HB4515 Summary

• Amends the Property Tax Extension Limitation Law (PTELL) effective for levy years 2015 and later to change how taxing districts calculate their aggregate extension base.

• For levy years 2015 and later, the aggregate extension base is the greater of: (A) the taxing district's last preceding aggregate extension limit, or (B) the taxing district's last preceding aggregate extension (as adjusted under existing law).

• Defines "aggregate extension limit" as the district's last preceding aggregate extension if the taxing district had utilized the maximum limiting rate permitted without a referendum.

• Maintains prior law for levy years before 2015, where aggregate extension base equals the last preceding aggregate extension adjusted under existing provisions.