SB 3118

Abstract

Amends the Property Tax Extension Limitation Law in the Property Tax Code. For purposes of determining the "limiting rate" at which a school district may extend taxes, provides that in making its calculations a school district receiving tax liability payments from the City of Chicago for property acquired by the City of Chicago under the O'Hare Modernization Act shall include those payments in its aggregate extension base and shall include in the current year's equalized assessed value of taxable property the equalized assessed value of the property acquired for O'Hare expansion. Amends the State aid formula provisions of the School Code. In determining available local resources per pupil, provides that for the purpose of computing local property tax revenues per pupil, the equalized assessed value for a taxable year shall include the equalized assessed value, for the taxable year immediately prior to acquisition by the City of Chicago for purposes of the O'Hare Modernization Act, of acquired parcels for which tax liability payments are made to a school district under the O'Hare Modernization Act for that taxable year. Effective immediately.