HB2530 Summary

• Requires corporate authorities of taxing districts subject to the Property Tax Extension Limitation Law to adopt a limiting rate by ordinance or resolution when equalized assessed value growth lags behind Consumer Price Index growth during the preceding 12-month period.

• Mandates notice of the proposed limiting rate be published in a newspaper of general circulation at least 10-30 days before adoption, including information about estimated additional taxes on a $100,000 single-family home and multi-year tax impact projections.

• Limits the adopted limiting rate to the maximum rate permitted under existing Property Tax Extension Limitation Law provisions.

• Requires county clerks to extend tax rates for aggregate funds no greater than the limiting rate adopted by the taxing district when such adoption is required.

• Takes effect immediately upon becoming law.