HB5549

Illinois HB5549 imposes a cap on property tax extension increases for counties.

Illinois HB5549 amends the Property Tax Code to establish a cap on property tax extension increases for counties. If a county enjoys an aggregate extension increase of at least 4.5% per year for three or more successive years, the cap will limit future increases to 3% per year. This applies to counties both subject and not subject to the Property Tax Extension Limitation Law. Counties can seek exemption from this cap through a referendum.