HB4429 Summary

• Amends the Property Tax Extension Limitation Law to allow extension limitations of 0% or a voter-approved rate when a taxing district's equalized assessed value decreases from the prior year (excluding new property, recovered tax increment value, and annexed/disconnected property).

• Changes the standard extension limitation from "the lesser of 5% or the percentage increase in the Consumer Price Index" to either 0% or a voter-approved rate when assessed values decline year-over-year.

• Prohibits referenda to increase extension limitations from being conducted at general primary or consolidated primary elections.

• Requires supplemental information on referendum ballots including estimated additional taxes on a $100,000 property, property value increase projections, and a statement that failure to approve could limit the district's extension and property tax liability.

• Takes effect immediately upon becoming law.