HB3130 Summary

• Amends the Property Tax Extension Limitation Law to allow taxing districts to use either 0% or voter-approved rates when equalized assessed value (excluding new property and recovered tax increment value) decreases from the prior levy year, instead of the standard lesser of 5% or CPI increase.

• Modifies Section 18-185 to define "extension limitation" as either 0% or the voter-approved rate when total equalized assessed value declines year-over-year.

• Updates Section 18-205 referendum ballot language to reference the extension limitation definition in Section 18-185 and clarify calculation methods for proposed tax increases.

• Effective immediately upon becoming law.