Property Tax Pension Obligation Disclosure Act (Prior HB 1705, 2021-22)
February 13, 2023 11:16 AM to All House Members
Circulated By
Representative Barbara Gleim
R House District 199
Memo
In the near future, I intend to introduce legislation (former HB 1705) which will provide transparency to current and prospective property owners.
This legislation will require the governing body of each school district to calculate the amount of unfunded pension and other postemployment benefit obligations per $100,000 of assessed residential property within the school district. The results of the calculation must be published as follows:
Additionally, this legislation will require a seller who intends to transfer an interest in real property to disclose the results of the calculation as an item on the property disclosure form. This will help provide prospective homeowners information on the financial solvency of their school district and allow them to make more informed decisions.
I hope you will join me in cosponsoring this important legislation.
Previous cosponsors of HB 1705(2021-2022): Grove, Moul, B Miller
This legislation will require the governing body of each school district to calculate the amount of unfunded pension and other postemployment benefit obligations per $100,000 of assessed residential property within the school district. The results of the calculation must be published as follows:
- On the publicly accessible Internet website of the school district as a separate item from other information on the website
- As a footnote in the financial disclosures of the annual audited report of the school district
- In the notice of taxes required by the Local Tax Collection Law
Additionally, this legislation will require a seller who intends to transfer an interest in real property to disclose the results of the calculation as an item on the property disclosure form. This will help provide prospective homeowners information on the financial solvency of their school district and allow them to make more informed decisions.
I hope you will join me in cosponsoring this important legislation.
Previous cosponsors of HB 1705(2021-2022): Grove, Moul, B Miller
Legislation
Document - Introduced as HB 215
Property Tax Pension Obligation Disclosure Act (Prior HB 1705, 2021-22)
February 13, 2023 11:16 AM to All House Members
Circulated By
GLEIM
Memo
In the near future, I intend to introduce legislation (former HB 1705) which will provide transparency to current and prospective property owners.
This legislation will require the governing body of each school district to calculate the amount of unfunded pension and other postemployment benefit obligations per $100,000 of assessed residential property within the school district. The results of the calculation must be published as follows:
Additionally, this legislation will require a seller who intends to transfer an interest in real property to disclose the results of the calculation as an item on the property disclosure form. This will help provide prospective homeowners information on the financial solvency of their school district and allow them to make more informed decisions.
I hope you will join me in cosponsoring this important legislation.
Previous cosponsors of HB 1705(2021-2022): Grove, Moul, B Miller
This legislation will require the governing body of each school district to calculate the amount of unfunded pension and other postemployment benefit obligations per $100,000 of assessed residential property within the school district. The results of the calculation must be published as follows:
- On the publicly accessible Internet website of the school district as a separate item from other information on the website
- As a footnote in the financial disclosures of the annual audited report of the school district
- In the notice of taxes required by the Local Tax Collection Law
Additionally, this legislation will require a seller who intends to transfer an interest in real property to disclose the results of the calculation as an item on the property disclosure form. This will help provide prospective homeowners information on the financial solvency of their school district and allow them to make more informed decisions.
I hope you will join me in cosponsoring this important legislation.
Previous cosponsors of HB 1705(2021-2022): Grove, Moul, B Miller
Document
Introduced as HB 215
Generated 03/22/2025 10:31 PM