IL SB2256

Amends the Property Tax Extension Limitation Law (Section 18-185 of the Property Tax Code) to modify definitions and calculations for property tax extensions in Illinois.

Redefines "aggregate extension base" to use a "modified aggregate extension base" for levy years 2014 and later, incorporating a "recaptured aggregate extension base" calculated as one-third of the difference between the aggregate extension limit and the previous year's base.

Establishes new definitions including "aggregate extension limit," "maximum limiting rate," and "recaptured aggregate extension base" to create a mechanism for gradually increasing tax extensions above the standard limitation rate starting in 2014.

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

Adjusts the calculation of the limiting rate to account for Consumer Price Index increases (lesser of 5% or actual CPI increase) and allows modifications based on voter-approved rate changes after March 21, 2006.