HB2642

Illinois HB2642 amends the Property Tax Extension Limitation Law to adjust the limiting rate calculation for taxing districts.

Illinois HB2642 amends the Property Tax Extension Limitation Law in the Property Tax Code. It changes how the limiting rate is calculated for taxing districts by using the highest aggregate extension from any year in which the taxing district was subject to the Property Tax Extension Limitation Law, instead of the last three preceding levy years. The bill also specifies certain extensions that are excluded from the aggregate extension base, such as payments for bonds issued before specific dates or for certain special purpose extensions.