HB2727 Summary

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

• Changes the extension limitation from the lesser of 5% or Consumer Price Index increase to 0% (or voter-approved rate) for levy years 2017 through the first levy year after a revenue neutral school funding formula is enacted.

• Eliminates the ability of counties to hold referenda under Section 18-213 beginning in taxable year 2017, preventing home rule units and non-home rule districts from gaining exemptions through local votes.

• Adds new Section 18-242 declaring PTELL a constitutional limitation on home rule taxing powers under Article VII, Section 6(g) of the Illinois Constitution.

• Exempts implementation costs from State Mandates Act reimbursement requirements and takes effect immediately upon becoming law.