IL HB0137

Amends the Property Tax Extension Limitation Law to provide that when a taxing district's total equalized assessed value (excluding new property, recovered tax increment value, and annexed/disconnected property) decreases from the previous levy year, the extension limitation becomes either 0% or a voter-approved rate instead of the lesser of 5% or the Consumer Price Index increase.

Prohibits referenda to increase the extension limitation from being conducted at general primary or consolidated primary elections; referenda must be held at regularly scheduled elections.

Requires ballot language to include supplemental information showing the approximate additional tax on a $100,000 property, estimated market value changes, and a statement that failure to approve the referendum could limit the taxing district's extension and reduce some taxpayers' property tax liability.

Modifies referendum ballot language to reference the applicable extension limitation as defined in Section 18-185 rather than specifically stating "the lesser of 5% or the percentage increase in the Consumer Price Index."

Takes effect immediately upon becoming law.