HB 3129

Abstract

Amends the Property Tax Extension Limitation Law in the Property Tax Code. Provides that, beginning with the 2020 levy year, the Law applies to all taxing districts in the State (currently, the Law applies to non-home rule taxing districts in Cook County, non-home rule taxing districts in counties that are contiguous to Cook, and other taxing districts by referendum). Provides that, beginning in levy year 2020, the extension limitation shall be 1.75% or the rate of increase approved by voters (currently, (A) the lesser of 5% or the percentage increase in the Consumer Price Index during the 12-month calendar year preceding the levy year or (B) the rate of increase approved by voters). Preempts home rule powers. Provides that, beginning in levy year 2016, when calculating the equalized assessed value of property, the multiplier shall be applied to the mean value of the previous 3 general assessments. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.