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If a portion of the city's territory in the prior levy year has been disconnected, for purposes of computing the limitation on the city's levy, the aggregate levy shall be adjusted by multiplying it by a factor, the numerator of which is the prior levy year's equalized assessed value of property remaining in the city and the denominator of which is the prior levy year's equalized assessed value of the entire city. This adjustment to the aggregate levy will be made before any adjustments under Section 3-92-060.
(Added Coun. J. 3-8-93, p. 29910)
If property is annexed into the city during the current levy year, for purposes of computing the limitation on the city's levy, the aggregate levy shall be adjusted by multiplying it by a factor, the numerator of which is the sum of prior levy year's equalized assessed value of all property located within the city prior to the annexation, plus the prior year's equalized assessed valuation of all property located within the annexed territory, and the denominator of which is the prior levy year's equalized assessed value of the entire city.
(Added Coun. J. 3-8-93, p. 29910)
Levies allocable to a special tax allocation fund and the amount of taxes abated under Sections 162 and 162e of the Revenue Act of 1939 are not included in the aggregate levy when computing the limitation on increases from year to year.
(Added Coun. J. 3-8-93, p. 29910)
Levies required in order to meet the City's contribution obligations under the Illinois Pension Code, 40 ILCS 5/1-101, et seq., are not included in the aggregate levy when computing the limitation on increases from year to year. From 2021 through 2058, such levies are expected to increase on a regular basis, due to the requirements of the Pension Code. For all four City funds (The Policemen's Annuity and Benefit Fund; The Firemen's Annuity and Benefit Fund; The Municipal Employees', Officers', and Officials' Annuity and Benefit Fund; and The Laborers' and Retirement Board Employees' Annuity and Benefit Fund), the Pension Code provides that the City's required annual contribution shall be sufficient to cover its annual costs and, at the same time, bring the total assets of the fund up to 90% of its total actuarial liabilities by the mid-2050s. Beginning with the budget for fiscal year 2021, therefore, the City will include in each year's budget an increase in the property tax levy equal to the lesser of the most recently reported annual increase in the Consumer Price Index (CPI) or five percent, unless and until the Pension Code requirements set forth above have been met. For purposes of this section, CPI shall mean the national CPI-U for All Urban Consumers for the most recently reported December-to-December period. This section does not limit the authority of the City Council to make such other adjustments in the property tax levy as it may deem appropriate at any time.
(Added Coun. J. 11-24-20, p. 24619, Art. I, § 5)