"Base year" means the last tax year prior to the date of the application during which the property was occupied and assessed and taxes were collected.
"Tax year" means the calendar year for which assessed value is determined as of January 1 of that year.
"Keystone property" means property that has had a distinguished past and is a prominent property in the Village of Park Forest, a home rule municipality in both Cook and Will Counties, but is not of historical significance or landmark status and meets the following criteria:
No later than March 1 of each year before taxes are extended for the prior tax year, the Village of Park Forest shall certify to the county clerk of the county in which the property is located a percentage reduction to be applied to property taxes to limit the aggregate tax liability on keystone property in accordance with this Section.
35 ILCS 200/10-705