HB3281 Summary

• Amends the Property Tax Extension Limitation Law to allow taxing districts to reduce their aggregate extension base upon voter approval initiated by petition.

• Requires a petition signed by at least 10% of voters from the immediately preceding gubernatorial election to trigger a referendum on reducing the aggregate extension base.

• Petition must specify the reduction amount and applicable levy years, and be filed with the election authority 6-10 months before the election.

• If a majority of voters approve the referendum proposition, the aggregate extension base is reduced as specified, which lowers the taxing district's limiting rate for future years.

• Effective immediately upon becoming law.