 25 - LRB104 03819 HLH 13843 b
904	904	1 contain this supplemental information and shall not contain
905	905	2 any other supplemental information. Any error, miscalculation,
906	906	3 or inaccuracy in computing any amount set forth on the ballot
907	907	4 or in the notice that is not deliberate shall not invalidate or
908	908	5 affect the validity of any proposition approved. Notice of the
909	909	6 referendum shall be published and posted as otherwise required
910	910	7 by law, and the submission of the question shall be initiated
911	911	8 as provided by law.
912	912	9 (Source: P.A. 97-1087, eff. 8-24-12.)
913	913	10 (35 ILCS 200/18-207 new)
914	914	11 Sec. 18-207. Reduced aggregate extension base.
915	915	12 (a) Upon submission of a petition signed by a number of
916	916	13 voters of the taxing district that is not less than 10% of the
917	917	14 votes cast in the taxing district at the immediately preceding
918	918	15 gubernatorial election, the question of whether a taxing
919	919	16 district shall reduce its aggregate extension base for the
920	920	17 purpose of lowering its limiting rate for future years shall
921	921	18 be submitted to the voters of the taxing district at the next
922	922	19 general or consolidated election. The petition shall set forth
923	923	20 the amount of the reduction and the levy years for which the
924	924	21 reduction shall be applicable.
925	925	22 (b) The petition shall be filed with the applicable
926	926	23 election authority, as defined in Section 1-3 of the Election
927	927	24 Code, or, in the case of multiple election authorities, with
928	928	25 the State Board of Elections, not more than 10 months nor less
929	929
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939	939	1 than 6 months prior to the election at which the question is to
940	940	2 be submitted to the voters, and its validity shall be
941	941	3 determined as provided by Article 28 of the Election Code and
942	942	4 general election law. The election authority or Board, as
943	943	5 applicable, shall certify the question and the proper election
944	944	6 authority or authorities shall submit the question to the
945	945	7 voters. Except as otherwise provided in this Section, this
946	946	8 referendum shall be subject to all other general election law
947	947	9 requirements.
948	948	10 (c) The proposition seeking to reduce the aggregate
949	949	11 extension base shall be in substantially the following form:
950	950	12 Shall the aggregate extension base used to calculate
951	951	13 the limiting rate for (taxing district) under the Property
952	952	14 Tax Extension Limitation Law be reduced by (amount of
953	953	15 money expressed in U.S. dollars) for (levy year or years)?
954	954	16 Votes shall be recorded as "Yes" or "No".
955	955	17 If a majority of all votes cast on the proposition are in
956	956	18 favor of the proposition, then the aggregate extension base
957	957	19 shall be reduced as provided in the referendum.
958	958	20 (35 ILCS 200/18-212)
959	959	21 Sec. 18-212. Referendum on debt service extension base. A
960	960	22 taxing district may establish or increase its debt service
961	961	23 extension base if (i) that taxing district holds a referendum
962	962	24 before the date on which the levy must be filed with the county
963	963	25 clerk of the county or counties in which the taxing district is
964	964
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974	974	1 situated and (ii) a majority of voters voting on the issue
975	975	2 approves the establishment of or increase in the debt service
976	976	3 extension base. A debt service extension base established or
977	977	4 increased by a referendum held pursuant to this Section after
978	978	5 February 2, 2010, shall be increased each year, commencing
979	979	6 with the first levy year beginning after the date of the
980	980	7 referendum, by the extension limitation lesser of 5% or the
981	981	8 percentage increase in the Consumer Price Index during the
982	982	9 12-month calendar year preceding the levy year if the optional
983	983	10 language concerning the annual increase is included in the
984	984	11 question submitted to the electors of the taxing district.
985	985	12 Referenda under this Section shall be conducted at a regularly
986	986	13 scheduled election in accordance with the Election Code. The
987	987	14 governing body of the taxing district shall certify the
988	988	15 question to the proper election authorities who shall submit
989	989	16 the question to the electors of the taxing district in
990	990	17 substantially the following form:
991	991	18 "Shall the debt service extension base under the
992	992	19 Property Tax Extension Limitation Law for ... (taxing
993	993	20 district name) ... for payment of principal and interest
994	994	21 on limited bonds be .... ((established at $ ....) . (or)
995	995	22 (increased from $ .... to $ ....)) .. for the ..... levy
996	996	23 year and all subsequent levy years (optional language: ,
997	997	24 such debt service extension base to be increased each year
998	998	25 by (extension limitation amount) the lesser of 5% or the
999	999	26 percentage increase in the Consumer Price Index during the
1000	1000
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1010	1010	1 12-month calendar year preceding the levy year)?"
1011	1011	2 Votes on the question shall be recorded as "Yes" or "No".
1012	1012	3 If a majority of voters voting on the issue approves the
1013	1013	4 establishment of or increase in the debt service extension
1014	1014	5 base, the establishment of or increase in the debt service
1015	1015	6 extension base shall be applicable for the levy years
1016	1016	7 specified.
1017	1017	8 (Source: P.A. 96-1202, eff. 7-22-10.)
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