Bill Title: Amends the Property Tax Extension Limitation Law in the Property Tax Code. Provides that the approximate amount of the tax extendable, as stated on the referendum question submitted to impose a new or increased limiting rate or increase the extension limitation, shall be calculated (i) without regard to any property tax exemptions and (ii) using an equalized assessed value calculated by multiplying the percentage level of assessment prescribed for such property by statute or by ordinance of the county board by the most recent final equalization factor certified to the county clerk by the Department of Revenue at the time the taxing district initiates the submission of the proposition to the electors. Effective immediately.

Sponsorship: Moderate Partisan Bill (Democrat 9-1)

Status: (Passed) 2012-08-24 - Public Act . . . . . . . . . 97-1087 [SB3314 Detail]

Text: Latest bill text (Chaptered) [HTML]

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