HB 3602

Abstract

Amends the Property Tax Code. Provides that, for levy years 2018 through 2021, the Property Tax Extension Limitation Law applies to all taxing districts, including home rule units. Provides that, for levy years 2018 through 2021, the extension limitation under the Property Tax Extension Limitation Law is 0% or the rate of increase approved by the voters. Provides that, for taxing districts that became subject to the Law as a result of the amendatory Act, "aggregate extension" does not include special purpose extensions made for the payment of principal and interest on bonds or other evidences of indebtedness issued by the taxing district prior to the effective date of the amendatory Act. Provides that taxing districts may provide for the continuation of the amendatory Act for up to 4 years upon referendum approval. Provides that the voters of the taxing district may require a reduction in the taxing district's aggregate extension base by referendum. Preempts home rule. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.