HB5550 amends the Truth in Taxation Law to require public notice and hearings for proposed property tax increases.
HB5550 amends the Truth in Taxation Law in Illinois to mandate public notice and hearings for proposed property tax increases. If a taxing district intends to extend a tax rate that exceeds the revenue neutral rate, it must notify the county clerk and hold a public hearing. The notice must include details such as the date, time, and location of the hearing and the proposed tax rate. The county clerk then notifies taxpayers by mail or electronically, if agreed.
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