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]

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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

Title	Description	Date	Format	Source	View
No supplemental documents for Illinois SB0196 currently on file.

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