HB2543

Provides for a non-binding referendum on reducing a taxing district's aggregate extension by up to 10%.

Illinois HB2543 amends the Property Tax Code to allow for a non-binding, advisory referendum on whether a taxing district should reduce its aggregate extension by up to 10% from the previous taxable year. This referendum can be initiated by a petition signed by at least 1% but less than 5% of the total votes cast in the taxing district in the preceding general election. If a majority of votes favor the reduction, the taxing district's aggregate extension will be reduced for the following levy year.