HB0824 Summary

• Modifies the Property Tax Extension Limitation Law to allow a 0% extension limitation when either total equalized assessed value (EAV) of taxable property in a taxing district decreases year-over-year, or median EAV over a 3-year period falls below the prior 3-year median.

• When the declining EAV conditions are met, taxing districts may extend taxes at either 0% or at a voter-approved rate under Section 18-205, instead of the standard lesser of 5% or Consumer Price Index increase.

• Excludes new property, recovered tax increment value, and annexed/disconnected properties from EAV calculations for purposes of determining if the declining value threshold applies.

• Updates Section 18-205 referendum language to reference the applicable extension limitation as defined in Section 18-185, including the new 0% option when EAV declines.

• Takes effect immediately upon becoming law.