Senate Bill 0020
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DIGEST OF SB20 (Updated January 29, 2008 3:41 pm - DI 84)
Local government finance. Provides that if the local option income tax for property tax replacement is adopted in Lake County, the tax revenue may be distributed only by one of the three following distribution methods (as determined by the county council): (1) The tax revenue may be used to proportionately reduce all property tax levies imposed by the county. (2) The tax revenue collected from taxpayers within a particular municipality in Lake County may be used to provide a local property tax credit against property taxes imposed by that municipality, and the tax revenue collected from taxpayers within the unincorporated area may be used to provide a local property tax credit that is available only to those taxpayers within the unincorporated area. (3) 60% of the tax revenue shall be used to provide local property tax credit to taxpayers within municipalities and to taxpayers within the unincorporated areas, and 40% of the tax revenue shall be distributed to the county and to townships and municipalities on the basis of population and used to reduce property tax levies. Provides that the annual budget of a solid waste management district must be approved by the fiscal body of each county in which the district is located. Provides that certain maximum permissible property tax levies for firefighting are increased by the assessed value growth quotient used in the determination of civil units' levies (rather than being increased statutorily by 5% each year). Adjusts the maximum property tax rates for county cumulative capital development funds and for municipal cumulative capital development funds to reflect the change from 33.33% to 100% of true tax value. Allows a church or religious society that meets certain requirements and that failed to timely file an application for property tax exemption for the 2003, 2004, and 2005 assessment dates to retroactively file for and be granted the exemption.
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Conference Committee Reports
- Filed: >0020-1, >0020-1(PDF), >0020-2, >0020-2(PDF), >0020-3, >0020-3(PDF), >0020-4, >0020-4(PDF)
- Passed: >0020-1, >0020-1(PDF), >0020-2, >0020-2(PDF)