IL HB3678

Amends the Property Tax Code to require taxing districts to hold a public hearing and approve by ordinance or resolution any tax rate increase in the aggregate levy that exceeds the previous year's rate, unless already required to hold a Truth in Taxation hearing.

Modifies Section 18-65 to limit tax extensions to the lesser of 105% of the previous year's aggregate levy or an amount that does not increase the overall tax rate above the prior year.

Creates new Section 18-71 requiring corporate authorities to approve increased tax rates at least 30 days prior to extension and certify the rate to the county clerk, with notice and hearing requirements following Sections 18-75 and 18-80.

Requires public hearing notices to include at minimum: hearing date/time/location, prior year and proposed tax amounts with percentage changes, debt service information, and estimated additional tax on a $100,000 single-family residence.

Takes effect immediately upon becoming law.