HB 1768

Abstract

Amends the Property Tax Code. Provides that, beginning with the 2017 levy year, the Property Tax Extension Limitation Law applies to all taxing districts, including home rule units. Provides that, for the 2017 levy year, for taxing districts other than school districts and community college districts, the limiting rate under the Property Tax Extension Limitation Law shall be calculated by reducing the district's 2016 aggregate extension by 5%. Provides that, for the 2018 levy year, for taxing districts other than school districts and community college districts, the limiting rate under the Property Tax Extension Limitation Law shall be calculated by reducing the district's 2016 aggregate extension by 10%. Provides that, beginning with the 2017 levy year for school districts and community college districts, and beginning with the 2019 levy year for all other taxing districts, the extension limitation is 0%. Preempts home rule. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.