Page 552

House Bill No. 5506

Public Act No. 22-118 552 of 739

rates greater than 45 mills, shall be made in an amount equal to the difference between the amount of property taxes levied by the municipality and any district located within the municipality on motor vehicles for the assessment year commencing October 1, 2017, and the amount such levy would have been if the mill rate on motor vehicles for said assessment year was equal to the mill rate imposed by such municipality and any district located within the municipality on real property and personal property other than motor vehicles. (2) Not later than fifteen calendar days after receiving a property tax grant pursuant to this section, the municipality shall disburse to any district located within the municipality the amount of any such property tax grant that is attributable to the district. (3) For the fiscal year ending June 30, 2023, and each fiscal year thereafter, motor vehicle property tax grants shall be made to: (A) Municipalities that imposed mill rates greater than 32.46 mills on real property and personal property other than motor vehicles for the preceding fiscal year, in an amount equal to the difference between (i) the amount of property taxes the municipality would have levied on motor vehicles for the preceding fiscal year if the mill rate imposed on motor vehicles for such year was 32.46 mills, and (ii) the amount of property taxes the municipality would have levied on motor vehicles for the preceding fiscal year if the mill rate imposed on motor vehicles for such year was equal to the mill rate imposed on real property and personal property other than motor vehicles for such year; and (B) Districts that imposed mill rates that, when combined with the mill rate of the municipality in which the district is located, were greater than 32.46 mills on real property and personal property other than motor vehicles for the preceding fiscal year, in an amount equal to the difference between (i) the amount of property taxes the district would have levied on motor vehicles for the preceding fiscal year if the mill