HB 1557

Abstract

Amends the Property Tax Extension Limitation Law in the Property Tax Code. Provides that the governing body of a taxing district that is affected by a tornado disaster may by ordinance suspend the applicability of the Property Tax Extension Limitation Law to that taxing district for a period of not more than 5 years after the tornado disaster occurs. Provides that, for the first levy year after the expiration of the suspension period, the district's aggregate extension base shall be the greater of (i) the district's aggregate extension in the previous levy year, subject to certain adjustments, or (ii) the district's aggregate extension for the levy year in which the natural disaster occurred, subject to those same adjustments. Effective immediately.