IL HB0696

Changes the Property Tax Extension Limitation Law effective for levy year 2015 to impose a 0% extension limitation instead of the previous lesser of 5% or Consumer Price Index increase.

Modifies definitions of "extension limitation" and "taxing district" to expand applicability of the Property Tax Extension Limitation Law beginning in 2015 levy year to include all non-home rule units, while previously the law only applied to specific affected counties.

Adjusts debt service extension base calculations beginning in 2015 levy year to increase by 0% annually instead of the lesser of 5% or Consumer Price Index increase for bonds established or increased after February 2, 2010.

Prohibits counties from submitting referenda under Section 18-213 to make the Property Tax Extension Limitation Law applicable to non-home rule taxing districts for taxable year 2016 or thereafter.

Adds exempt mandate provision to the State Mandates Act stating the state will not reimburse local governments for costs of implementing this amendatory act.