HB 0359 Summary

• Extends the Property Tax Extension Limitation Law (PTELL) to apply to all taxing districts statewide beginning with the 2017 levy year, including home rule units which were previously exempt.

• Changes the extension limitation from the lesser of 5% or Consumer Price Index increase to 0% beginning in 2017 levy year, unless voters approve a higher rate through referendum.

• Prevents taxing districts from removing themselves from PTELL through referendum for taxable year 2017 and thereafter by prohibiting such removal votes.

• Establishes PTELL as a constitutional limitation on home rule taxing power and exempts implementation costs from State Mandates Act reimbursement requirements.

• Takes effect immediately upon becoming law.