(20 ILCS 2505/2505-555)
Sec. 2505-555. Study concerning tax increment financing information on tax bills.
(a) The Department must conduct a study to determine the feasibility for each county to include, on the property tax bills for each taxpayer in that county, information concerning any tax increment financing project that affects the taxpayer.
(b) The information on a taxpayer's property tax bill must include, for each tax increment financing project that affects the taxpayer:
(1) a description of the project;
(2) a statement of initial total equalized assessed
value of the property in the project area before the tax increment financing;
(3) a statement of the current total equalized
assessed value of the property in the project area;
(4) a statement of the impact of the tax increment
financing on each tax rate for each affected taxing district; and
(5) projections for future impacts of the tax
increment financing on each tax rate for each affected taxing district.
(c) The study under this Section must include an analysis of any obstacles that a county will face in including the information on property tax bills and identify any possible solutions to those obstacles.
(d) No later than April 1, 2008, the Department must submit a report to the Governor and the General Assembly concerning the study under this Section.
(Source: P.A. 95-227, eff. 8-16-07.)
Sections: Previous 2505-425 2505-450 2505-475 2505-500 2505-505 2505-510 2505-550 2505-555 2505-560 2505-575 2505-600 2505-605 2505-610 2505-625 2505-630 Next
Last modified: February 18, 2015