IL HB0177

Amends the Property Tax Extension Limitation Law (PTELL) for tax years 2015-2017 to set the extension limitation at either 0% or a voter-approved rate, replacing the previous formula of the lesser of 5% or the Consumer Price Index increase.

Modifies Section 18-185 of the Property Tax Code to add language specifying that for tax years 2015-2017, taxing districts are limited to 0% growth unless voters approve a higher extension limitation rate.

Updates Section 18-205 to reflect the new extension limitation definition in Section 18-185 and adjusts referendum ballot language to reference the applicable extension limitation rather than specifically mentioning the 5% or CPI formula.

Changes referendum calculation methodology for tax years 2015-2017 by using 0% as the baseline for computing additional tax amounts, instead of the lesser of 5% or CPI increase.

Takes effect immediately upon becoming law.