35 ILCS 200/18-246
2021 Illinois Compiled Statutes|Chapter 35 - REVENUE|35 ILCS 200/ - Property Tax Code.|Title 6 - Levy and Extension

Sec. 18-246. Short title; definitions. This Division 5.1 may be cited as the One-year Property Tax  Extension Limitation Law.As used in this Division 5.1:"Taxing district" has the same meaning provided in Section 1-150, except that  it includes only each non-home rule taxing district with the majority of its  1993 equalized assessed value contained in one or more affected counties, as  defined in Section 18-185, other than those taxing districts subject to the  Property Tax Extension Limitation Law before February 12, 1995 (the effective date of Public Act 89-1)."Aggregate extension" means the annual corporate extension for the taxing  district and those special purpose extensions that are made annually for the  taxing district, excluding special purpose extensions: (a) made for the taxing  district to pay interest or principal on general obligation bonds that were  approved by referendum; (b) made for any taxing district to pay interest or  principal on general obligation bonds issued before March 1, 1995; (c) made for  any taxing district to pay interest or principal on bonds issued to refund or  continue to refund those bonds issued before March 1, 1995; (d) made for any  taxing district to pay interest or principal on bonds issued to refund or  continue to refund bonds issued after March 1, 1995 that were approved by  referendum; (e) made for any taxing district to pay interest or principal on  revenue bonds issued before March 1, 1995 for payment of which a property tax  levy or the full faith and  credit of the unit of local government is pledged; however, a tax for the  payment of interest or principal on those bonds shall be made only after the  governing body of the unit of local government finds that all other sources for  payment are insufficient to make those payments; (f) made for payments under a  building commission lease when the lease payments are for the retirement of  bonds issued by the commission before March 1, 1995, to pay  for the building project; (g) made for payments due under installment contracts  entered into before March 1, 1995; and (h) made for payments  of principal and interest on bonds issued under the Metropolitan Water  Reclamation District Act to finance construction projects initiated before  October 1, 1991."Special purpose extensions" includes, but is not limited to, extensions for  levies made on an annual basis for unemployment compensation, workers'  compensation, self-insurance, contributions to pension plans, and extensions  made under Section 6-601 of the Illinois Highway Code for a road district's  permanent road fund, whether levied annually or not.  The extension for a  special service area is not included in the aggregate extension."Aggregate extension base" means the taxing district's aggregate extension  for the 1993 levy year as adjusted under Section 18-248."Levy year" has the same meaning as "year" under Section 1-155."New property" means (i) the assessed value, after final board of review  or board of appeals action, of new improvements or additions to existing  improvements on any parcel of real property that increase the assessed value of  that real property during the levy year multiplied by the equalization factor  issued by the Department under Section 17-30 and (ii) the assessed value, after  final board of review or  board of appeals action, of real property not exempt from real estate taxation,  which real property was exempt from real estate taxation for any portion of the  immediately preceding levy year, multiplied by the equalization factor issued  by the Department under Section 17-30."Recovered tax increment value" means the amount of the 1994 equalized  assessed value, in the first year after a city terminates the designation of  an area as a redevelopment project area previously established under the Tax  Increment Allocation Redevelopment Act of the Illinois Municipal Code  or previously established under the Industrial Jobs Recovery  Law of the Illinois Municipal Code, or previously established under the  Economic Development Area Tax Increment Allocation Act, of each  taxable lot, block, tract, or parcel of real property in the redevelopment  project area over and above the initial equalized assessed value of each  property in the redevelopment project area.Except as otherwise provided in this Section, "limiting rate" means a  fraction the numerator of which is the aggregate extension base times 1.05  and the denominator of which is the 1994 equalized assessed value of all real  property in the territory under the jurisdiction of the taxing district during  the 1993 levy year.  The denominator shall not include new property and shall  not include the recovered tax increment value.  (Source: P.A. 102-558, eff. 8-20-21.)