SB2854 amends the Property Tax Extension Limitation Law to exclude certain special purpose levies from a taxing district's aggregate extension.
SB2854 amends the Property Tax Extension Limitation Law in the Property Tax Code. It specifies that special purpose levies made for the purpose of funding a Veterans Assistance Commission are not included in a taxing district's aggregate extension. The bill also defines terms such as "aggregate extension base," "limiting rate," and "recovered tax increment value." It provides rules for calculating the aggregate extension base and the limiting rate for levy years, including adjustments for certain conditions.
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