IL HB4267

Amends the Property Tax Extension Limitation Law (PTELL) to set the "extension limitation" to 0% for any taxing district that has reserves equal to or exceeding 50% of its operating budget at the end of a levy year, unless voters approve a higher rate through referendum.

Modifies Section 18-205 to require a different referendum ballot question for taxing districts with 50% or more reserves, asking voters to increase the limitation "from 0%" rather than "from the lesser of 5% or the percentage increase in the Consumer Price Index."

Expands the definition of "taxing district" subject to PTELL to include, beginning in levy year 2016, any taxing district that had reserves of 50% or more of its operating budget at the end of the immediately preceding levy year.

Establishes Section 18-242 declaring that PTELL is a limitation on home rule units' power to tax under the Illinois Constitution.

Creates Section 8.39 in the State Mandates Act exempting this amendatory act from state reimbursement requirements for mandate implementation.