Bill Text: IL HB5083 | 2021-2022 | 102nd General Assembly | Introduced

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Bill Title: Amends the Property Tax Code. Provides that, beginning in levy year 2023, no taxing district may increase its aggregate extension when compared with the taxing district's aggregate extension for the last preceding levy year by more than the average percentage increase in property assessments when compared with the last preceding levy year.

Sponsorship: Partisan Bill (Democrat 1)

Status: (Introduced - Dead) 2022-02-18 - Rule 19(a) / Re-referred to Rules Committee [HB5083 Detail]

Download: Illinois-2021-HB5083-Introduced.html

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102ND GENERAL ASSEMBLY State of Illinois 2021 and 2022 HB5083 Introduced , by Rep. Rita Mayfield SYNOPSIS AS INTRODUCED:
35 ILCS 200/18-50.3 new
Amends the Property Tax Code. Provides that, beginning in levy year 2023, no taxing district may increase its aggregate extension when compared with the taxing district's aggregate extension for the last preceding levy year by more than the average percentage increase in property assessments when compared with the last preceding levy year.
LRB102 22392 HLH 31532 b
A BILL FOR
HB5083 LRB102 22392 HLH 31532 b
AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Property Tax Code is amended by adding
Section 18-50.3 as follows:
(35 ILCS 200/18-50.3 new)
Sec. 18-50.3. Limitation on increase in taxing district
extensions.
(a) Notwithstanding any other provision of law, beginning
in levy year 2023, no taxing district may increase its
aggregate extension when compared with the taxing district's
aggregate extension for the last preceding levy year by more
than the average percentage increase in property assessments
when compared with the last preceding levy year.
(b) As used in this Section:
"Aggregate extension" means the annual corporate extension
for the taxing district and those special purpose extensions
that are made annually for the taxing district.