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104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026
SB2854

Introduced 1/14/2026, by Sen. Emil Jones, III

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 17807 TRT 31240 b

A BILL FOR

SB2854
LRB104 17807 TRT 31240 b
1

AN ACT concerning revenue.

2

Be it enacted by the People of the State of Illinois,
3
represented in the General Assembly:

4

Section 5.
The Property Tax Code is amended by changing
5
Section 18-185 as follows:

6

(35 ILCS 200/18-185)
7

Sec. 18-185.
Short title; definitions.
This Division 5
8
may be cited as the Property Tax Extension Limitation Law. As
9
used in this Division 5:
10

"Consumer Price Index" means the Consumer Price Index for
11
All Urban Consumers for all items published by the United
12
States Department of Labor.
13

"Extension limitation" means (a) the lesser of 5% or the
14
percentage increase in the Consumer Price Index during the
15
12-month calendar year preceding the levy year or (b) the rate
16
of increase approved by voters under Section 18-205.
17

"Affected county" means a county of 3,000,000 or more
18
inhabitants or a county contiguous to a county of 3,000,000 or
19
more inhabitants.
20

"Taxing district" has the same meaning provided in Section
21
1-150, except as otherwise provided in this Section. For the
22
1991 through 1994 levy years only, "taxing district" includes
23
only each non-home rule taxing district having the majority of

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1
its 1990 equalized assessed value within any county or
2
counties contiguous to a county with 3,000,000 or more
3
inhabitants. Beginning with the 1995 levy year, "taxing
4
district" includes only each non-home rule taxing district
5
subject to this Law before the 1995 levy year and each non-home
6
rule taxing district not subject to this Law before the 1995
7
levy year having the majority of its 1994 equalized assessed
8
value in an affected county or counties. Beginning with the
9
levy year in which this Law becomes applicable to a taxing
10
district as provided in Section 18-213, "taxing district" also
11
includes those taxing districts made subject to this Law as
12
provided in Section 18-213.
13

"Aggregate extension" for taxing districts to which this
14
Law applied before the 1995 levy year means the annual
15
corporate extension for the taxing district and those special
16
purpose extensions that are made annually for the taxing
17
district, excluding special purpose extensions: (a) made for
18
the taxing district to pay interest or principal on general
19
obligation bonds that were approved by referendum; (b) made
20
for any taxing district to pay interest or principal on
21
general obligation bonds issued before October 1, 1991; (c)
22
made for any taxing district to pay interest or principal on
23
bonds issued to refund or continue to refund those bonds
24
issued before October 1, 1991; (d) made for any taxing
25
district to pay interest or principal on bonds issued to
26
refund or continue to refund bonds issued after October 1,

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LRB104 17807 TRT 31240 b
1
1991 that were approved by referendum; (e) made for any taxing
2
district to pay interest or principal on revenue bonds issued
3
before October 1, 1991 for payment of which a property tax levy
4
or the full faith and credit of the unit of local government is
5
pledged; however, a tax for the payment of interest or
6
principal on those bonds shall be made only after the
7
governing body of the unit of local government finds that all
8
other sources for payment are insufficient to make those
9
payments; (f) made for payments under a building commission
10
lease when the lease payments are for the retirement of bonds
11
issued by the commission before October 1, 1991, to pay for the
12
building project; (g) made for payments due under installment
13
contracts entered into before October 1, 1991; (h) made for
14
payments of principal and interest on bonds issued under the
15
Metropolitan Water Reclamation District Act to finance
16
construction projects initiated before October 1, 1991; (i)
17
made for payments of principal and interest on limited bonds,
18
as defined in Section 3 of the Local Government Debt Reform
19
Act, in an amount not to exceed the debt service extension base
20
less the amount in items (b), (c), (e), and (h) of this
21
definition for non-referendum obligations, except obligations
22
initially issued pursuant to referendum; (j) made for payments
23
of principal and interest on bonds issued under Section 15 of
24
the Local Government Debt Reform Act; (k) made by a school
25
district that participates in the Special Education District
26
of Lake County, created by special education joint agreement

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1
under Section 10-22.31 of the School Code, for payment of the
2
school district's share of the amounts required to be
3
contributed by the Special Education District of Lake County
4
to the Illinois Municipal Retirement Fund under Article 7 of
5
the Illinois Pension Code; the amount of any extension under
6
this item (k) shall be certified by the school district to the
7
county clerk; (l) made to fund expenses of providing joint
8
recreational programs for persons with disabilities under
9
Section 5-8 of the Park District Code or Section 11-95-14 of
10
the Illinois Municipal Code; (m) made for temporary relocation
11
loan repayment purposes pursuant to Sections 2-3.77 and
12
17-2.2d of the School Code; (n) made for payment of principal
13
and interest on any bonds issued under the authority of
14
Section 17-2.2d of the School Code; (o) made for contributions
15
to a firefighter's pension fund created under Article 4 of the
16
Illinois Pension Code, to the extent of the amount certified
17
under item (5) of Section 4-134 of the Illinois Pension Code;
18
(p) made for road purposes in the first year after a township
19
assumes the rights, powers, duties, assets, property,
20
liabilities, obligations, and responsibilities of a road
21
district abolished under the provisions of Section 6-133 of
22
the Illinois Highway Code; (q) made under Section 4 of the
23
Community Mental Health Act to provide the necessary funds or
24
to supplement existing funds for community mental health
25
facilities and services, including facilities and services for
26
the person with a developmental disability or a substance use

SB2854
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LRB104 17807 TRT 31240 b
1
disorder;
and
(r) made for the payment of principal and
2
interest on any bonds issued under the authority of Section
3
17-2.11 of the School Code or to refund or continue to refund
4
those bonds
; and (s) beginning with the 2027 levy year, made
5
for the purpose of funding a Veterans Assistance Commission,
6
as provided in Section 5-2006 of the Counties Code
.
7

"Aggregate extension" for the taxing districts to which
8
this Law did not apply before the 1995 levy year (except taxing
9
districts subject to this Law in accordance with Section
10
18-213) means the annual corporate extension for the taxing
11
district and those special purpose extensions that are made
12
annually for the taxing district, excluding special purpose
13
extensions: (a) made for the taxing district to pay interest
14
or principal on general obligation bonds that were approved by
15
referendum; (b) made for any taxing district to pay interest
16
or principal on general obligation bonds issued before March
17
1, 1995; (c) made for any taxing district to pay interest or
18
principal on bonds issued to refund or continue to refund
19
those bonds issued before March 1, 1995; (d) made for any
20
taxing district to pay interest or principal on bonds issued
21
to refund or continue to refund bonds issued after March 1,
22
1995 that were approved by referendum; (e) made for any taxing
23
district to pay interest or principal on revenue bonds issued
24
before March 1, 1995 for payment of which a property tax levy
25
or the full faith and credit of the unit of local government is
26
pledged; however, a tax for the payment of interest or

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1
principal on those bonds shall be made only after the
2
governing body of the unit of local government finds that all
3
other sources for payment are insufficient to make those
4
payments; (f) made for payments under a building commission
5
lease when the lease payments are for the retirement of bonds
6
issued by the commission before March 1, 1995 to pay for the
7
building project; (g) made for payments due under installment
8
contracts entered into before March 1, 1995; (h) made for
9
payments of principal and interest on bonds issued under the
10
Metropolitan Water Reclamation District Act to finance
11
construction projects initiated before October 1, 1991; (h-4)
12
made for stormwater management purposes by the Metropolitan
13
Water Reclamation District of Greater Chicago under Section 12
14
of the Metropolitan Water Reclamation District Act; (h-8) made
15
for payments of principal and interest on bonds issued under
16
Section 9.6a of the Metropolitan Water Reclamation District
17
Act to make contributions to the pension fund established
18
under Article 13 of the Illinois Pension Code; (i) made for
19
payments of principal and interest on limited bonds, as
20
defined in Section 3 of the Local Government Debt Reform Act,
21
in an amount not to exceed the debt service extension base less
22
the amount in items (b), (c), and (e) of this definition for
23
non-referendum obligations, except obligations initially
24
issued pursuant to referendum and bonds described in
25
subsections (h) and (h-8) of this definition; (j) made for
26
payments of principal and interest on bonds issued under

SB2854
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LRB104 17807 TRT 31240 b
1
Section 15 of the Local Government Debt Reform Act; (k) made
2
for payments of principal and interest on bonds authorized by
3
Public Act 88-503 and issued under Section 20a of the Chicago
4
Park District Act for aquarium or museum projects and bonds
5
issued under Section 20a of the Chicago Park District Act for
6
the purpose of making contributions to the pension fund
7
established under Article 12 of the Illinois Pension Code; (l)
8
made for payments of principal and interest on bonds
9
authorized by Public Act 87-1191 or 93-601 and (i) issued
10
pursuant to Section 21.2 of the Cook County Forest Preserve
11
District Act, (ii) issued under Section 42 of the Cook County
12
Forest Preserve District Act for zoological park projects, or
13
(iii) issued under Section 44.1 of the Cook County Forest
14
Preserve District Act for botanical gardens projects; (m) made
15
pursuant to Section 34-53.5 of the School Code, whether levied
16
annually or not; (n) made to fund expenses of providing joint
17
recreational programs for persons with disabilities under
18
Section 5-8 of the Park District Code or Section 11-95-14 of
19
the Illinois Municipal Code; (o) made by the Chicago Park
20
District for recreational programs for persons with
21
disabilities under subsection (c) of Section 7.06 of the
22
Chicago Park District Act; (p) made for contributions to a
23
firefighter's pension fund created under Article 4 of the
24
Illinois Pension Code, to the extent of the amount certified
25
under item (5) of Section 4-134 of the Illinois Pension Code;
26
(q) made by Ford Heights School District 169 under Section

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LRB104 17807 TRT 31240 b
1
17-9.02 of the School Code; (r) made for the purpose of making
2
employer contributions to the Public School Teachers' Pension
3
and Retirement Fund of Chicago under Section 34-53 of the
4
School Code; (s) made under Section 4 of the Community Mental
5
Health Act to provide the necessary funds or to supplement
6
existing funds for community mental health facilities and
7
services, including facilities and services for the person
8
with a developmental disability or a substance use disorder;
9
and
(t) made for the payment of principal and interest on any
10
bonds issued under the authority of Section 17-2.11 of the
11
School Code or to refund or continue to refund those bonds
; and
12
(u) beginning with the 2027 levy year, made for the purpose of
13
funding a Veterans Assistance Commission, as provided in
14
Section 5-2006 of the Counties Code
.
15

"Aggregate extension" for all taxing districts to which
16
this Law applies in accordance with Section 18-213, except for
17
those taxing districts subject to paragraph (2) of subsection
18
(e) of Section 18-213, means the annual corporate extension
19
for the taxing district and those special purpose extensions
20
that are made annually for the taxing district, excluding
21
special purpose extensions: (a) made for the taxing district
22
to pay interest or principal on general obligation bonds that
23
were approved by referendum; (b) made for any taxing district
24
to pay interest or principal on general obligation bonds
25
issued before the date on which the referendum making this Law
26
applicable to the taxing district is held; (c) made for any

SB2854
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LRB104 17807 TRT 31240 b
1
taxing district to pay interest or principal on bonds issued
2
to refund or continue to refund those bonds issued before the
3
date on which the referendum making this Law applicable to the
4
taxing district is held; (d) made for any taxing district to
5
pay interest or principal on bonds issued to refund or
6
continue to refund bonds issued after the date on which the
7
referendum making this Law applicable to the taxing district
8
is held if the bonds were approved by referendum after the date
9
on which the referendum making this Law applicable to the
10
taxing district is held; (e) made for any taxing district to
11
pay interest or principal on revenue bonds issued before the
12
date on which the referendum making this Law applicable to the
13
taxing district is held for payment of which a property tax
14
levy or the full faith and credit of the unit of local
15
government is pledged; however, a tax for the payment of
16
interest or principal on those bonds shall be made only after
17
the governing body of the unit of local government finds that
18
all other sources for payment are insufficient to make those
19
payments; (f) made for payments under a building commission
20
lease when the lease payments are for the retirement of bonds
21
issued by the commission before the date on which the
22
referendum making this Law applicable to the taxing district
23
is held to pay for the building project; (g) made for payments
24
due under installment contracts entered into before the date
25
on which the referendum making this Law applicable to the
26
taxing district is held; (h) made for payments of principal

SB2854
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LRB104 17807 TRT 31240 b
1
and interest on limited bonds, as defined in Section 3 of the
2
Local Government Debt Reform Act, in an amount not to exceed
3
the debt service extension base less the amount in items (b),
4
(c), and (e) of this definition for non-referendum
5
obligations, except obligations initially issued pursuant to
6
referendum; (i) made for payments of principal and interest on
7
bonds issued under Section 15 of the Local Government Debt
8
Reform Act; (j) made for a qualified airport authority to pay
9
interest or principal on general obligation bonds issued for
10
the purpose of paying obligations due under, or financing
11
airport facilities required to be acquired, constructed,
12
installed or equipped pursuant to, contracts entered into
13
before March 1, 1996 (but not including any amendments to such
14
a contract taking effect on or after that date); (k) made to
15
fund expenses of providing joint recreational programs for
16
persons with disabilities under Section 5-8 of the Park
17
District Code or Section 11-95-14 of the Illinois Municipal
18
Code; (l) made for contributions to a firefighter's pension
19
fund created under Article 4 of the Illinois Pension Code, to
20
the extent of the amount certified under item (5) of Section
21
4-134 of the Illinois Pension Code; (m) made for the taxing
22
district to pay interest or principal on general obligation
23
bonds issued pursuant to Section 19-3.10 of the School Code;
24
(n) made under Section 4 of the Community Mental Health Act to
25
provide the necessary funds or to supplement existing funds
26
for community mental health facilities and services, including

SB2854
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LRB104 17807 TRT 31240 b
1
facilities and services for the person with a developmental
2
disability or a substance use disorder;
and
(o) made for the
3
payment of principal and interest on any bonds issued under
4
the authority of Section 17-2.11 of the School Code or to
5
refund or continue to refund those bonds
; and (p) beginning
6
with the 2027 levy year, made for the purpose of funding a
7
Veterans Assistance Commission, as provided in Section 5-2006
8
of the Counties Code
.
9

"Aggregate extension" for all taxing districts to which
10
this Law applies in accordance with paragraph (2) of
11
subsection (e) of Section 18-213 means the annual corporate
12
extension for the taxing district and those special purpose
13
extensions that are made annually for the taxing district,
14
excluding special purpose extensions: (a) made for the taxing
15
district to pay interest or principal on general obligation
16
bonds that were approved by referendum; (b) made for any
17
taxing district to pay interest or principal on general
18
obligation bonds issued before March 7, 1997 (the effective
19
date of Public Act 89-718); (c) made for any taxing district to
20
pay interest or principal on bonds issued to refund or
21
continue to refund those bonds issued before March 7, 1997
22
(the effective date of Public Act 89-718); (d) made for any
23
taxing district to pay interest or principal on bonds issued
24
to refund or continue to refund bonds issued after March 7,
25
1997 (the effective date of Public Act 89-718) if the bonds
26
were approved by referendum after March 7, 1997 (the effective

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LRB104 17807 TRT 31240 b
1
date of Public Act 89-718); (e) made for any taxing district to
2
pay interest or principal on revenue bonds issued before March
3
7, 1997 (the effective date of Public Act 89-718) for payment
4
of which a property tax levy or the full faith and credit of
5
the unit of local government is pledged; however, a tax for the
6
payment of interest or principal on those bonds shall be made
7
only after the governing body of the unit of local government
8
finds that all other sources for payment are insufficient to
9
make those payments; (f) made for payments under a building
10
commission lease when the lease payments are for the
11
retirement of bonds issued by the commission before March 7,
12
1997 (the effective date of Public Act 89-718) to pay for the
13
building project; (g) made for payments due under installment
14
contracts entered into before March 7, 1997 (the effective
15
date of Public Act 89-718); (h) made for payments of principal
16
and interest on limited bonds, as defined in Section 3 of the
17
Local Government Debt Reform Act, in an amount not to exceed
18
the debt service extension base less the amount in items (b),
19
(c), and (e) of this definition for non-referendum
20
obligations, except obligations initially issued pursuant to
21
referendum; (i) made for payments of principal and interest on
22
bonds issued under Section 15 of the Local Government Debt
23
Reform Act; (j) made for a qualified airport authority to pay
24
interest or principal on general obligation bonds issued for
25
the purpose of paying obligations due under, or financing
26
airport facilities required to be acquired, constructed,

SB2854
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LRB104 17807 TRT 31240 b
1
installed or equipped pursuant to, contracts entered into
2
before March 1, 1996 (but not including any amendments to such
3
a contract taking effect on or after that date); (k) made to
4
fund expenses of providing joint recreational programs for
5
persons with disabilities under Section 5-8 of the Park
6
District Code or Section 11-95-14 of the Illinois Municipal
7
Code; (l) made for contributions to a firefighter's pension
8
fund created under Article 4 of the Illinois Pension Code, to
9
the extent of the amount certified under item (5) of Section
10
4-134 of the Illinois Pension Code; (m) made under Section 4 of
11
the Community Mental Health Act to provide the necessary funds
12
or to supplement existing funds for community mental health
13
facilities and services, including facilities and services for
14
the person with a developmental disability or a substance use
15
disorder;
and
(n) made for the payment of principal and
16
interest on any bonds issued under the authority of Section
17
17-2.11 of the School Code or to refund or continue to refund
18
those bonds
; and (o) beginning with the 2027 levy year, made
19
for the purpose of funding a Veterans Assistance Commission,
20
as provided in Section 5-2006 of the Counties Code
.
21

"Debt service extension base" means an amount equal to
22
that portion of the extension for a taxing district for the
23
1994 levy year, or for those taxing districts subject to this
24
Law in accordance with Section 18-213, except for those
25
subject to paragraph (2) of subsection (e) of Section 18-213,
26
for the levy year in which the referendum making this Law

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LRB104 17807 TRT 31240 b
1
applicable to the taxing district is held, or for those taxing
2
districts subject to this Law in accordance with paragraph (2)
3
of subsection (e) of Section 18-213 for the 1996 levy year,
4
constituting an extension for payment of principal and
5
interest on bonds issued by the taxing district without
6
referendum, but not including excluded non-referendum bonds.
7
For park districts (i) that were first subject to this Law in
8
1991 or 1995 and (ii) whose extension for the 1994 levy year
9
for the payment of principal and interest on bonds issued by
10
the park district without referendum (but not including
11
excluded non-referendum bonds) was less than 51% of the amount
12
for the 1991 levy year constituting an extension for payment
13
of principal and interest on bonds issued by the park district
14
without referendum (but not including excluded non-referendum
15
bonds), "debt service extension base" means an amount equal to
16
that portion of the extension for the 1991 levy year
17
constituting an extension for payment of principal and
18
interest on bonds issued by the park district without
19
referendum (but not including excluded non-referendum bonds).
20
A debt service extension base established or increased at any
21
time pursuant to any provision of this Law, except Section
22
18-212, shall be increased each year commencing with the later
23
of (i) the 2009 levy year or (ii) the first levy year in which
24
this Law becomes applicable to the taxing district, by the
25
lesser of 5% or the percentage increase in the Consumer Price
26
Index during the 12-month calendar year preceding the levy

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LRB104 17807 TRT 31240 b
1
year. The debt service extension base may be established or
2
increased as provided under Section 18-212. "Excluded
3
non-referendum bonds" means (i) bonds authorized by Public Act
4
88-503 and issued under Section 20a of the Chicago Park
5
District Act for aquarium and museum projects; (ii) bonds
6
issued under Section 15 of the Local Government Debt Reform
7
Act; or (iii) refunding obligations issued to refund or to
8
continue to refund obligations initially issued pursuant to
9
referendum.
10

"Special purpose extensions" include, but are not limited
11
to, extensions for levies made on an annual basis for
12
unemployment and workers' compensation, self-insurance,
13
contributions to pension plans, and extensions made pursuant
14
to Section 6-601 of the Illinois Highway Code for a road
15
district's permanent road fund whether levied annually or not.
16
The extension for a special service area is not included in the
17
aggregate extension.
18

"Aggregate extension base" means the taxing district's
19
last preceding aggregate extension as adjusted under Sections
20
18-135, 18-215, 18-230, 18-206, and 18-233. Beginning with
21
levy year 2022, for taxing districts that are specified in
22
Section 18-190.7, the taxing district's aggregate extension
23
base shall be calculated as provided in Section 18-190.7. An
24
adjustment under Section 18-135 shall be made for the 2007
25
levy year and all subsequent levy years whenever one or more
26
counties within which a taxing district is located (i) used

SB2854
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LRB104 17807 TRT 31240 b
1
estimated valuations or rates when extending taxes in the
2
taxing district for the last preceding levy year that resulted
3
in the over or under extension of taxes, or (ii) increased or
4
decreased the tax extension for the last preceding levy year
5
as required by Section 18-135(c). Whenever an adjustment is
6
required under Section 18-135, the aggregate extension base of
7
the taxing district shall be equal to the amount that the
8
aggregate extension of the taxing district would have been for
9
the last preceding levy year if either or both (i) actual,
10
rather than estimated, valuations or rates had been used to
11
calculate the extension of taxes for the last levy year, or
12
(ii) the tax extension for the last preceding levy year had not
13
been adjusted as required by subsection (c) of Section 18-135.
14

Notwithstanding any other provision of law, for levy year
15
2012, the aggregate extension base for West Northfield School
16
District No. 31 in Cook County shall be $12,654,592.
17

Notwithstanding any other provision of law, for the
18
purpose of calculating the limiting rate for levy year 2023,
19
the last preceding aggregate extension base for Homewood
20
School District No. 153 in Cook County shall be $19,535,377.
21

Notwithstanding any other provision of law, for levy year
22
2022, the aggregate extension base of a home equity assurance
23
program that levied at least $1,000,000 in property taxes in
24
levy year 2019 or 2020 under the Home Equity Assurance Act
25
shall be the amount that the program's aggregate extension
26
base for levy year 2021 would have been if the program had

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LRB104 17807 TRT 31240 b
1
levied a property tax for levy year 2021.
2

"Levy year" has the same meaning as "year" under Section
3
1-155.
4

"New property" means (i) the assessed value, after final
5
board of review or board of appeals action, of new
6
improvements or additions to existing improvements on any
7
parcel of real property that increase the assessed value of
8
that real property during the levy year multiplied by the
9
equalization factor issued by the Department under Section
10
17-30, (ii) the assessed value, after final board of review or
11
board of appeals action, of real property not exempt from real
12
estate taxation, which real property was exempt from real
13
estate taxation for any portion of the immediately preceding
14
levy year, multiplied by the equalization factor issued by the
15
Department under Section 17-30, including the assessed value,
16
upon final stabilization of occupancy after new construction
17
is complete, of any real property located within the
18
boundaries of an otherwise or previously exempt military
19
reservation that is intended for residential use and owned by
20
or leased to a private corporation or other entity, (iii) in
21
counties that classify in accordance with Section 4 of Article
22
IX of the Illinois Constitution, an incentive property's
23
additional assessed value resulting from a scheduled increase
24
in the level of assessment as applied to the first year final
25
board of review market value, and (iv) any increase in
26
assessed value due to oil or gas production from an oil or gas

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LRB104 17807 TRT 31240 b
1
well required to be permitted under the Hydraulic Fracturing
2
Regulatory Act that was not produced in or accounted for
3
during the previous levy year. In addition, the county clerk
4
in a county containing a population of 3,000,000 or more shall
5
include in the 1997 recovered tax increment value for any
6
school district, any recovered tax increment value that was
7
applicable to the 1995 tax year calculations.
8

"Qualified airport authority" means an airport authority
9
organized under the Airport Authorities Act and located in a
10
county bordering on the State of Wisconsin and having a
11
population in excess of 200,000 and not greater than 500,000.
12

"Recovered tax increment value" means, except as otherwise
13
provided in this paragraph, the amount of the current year's
14
equalized assessed value, in the first year after a
15
municipality terminates the designation of an area as a
16
redevelopment project area previously established under the
17
Tax Increment Allocation Redevelopment Act in the Illinois
18
Municipal Code, previously established under the Industrial
19
Jobs Recovery Law in the Illinois Municipal Code, previously
20
established under the Economic Development Project Area Tax
21
Increment Act of 1995, or previously established under the
22
Economic Development Area Tax Increment Allocation Act, of
23
each taxable lot, block, tract, or parcel of real property in
24
the redevelopment project area over and above the initial
25
equalized assessed value of each property in the redevelopment
26
project area. For the taxes which are extended for the 1997

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LRB104 17807 TRT 31240 b
1
levy year, the recovered tax increment value for a non-home
2
rule taxing district that first became subject to this Law for
3
the 1995 levy year because a majority of its 1994 equalized
4
assessed value was in an affected county or counties shall be
5
increased if a municipality terminated the designation of an
6
area in 1993 as a redevelopment project area previously
7
established under the Tax Increment Allocation Redevelopment
8
Act in the Illinois Municipal Code, previously established
9
under the Industrial Jobs Recovery Law in the Illinois
10
Municipal Code, or previously established under the Economic
11
Development Area Tax Increment Allocation Act, by an amount
12
equal to the 1994 equalized assessed value of each taxable
13
lot, block, tract, or parcel of real property in the
14
redevelopment project area over and above the initial
15
equalized assessed value of each property in the redevelopment
16
project area. In the first year after a municipality removes a
17
taxable lot, block, tract, or parcel of real property from a
18
redevelopment project area established under the Tax Increment
19
Allocation Redevelopment Act in the Illinois Municipal Code,
20
the Industrial Jobs Recovery Law in the Illinois Municipal
21
Code, or the Economic Development Area Tax Increment
22
Allocation Act, "recovered tax increment value" means the
23
amount of the current year's equalized assessed value of each
24
taxable lot, block, tract, or parcel of real property removed
25
from the redevelopment project area over and above the initial
26
equalized assessed value of that real property before removal

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LRB104 17807 TRT 31240 b
1
from the redevelopment project area.
2

Except as otherwise provided in this Section, "limiting
3
rate" means a fraction the numerator of which is the last
4
preceding aggregate extension base times an amount equal to
5
one plus the extension limitation defined in this Section and
6
the denominator of which is the current year's equalized
7
assessed value of all real property in the territory under the
8
jurisdiction of the taxing district during the prior levy
9
year. For those taxing districts that reduced their aggregate
10
extension for the last preceding levy year, except for school
11
districts that reduced their extension for educational
12
purposes pursuant to Section 18-206, the highest aggregate
13
extension in any of the last 3 preceding levy years shall be
14
used for the purpose of computing the limiting rate. The
15
denominator shall not include new property or the recovered
16
tax increment value. If a new rate, a rate decrease, or a
17
limiting rate increase has been approved at an election held
18
after March 21, 2006, then (i) the otherwise applicable
19
limiting rate shall be increased by the amount of the new rate
20
or shall be reduced by the amount of the rate decrease, as the
21
case may be, or (ii) in the case of a limiting rate increase,
22
the limiting rate shall be equal to the rate set forth in the
23
proposition approved by the voters for each of the years
24
specified in the proposition, after which the limiting rate of
25
the taxing district shall be calculated as otherwise provided.
26
In the case of a taxing district that obtained referendum

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LRB104 17807 TRT 31240 b
1
approval for an increased limiting rate on March 20, 2012, the
2
limiting rate for tax year 2012 shall be the rate that
3
generates the approximate total amount of taxes extendable for
4
that tax year, as set forth in the proposition approved by the
5
voters; this rate shall be the final rate applied by the county
6
clerk for the aggregate of all capped funds of the district for
7
tax year 2012.
8
(Source: P.A. 103-154, eff. 6-30-23; 103-587, eff. 5-28-24;
9
103-591, eff. 7-1-24; 103-592, eff. 6-7-24; 104-417, eff.
10
8-15-25.)

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