Bill Text: IL HB4083 | 2023-2024 | 103rd General Assembly | Introduced

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Bill Title: Amends the Property Tax Code. Provides that each taxing district shall continuously monitor its cash and cash-equivalent assets. Provides that if, on the last day of the taxing district's fiscal year, the taxing district has an amount in cash or cash-equivalent assets that is more than 5 times its average annual revenue from all sources for the 3 immediately preceding calendar years, then the taxing district shall review its property tax levy and extension with the goal of granting an abatement to its taxpayers. Provides for notification to taxpayers.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2025-01-07 - Session Sine Die [HB4083 Detail]

Download: Illinois-2023-HB4083-Introduced.html

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103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB4083 Introduced , by Rep. John Egofske SYNOPSIS AS INTRODUCED:
35 ILCS 200/18-184.25 new
Amends the Property Tax Code. Provides that each taxing district shall continuously monitor its cash and cash-equivalent assets. Provides that if, on the last day of the taxing district's fiscal year, the taxing district has an amount in cash or cash-equivalent assets that is more than 5 times its average annual revenue from all sources for the 3 immediately preceding calendar years, then the taxing district shall review its property tax levy and extension with the goal of granting an abatement to its taxpayers. Provides for notification to taxpayers.
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A BILL FOR
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AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Property Tax Code is amended by adding
Section 18-184.25 as follows:
(35 ILCS 200/18-184.25 new)
Sec. 18-184.25. Cash monitoring and abatement review.
(a) Each taxing district shall continuously monitor its
cash and cash-equivalent assets. If, on the last day of the
taxing district's fiscal year, the taxing district has an
amount in cash or cash-equivalent assets that is more than 5
times its average annual revenue from all sources, the taxing
district shall be subject to subsection (b) of this Section.
(b) If a taxing district meets the criteria of subsection
(a), the taxing district shall review its property tax levy
and extension with the goal of granting an abatement to its
taxpayers. In addition, the taxing district shall notify its
taxpayers that it meets the requirements of subsection (a).
The notification shall be in substantially the following form:
NOTICE TO TAXPAYERS: On [insert date], the [name of
taxing body] had cash assets, or cash-equivalent assets,
greater than or equal to 5 times the average annual
revenue enjoyed by the [name of taxing body]. Pursuant to

HB4083 - 2 - LRB103 32063 HLH 61570 b
the requirements of State law, the [name of taxing body]
is undergoing an internal review that will determine the
advisability of returning some of this surplus to local
taxpayers in the form of an abatement on the property
taxes to be extended and completed in the next tax
collection cycle scheduled to commence after the
publication of this Notice. This internal review shall
conclude on [insert date]. The result of this
determination shall be a public record under Section 3 of
the Local Records Act.
The mandatory notification contained in this subsection
(b) shall be: (1) posted on the primary website of the taxing
district within 3 business days after the taxing district
determines that it meets the requirements of subsection (a);
and (2) published in at least 2 newspapers of general
circulation within the taxing district within 30 days after
the taxing district determines that it meets the requirements
of subsection (a).
(c) As used in this Section:
"Average annual revenue from all sources" means one-third
of the taxing district's total annual revenue collected from
all sources during the 3 calendar years immediately preceding
the calendar year in which the determination under subsection
(a) is made.