HB5731 Summary

• Applies the Property Tax Extension Limitation Law to all taxing districts, including home rule units, for levy years 2018 through 2021, with a 0% extension limitation (no increase without voter approval).

• Allows taxing districts to continue the 0% extension limitation beyond 2021 for up to 4 additional years upon voter approval through referendum.

• Permits voters to require a reduction in a taxing district's aggregate extension base through referendum, with reductions limited to no more than 4 years.

• Excludes special purpose extensions for pre-existing bonds and indebtedness from the "aggregate extension" calculation for taxing districts newly subject to the law under this act.

• Amends the State Mandates Act to eliminate state reimbursement requirements for implementing this act; preempts home rule authority for levy years 2018-2021.