IL HB2630

Applies the Property Tax Extension Limitation Law to all taxing districts including home rule units beginning with the 2019 levy year, eliminating the previous exemption for home rule entities.

Sets the extension limitation (annual property tax increase cap) at 0% for levy years 2019 and beyond until a revenue neutral school funding formula is enacted, at which point it reverts to the lesser of 5% or the Consumer Price Index increase.

Allows taxing districts to exceed the 0% limitation only through voter-approved referendums that authorize a specific higher rate of increase.

Eliminates the ability to hold referendums to remove the law's applicability beginning in 2019, preventing counties from voting to opt out.

Preempts home rule authority and requires implementation without state reimbursement to local governments under the State Mandates Act.