Rep. Mike Batinick (HB 6630) and Rep. Jack Franks (House Amendment #2 to SB 1919) presenting identical bills to amend the current Property Tax Extension Limitation Law to include ALL taxing districts including Home Rule units and to lower the extension limitation to zero percent beginning with the 2016 levy year. Further, local units could not vote to opt out. Photo: Julie Sullivan
Action occurred this week on the final two days of the current 99th General Assembly on the issue of property tax relief.
On Monday, the House Revenue and Finance Committee heard testimony and voted on TWO identical measures that amend the existing Property Tax Extension Limitation Law (PTELL).
Commonly referred to as the “property tax cap law”, it does not “cap” a property tax bill or a property assessment but it limits the increase in tax extensions on existing property by a taxing district.
The provisions of the law initially began in the collar counties in 1991; Cook County was added in 1994 and ultimately it was extended to apply to other parts of the State by referendum. IMPORTANT to note is that home rule units were never included in the provisions of the limitation.
The law, since its enactment limited increases in property tax extensions to the lesser of 5 percent or the increase in the Consumer Price Index for the year preceding the levy year. This limitation was able to be increased by vote of the electors in the community subject to the law.
The two duplicate measures, HB 6630 is sponsored by REALTOR® Representative Mark Batincik (R-Plainfield) and an amendment to SB 1919 is sponsored by Rep. Jack Franks (D-Woodstock) are similar to other measures considered in the 2016 session.
Key provisions the bills limit the increases in property tax extensions to zero percent unless a higher amount is approved by the voters; home rule taxing units will be subject to the limitation; PTELL can no longer be rescinded by referendum.
On Tuesday, the full House passed one of the bills- HB 6630 – on a roll call vote of 76-24-6 which, although too late for consideration by the Senate, is encouraging that debate will continue on the issue of property taxes for the new General Assembly which begins on Wednesday, Jan. 11th.
The Illinois REALTORS® office in Springfield will be closed Monday, Jan. 2 in observance of New Year’s Day.
The office will reopen at 9 a.m. Tuesday.
See you next year!
For each of the last dozen work days, the Illinois REALTORS® Facebook page has supplied at least one tip, download or resource for use in your business and with your clients. We refer to the series of posts as the “12 Days of Christmas.”
For your convenience, we’ve bundled all of the ideas together in one blog post. Check it out.
Seize this opportunity to become a Managing Broker! Managing Broker Pre-License Applied Management & Supervision webinars are rare. The Illinois REALTORS® Licensing & Training Center is offering this 15-hour course on January 31 and February 1. If you are a broker interested in becoming a managing broker, now is the time to act!
Course Dates: January 31 and February 1, 2017
Times: 9:00 a.m. – 4:30 p.m., both days
Register through WebEx.
It is recommended, but not required, that you complete the Managing Broker Pre-License Topics 30-hour course before taking Applied Management and Supervision. Fortunately, you have plenty of time to complete the 30-hour Managing Broker Pre-License Topics home study course or a classroom course near you.
To qualify for an Illinois Real Estate Managing Broker’s license in the State of Illinois you must:
- have completed the 120-hour Broker pre-license and post-license requirements;
- have held an active, valid Illinois real estate broker license for two of the past three years;
- successfully complete the required coursework;
- pass the state licensing exam.
Learn more about Managing Broker pre-license requirements here.
Illinois REALTORS® staff members Brandi Moore, Chelsea Domescik, Randy Domescik and Dalton Cordier helped get presents ready for shipment to a needy family as part of an annual holiday tradition at the association.
For more than 15 years, Illinois REALTORS® employees have pitched in to make sure a needy family has gifts under the tree.
This year, the “elves” at the association took donations from staff members, and then went on a shopping spree for toys, clothes and even some needed household items.
The gifts filled two rolling carts, and spilled out from under the Christmas tree in the Illinois REALTORS® lobby.