State
Illinois
Year
2020
Limit Type
Rate Limit
Limit Name
Property Tax Cap Law
Limit Description
The maximum rate allowed by law depends on the type of government unit and the type of fund within each unit.
Override Process
Many of the fund levy limits provide for local referendum to raise the rate limits. The referendum shall state the purpose or reason for the proposed change in the tax rate, an estimate of the approximate amount of levy or extension under the proposed rate and under the current rate. The notice shall include the approximate amount of the tax levy against a single family residence having a fair market value of $100,000 at the current maximum rate and at the proposed rate. The new rate shall be adopted if a majority of all ballots cast on the proposition are in favor of the proposition.
Record ID
IL001_LM20
Footnotes
Sources
35 Ill. Comp. Stat. § 200/18-125;
35 Ill. Comp. Stat. § 200/18-190(a)(4) (in effect for 2020)
Illinois Const., Art. VII, § 11, cl. b
1995.
Tax and Expenditures Limits on Local Governments, M-194, Washington, DC: Advisory Commission on Intergovernmental Relations.
View Archived Source
Illinois Department of Revenue, The Illinois Property Tax System
[http://www.revenue.state.il.us/Publications/LocalGovernment/PTAX1004.pdf Accessed 5/25/2017]
View Archived Source
Illinois Department of Revenue, Property Tax Fund Max Rate and Statute Reference (no date)
[http://www.revenue.state.il.us/localgovernment/propertytax/NewMaxRates.pdf Accessed 5/25/2017]
View Archived Source