SB 1682

Abstract

Amends the Property Tax Extension Limitation Law of the Property Tax Code. Sets forth procedures that taxing districts must follow when seeking referendum approval after April 5, 2005 to increase (i) the maximum authorized tax rate for any fund for which the taxing district is authorized by statute to levy taxes and which rate is limited by prior referendum or statutory authorization and which rate is authorized by statute to be increased for a limited or unlimited number of years by direct (and not back door) referendum, except for increases that require an equal corresponding tax rate decrease for another fund or (ii) the maximum extended tax rate applicable only to the next taxes to be either levied or extended for any fund notwithstanding the limiting rate that would otherwise be applicable for such taxing district. Sets forth requirements for form of ballot propositions and referendum notices. Sets forth procedures for setting the new tax rates. Provides that a taxing district is limited to an extension limitation (instead of "extension increase") of 5% or the percentage increase in the Consumer Price Index during the 12-month calendar year preceding the levy year, whichever is less.