Librarian's Helper - Lewis & Clark Library System

Page7library district) wishes/desires to collect. The Levy ordinance is adopted by the corporateauthority.Multiplier-- Number that is used to make property assessments uniform throughout the state.Corporate authorities are assigned multipliers by the Illinois Department of Revenue. Alsoknown as the Equalization FactorMunicipality—City, village or incorporated town.Ordinance—Law of a municipal government or taxing entity, such as a library district.Referendum—Submission of a proposed public measure to a direct popular vote. An itemplaced on an election ballot for adoption by local voters.Resolution—Formal statement of a decision or want for action by the library board.Revenue—Library's income from all sources (tax levies, fines, fees, gifts, etc.). Also called therevenue stream.Tax Levy—Actual amount of property tax dollars that the library board determines is needed torun the library.Tax Rate—Percentage that is multiplied with the Equalized Assessed Valuation to determine thepayable tax for a property. Tax rates have statutory ceilings; these maximums vary according tothe type of tax. For instance, the library general fund tax has a ceiling of .15% unless increasedby local voters or home-rule communities. When the tax rate is multiplied against the EAV, therate is expressed as .0015.Tax Cap—Property Tax Extension Limitation (PTEL). The PTEL was enacted in 1991 to providetax relief from rising property taxes in non-home rule taxing districts. The PTEL is established ona countywide basis, voted on by the voters of the county. Once a tax cap is in place, increases inproperty tax extensions are limited to 1) 5% or 2) the increase in the consumer price index,whichever is lower. Contact the Illinois Department of Revenue for more information.