Illinois HB1414 amends the Property Tax Code to adjust the aggregate extension base for taxing districts after property tax abatements expire.
Illinois HB1414 amends the Property Tax Code to modify how the aggregate extension base is calculated for taxing districts after a property tax abatement expires. If a taxing district grants a property tax abatement for a defined period, the aggregate extension base for the first levy year after the abatement expires is adjusted to include the expired abatement amount. The bill specifies adjustments for certain levy years and taxing districts, including school districts and home equity assurance programs.
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