HB2835 Summary

• Amends the Property Tax Extension Limitation Law to allow taxing districts to recapture unused maximum aggregate extension capacity within the next 5 levy years if their actual extension falls below their maximum allowable extension in any year.

• Permits districts to pass an ordinance or resolution calculating future maximum aggregate extensions and limiting rates as if the district had used its entire maximum extension for the year in which the reduction occurred.

• Requires taxing districts to hold a public hearing under the Truth in Taxation Law before passing an ordinance or resolution to recapture extension capacity.

• Takes effect immediately upon becoming law.