Review Agenda Item
Meeting Date: 11/10/2021 - 7:00 PM
Category: Oral Reports
Type: Info
Subject: 2021 Property Tax Levy - Revenue Recapture Public Act 102-0519
Vision 2026:
Background Public Act 102-0519 was signed into law on August 20, 2021. The Act amends the Property Tax Extension Limitation Law (PTELL). We will discuss the implications of this law on CUSD 200.
File Attachment:
Property Tax Revenue Recapture Presentation - November 2021.pdf
Summary: The Act amends PTELL to provide that a taxing district’s levy will automatically be increased each year to recapture property tax refunds made in the prior 12 months arising from a PTAB appeal, tax objection suit, or certificate of error that reduced a property’s assessed value. Because this Act was placed in the PTELL section of the Property Tax Code, it appears to apply only to taxing districts covered by PTELL, which includes CUSD 200. Under the new Act, on or before November 15 of each year, the county treasurer will certify each covered taxing district’s aggregate property tax refunds for the preceding 12 months (November 1 through October 31). The county treasurer will then extend the recapture levy based on the certified amounts of the property tax refunds. The Act specifically provides that, for purposes of PTELL, the taxing district’s most recent aggregate extension base shall not include the prior year’s recapture levy. Thus, this recapture levy will not be included in the subsequent year’s tax cap calculation. The Act does not give the Board of Education the discretion to decline or abate this new supplemental extension.
Board Policy 4:10 Fiscal and Business Management
Recommended By:
Signed By:
Brian O'Keeffe - Asst Superintendent Business Services
Signed By:
Jeff Schuler - Superintendent