SB3002

SB3002 amends the Property Tax Extension Limitation Law to redefine "limiting rate" and provide alternative referendum procedures for increasing.

SB3002 amends the Property Tax Extension Limitation Law by redefining "limiting rate" and introducing alternative referendum procedures for taxing districts to increase their aggregate extensions. The bill specifies the conditions under which a taxing district can increase its aggregate extension, including the need for referendum approval. It also outlines the calculation of the limiting rate and the conditions under which a taxing district can increase its aggregate extension base. The bill takes effect immediately upon becoming law.