IL HB3131

Amends the Property Tax Code to require taxing districts to hold a public hearing and approve by ordinance or resolution any tax rate increase in the aggregate levy, even if not otherwise required by Truth in Taxation law.

Modifies Section 18-65 to limit levies to the lesser of 105% of the previous year's final aggregate levy or an amount that does not exceed the previous year's final tax rate for all aggregate funds.

Requires corporate authorities to approve the total tax rate at least 30 days prior to extension and certify it to the county clerk when aggregate tax rate increases.

Mandates public notice of proposed tax increases be published 7-14 days before the hearing in a prominent format (at least 1/8 page, 12-point font, black border) with specific information including current and prior year tax amounts and estimated impact on a $100,000 home.

Takes effect immediately upon becoming law.