Bill > SB3002

This bill amends the Property Tax Extension Limitation Law, commonly known as the "Property Tax Cap," to provide an alternative method for taxing districts to increase their total property tax revenue beyond the standard limitations. Currently, the Property Tax Extension Limitation Law restricts how much a taxing district's annual property tax revenue, known as the "aggregate extension," can increase each year, typically tied to the Consumer Price Index (CPI) or a voter-approved rate. This bill introduces a new procedure allowing a taxing district to seek voter approval through a referendum to increase its aggregate extension by a specific dollar amount for a particular levy year. If approved by a majority of voters, this referendum-based increase would be added to the district's otherwise calculated extension limit for that year, effectively allowing for a larger property tax levy than would normally be permitted under the existing law. The bill also specifies the exact wording and supplemental information that must be included on the ballot and in public notices for such a referendum, including an estimate of the additional tax impact on a typical home.

https://www.ilga.gov/Legislation/BillStatus?DocNum=3002&GAID=18&DocTypeID=SB&SessionID=114&GA=104