Illinois SB2660 amends the Property Tax Extension Limitation Law to clarify certain tax levies and extensions.
Illinois SB2660 amends the Property Tax Extension Limitation Law to clarify the definition of "aggregate extension" and "aggregate extension base" for taxing districts. It specifies that certain levies made under the Illinois Pension Code are not considered new rates. The bill also provides rules for determining the aggregate extension base for taxing districts, including adjustments for certain conditions. Additionally, it outlines the process for submitting propositions for referendum approval to levy new tax rates or increase limiting rates.
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