HB3129 Summary

• Beginning with levy year 2020, the Property Tax Extension Limitation Law applies to all taxing districts statewide, including home rule units (previously applied only to non-home rule districts in Cook County and contiguous counties, plus districts approved by referendum).

• Starting in levy year 2020, the extension limitation cap changes from the lesser of 5% or Consumer Price Index increase to a fixed 1.75% annual increase (or voter-approved higher rate).

• Beginning in levy year 2016, when calculating equalized assessed property values, the equalization multiplier is applied to the mean value of the previous 3 general assessments instead of the current year's assessment.

• Preempts home rule powers under Article VII, Section 6 of the Illinois Constitution regarding property tax authority.

• Exempts implementation from State Mandates Act reimbursement requirements.