IL HB4958

Amends the Property Tax Extension Limitation Law to create different rules for school districts starting in levy year 2019.

For school districts in levy year 2019 and later, the "aggregate extension base" equals the greater of: (A) the district's last preceding aggregate extension limit, or (B) the district's last preceding aggregate extension (with adjustments).

Defines "aggregate extension limit" as the district's last preceding aggregate extension if the district utilized the maximum limiting rate permitted without referendum for each of the 3 immediately preceding levy years.

Prior to levy year 2019, school districts continue to use the existing method based on the last preceding aggregate extension with adjustments.

Takes effect immediately upon becoming law.