3-92-020  Definitions.
   Whenever used in this chapter, the following words and phrases shall have the following meanings:
   (a)   “Consumer price index” means the consumer price index for all urban consumers for all items, published by the United States Department of Labor.
   (b)   “Aggregate levy” means the annual levy of property taxes by the city for all purposes, with the exception of (i) amounts levied for the specific purposes of special service areas or pensions and (ii) those specific amounts levied for the years 2002, 2003 and 2005 to 2030, inclusive, for the benefit of the Chicago School Reform Board of Trustees of the Board of Education of the City of Chicago pursuant to an ordinance adopted by the City Council of the City on September 10, 1997, and (iii) for the purpose of determining the aggregate levies for the year 2008 and subsequent years, amounts levied for public library purposes which are separately stated on tax bills under Section 20-15 of the Property Tax Code 35 ILCS 200/20-15, plus adjustment for new property.
   (c)   “Adjustment for new property” means an amount equal to the product of the most recent property tax rate for the City of Chicago, as issued by the Cook County Clerk, times the sum of all new property in the most recent property tax levy, as issued by the Cook County Clerk.
   (d)   “New property” means the assessed value, after final action by the county board of (tax) appeals or county board of review, 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 Illinois Department of Revenue under Article 17 of the Illinois Property Tax Code, as amended, 35 ILCS 200/17-1, et seq. “New property” also includes any increase in assessed valuation of existing property caused by the expiration of reduced assessments under the Cook County Real Estate Classification Ordinance.
(Added Coun. J. 3-8-93, p. 29910; Amend Coun. J. 10-1-97, p. 53822; Amend Coun. J. 3-31-04, p. 20916, § 4.20; Amend Coun. J. 11-13-07, p. 15814, § 1; Amend Coun. J. 10-28-15, p. 12062, Art. III, § 1)