SB3564 Summary

• Amends the Property Tax Extension Limitation Law to allow taxing districts to seek voter approval before decreasing their aggregate extension for one or more levy years through a referendum conducted at a regularly scheduled election.

• Adds new definitions including "aggregate extension limit," "modified aggregate extension base," "recaptured aggregate extension base," and "maximum limiting rate" to facilitate calculations for levy years 2015 and later.

• Modifies the "aggregate extension base" definition so that for levy years 2015 and later, it equals the district's modified aggregate extension base rather than the last preceding aggregate extension.

• Establishes that the "recaptured aggregate extension base" equals one-third of the difference between the aggregate extension limit and the previous year's aggregate extension, allowing districts to gradually increase their extension bases.

• Specifies referendum ballot language and supplemental information requirements, including showing voters the estimated tax impact on a $100,000 fair market value single-family residence for the proposed decrease.