HB0136 Summary

• Amends the Property Tax Extension Limitation Law to allow extension limitations of 0% or voter-approved rates when equalized assessed value (EAV) of taxable property in a district declines year-over-year or when median EAV over a 3-year period declines compared to the prior 3-year period.

• Excludes new property, recovered tax increment value, and annexed or disconnected property from the EAV calculations used to determine if declining value provisions apply.

• Modifies Section 18-205 to reference the extension limitation definition in Section 18-185 rather than stating a fixed 5% or Consumer Price Index standard.

• Updates referendum ballot language and supplemental information requirements to account for situations where extension limitation may be 0% or reflect declining assessed values.

• Takes effect immediately upon becoming law.