Bill Title: Amends the Property Tax Extension Limitation Law in the Property Tax Code. Provides that a taxing district shall reduce its aggregate extension base for the purpose of lowering its limiting rate for future years upon referendum approval initiated by the submission of a petition by the voters of the district. Provides that the extension limitation shall be: (a) the lesser of 5% or the average percentage increase in the Consumer Price Index for the 10 years immediately preceding the levy year for which the extension limitation is being calculated; or (b) the rate of increase approved by the voters. Effective immediately.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced) 2023-01-31 - Referred to Assignments
[SB0196 Detail]
Bill Drafts
Revision | Date | Format | Source | View |
Introduced | 2023-01-31 | HTML/Text | Link | View |
Amendments
Amendment | Date | Disposition | Format | Source | View |
No bill amendments currently on file for Illinois SB0196 |
Supplemental Documents
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No supplemental documents for Illinois SB0196 currently on file. |
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