IL HB2428

Amends the Property Tax Extension Limitation Law to allow taxing districts with declining equalized assessed value (EAV) to either freeze tax extension increases at 0% or increase only by voter-approved rates instead of the standard 5% or Consumer Price Index cap.

Applies when total EAV for the current levy year is less than the previous year, or when the median EAV for the current year and prior 2 years is less than the median for the 3 years before that period.

Excludes new property, recovered tax increment value, and annexed/disconnected property from EAV calculations used to determine if the declining value threshold is met.

Becomes effective immediately upon passage.