HB6630 Summary

• Changes property tax extension limitation from a percentage-based cap (5% or CPI increase, whichever is less) to 0% beginning with the 2016 levy year, eliminating automatic annual tax increases unless voters approve a higher rate.

• Expands applicability of the Property Tax Extension Limitation Law to home rule units beginning in levy year 2016, bringing them under the same tax growth restrictions as non-home rule taxing districts.

• Modifies debt service extension base calculations to increase at 0% annually beginning in 2016 (previously increased by the lesser of 5% or CPI), except for bases established through voter-approved referendums.

• Eliminates the ability to submit referendums under Section 18-214 for taxable year 2016 and thereafter to remove the law's applicability.

• Designates the Property Tax Extension Limitation Law as a constitutional limitation on home rule taxing power under Article VII of the Illinois Constitution.