HB5495 Summary

• Amends the Counties Code Section 1-1001 to make a minor grammatical correction to the short title provision.

• Modifies the Property Tax Code Section 18-185 to define key terms used in the Property Tax Extension Limitation Law, including "consumer price index," "extension limitation," "affected county," and "taxing district."

• Establishes definitions for "aggregate extension," "debt service extension base," "new property," and "limiting rate" to clarify how property tax extensions are calculated and limited across different types of taxing districts.

• Sets the aggregate extension base for West Northfield School District No. 31 in Cook County at $12,654,592 for levy year 2012.

• Provides specific exemptions from tax extension limitations for bond payments, pension fund contributions, and other special purpose levies approved by voters or issued before specified dates.