Quote:
Originally Posted by Jibba
Can you elaborate on this? Or link to a source that I could read myself?
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Here's Illinois' PTELL technical manual,
https://www.google.com/url?sa=t&rct=...Pew-pms-JtC2OO
Cook County came under PTELL in '95 for the '94 tax year.
Chicago, as a home rule body, is not technically under PTELL but we wrote our own identical ordinance the same year. The city council edited it a few years ago to allow us to raise our levy for the express purpose of paying off pension obligations.
Below are the sailent sections.
Realize that when they talk of tax increase they are speaking of increases in the total levy or extension for each taxing body.
The PTELL limits the yearly increase in a non-home rule taxing district’s property taxes billed.
The annual tax increase for PTELL taxing district is limited to 5 percent or the rate of inflation, whichever is less. The PTELL slows the growth of property tax revenues to taxing districts when property values are increasing faster than the rate of inflation. As a whole, property owners have some protection from tax bills that increase because the market value of their property is rising rapidly.
PTELL taxing districts do not get less money; they just cannot raise as much from property taxes as they would be able to without the PTELL.
Generally, the yearly increase in taxes a district may bill for PTELL funds is limited to the rate of inflation. The law does allow amounts greater than inflation to be billed in each of the following situations:
New property (generally new construction) is added to the tax rolls.
The taxing district annexes property.
Voters approve one of four referenda allowed under the PTELL to increase the taxes billed.
A Tax Increment Financing (TIF) district expires. (The amount that had been available as the TIF increment is then available to the taxing district.).
The county clerk makes these allowances when the tax rate is computed.
“New property” includes the assessed value of
new improvements or additions to existing improvements on any parcel of real property that increased the assessed value of that real property during the levy year.
It does not include maintenance and repair.