Senate Bill No. 333 Summary

• Eliminates the frozen maximum property tax levy for civil taxing units in Lake County that was in effect unless a local option income tax for property tax relief was active in the county.

• Removes the requirement that Lake County taxing units use an assessed value growth quotient of 1.0 (no growth) unless a 1% local income tax was in effect.

• Applies the standard statewide assessed value growth quotient calculation to Lake County taxing units for property taxes imposed for assessment dates after February 28, 2010.

• The changes expire January 1, 2015.

• Declares an emergency, making the act effective upon passage.