PROP TAX-RECAPTURE

Amends the Property Tax Code. Provides that a taxing district may adopt a levy to recapture revenue lost due to refunds issued pursuant to a decision of the Property Tax Appeal Board, an assessment or exemption decision of the Department of Revenue, a court order, or an administrative decision of a local assessment official. Provides that those recapture levies are not included in the taxing district's aggregate extension base under the Property Tax Extension Limitation Law. Provides that any taxpayer who has received a refund that has been included in a recapture levy by one or more taxing districts has the right to an abatement in an amount equal to a portion of that refund amount, subject to certain limitations. Repeals a Section of the School Code requiring the State Board of Education to incorporate and deduct the total aggregate adjustments to assessments made by the State Property Tax Appeal Board or Cook County Board of Appeals from the equalized assessed valuation of the district when calculating the amount of State aid to be apportioned to school districts. Provides that commercial or industrial taxpayers who (i) receive a final assessment that exceeds the final assessment of the immediate past year by $100,000 or more in assessed valuation, and (ii) intend to seek further review of the assessment shall give notice of their intent to seek a review to the governing body of any municipality, school district, and community college district in which the property is situated.