HB 4608

Abstract

Amends the Property Tax Extension Limitation Law in the Property Tax Code. Provides that, for all taxing districts located in whole or in part within a county with a population between 300,000 and 400,000, if the total equalized assessed value of all taxable property in the taxing district for the current levy year (excluding new property, recovered tax increment value, and property that is annexed to or disconnected from the taxing district in the current levy year) is less than the total equalized assessed value of all taxable property in the taxing district for the previous levy year, then the extension limitation is (a) 0% or (b) the rate of increase approved by voters (instead of the lesser of 5% or the percentage increase in the Consumer Price Index during the 12-month calendar year preceding the levy year or the rate of increase approved by voters). Effective immediately.