HB1497

HB1497 amends the Property Tax Extension Limitation Law in Illinois, adjusting the extension limitation for certain taxing districts and clarifying.

HB1497 amends the Property Tax Extension Limitation Law in the Property Tax Code. It modifies the extension limitation for levy years 2026 through 2030, allowing home rule taxing districts to be exempt from the law for up to one levy year upon request. The bill also clarifies the Department of Revenue's authority to review and audit property tax levies for compliance with the law. Additionally, it defines terms such as "aggregate extension," "extension limitation," and "debt service extension base," and specifies the conditions under which certain taxes can be extended.