IL HB3055

Amends the Property Tax Code Section 18-185 to modify definitions related to the Property Tax Extension Limitation Law, including "extension limitation," "affected county," "taxing district," and "aggregate extension."

Changes the definition of "aggregate extension base" for levy years 2014 and later to use the greater of either the taxing district's last preceding aggregate extension limit or its last preceding aggregate extension as adjusted under specified sections.

Adds new definition of "aggregate extension limit" as the district's last preceding aggregate extension if the taxing district had utilized the maximum limiting rate permitted without referendum.

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

Clarifies provisions regarding debt service extension base calculations, new property valuations, and limiting rate computations for various taxing districts subject to Illinois property tax limitations.