HB5697 Summary

• Amends the Property Tax Extension Limitation Law (PTELL) to require taxing districts to adopt a limiting rate by ordinance or resolution when property equalized assessed values grow slower than the Consumer Price Index during the preceding 12-month period.

• The adopted limiting rate cannot exceed the maximum rate permitted under PTELL and must be approved at least 30 days before the tax extension occurs.

• Requires notice of the proposed limiting rate to be published in a newspaper of general circulation 10-30 days before adoption, including information on tax bill impacts and estimated additional taxes on sample properties.

• Mandates that the county clerk extend tax rates for aggregate extension funds at or below the limiting rate adopted by the taxing district.

• Takes effect immediately upon becoming law.