Bill > HB2543

This bill amends the Property Tax Code to establish a new "Taxpayer Empowerment Law" that allows registered voters to initiate two types of referenda regarding property tax reductions. For a non-binding, advisory referendum, voters must gather petition signatures from at least 1% but less than 5% of total votes cast in the previous general election, which would ask voters if a taxing district should reduce its aggregate extension (total annual tax levy) by up to 10%. For a binding referendum that would actually require the tax reduction, voters must gather signatures from at least 5% of total votes cast in the previous general election. The referenda can only be held during general or consolidated elections, not primary elections, and must be filed with the appropriate election authority. If a binding referendum passes with a majority vote, the taxing district must reduce its aggregate extension in the following levy year. The bill also preempts home rule units' taxing powers and specifies that this law takes precedence over other existing tax laws. Importantly, the bill provides clear definitions for terms like "aggregate extension" and "taxing district" to ensure precise implementation of the new referendum process.

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2543&GAID=18&DocTypeID=HB&SessionID=114&GA=104