Bill > HB2642

This bill amends the Property Tax Extension Limitation Law in the Property Tax Code to modify how a taxing district's limiting rate is calculated. Currently, the limiting rate is based on the aggregate extension from the last three preceding levy years. The bill changes this calculation to allow the use of the highest aggregate extension from any year in which the taxing district was subject to the Property Tax Extension Limitation Law, with an important limitation: an aggregate extension established during a levy year when the taxing district was temporarily authorized to increase its limiting rate or extension limitation cannot be used. This means taxing districts would have more flexibility in determining their property tax extension base, potentially allowing them to use a higher historical extension amount when calculating their current year's tax rate. The bill appears designed to give local government entities more leeway in setting property tax rates while still maintaining some restrictions to prevent unlimited tax increases.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2642&GAID=18&DocTypeID=HB&SessionID=114&GA=104