HB0419 Summary

• Amends the Property Tax Extension Limitation Law to allow taxing districts with declining property values to reduce their extension limitation to 0% or a voter-approved rate.

• Triggers when either the total equalized assessed value declines year-over-year, or the median assessed value over 3 years falls below the prior 3-year median.

• Excludes new property, recovered tax increment value, and annexed/disconnected property from the equalized assessed value calculations used to determine the decline.

• Updates referendum ballot language to reference the applicable extension limitation as defined in Section 18-185 rather than the standard 5% or CPI cap.

• Takes effect immediately upon becoming law.