HB0382 Summary

• Beginning with the 2016 levy year, the Property Tax Extension Limitation Law (PTELL) applies to all non-home rule taxing districts statewide, eliminating the previous geographic restrictions.

• Starting in 2016, the extension limitation is reduced to 0% or a voter-approved rate increase, replacing the previous standard of the lesser of 5% or the Consumer Price Index increase.

• Debt service extension bases established or increased after February 2, 2010 will increase by 0% annually beginning in 2016 (unless voters approve a higher rate), down from the previous lesser of 5% or CPI increase.

• No referendums may be submitted under Section 18-214 (removal of PTELL applicability) for taxable year 2017 or thereafter, effectively locking in statewide PTELL coverage.

• The State Mandates Act is amended to exempt this mandate from state reimbursement requirements, effective immediately upon passage.