SB0935 Summary

• Applies the Property Tax Extension Limitation Law (PTELL) to all taxing districts, including home rule units, beginning with the 2017 levy year.

• Changes the extension limitation from the lesser of 5% or Consumer Price Index increase to 0% (or voter-approved rate) starting in 2017 levy year; prior years remain at lesser of 5% or CPI.

• Eliminates the ability to hold referenda to remove PTELL applicability for taxable year 2017 and thereafter, making the limitation permanent for all districts.

• Designates PTELL as a constitutional limit on home rule taxing power under Article VII, Section 6(g) of the Illinois Constitution.

• Exempts implementation costs from state reimbursement requirements under the State Mandates Act; effective immediately upon passage.