IL HB4517

Caps aggregate property tax rates for any taxing district at 105% of the previous levy year's rate, with any increase beyond that threshold requiring voter approval via referendum

New taxing districts or those with a zero tax rate in the previous year must hold a referendum to establish their maximum tax rate before levying taxes

Taxing districts subject to the Property Tax Extension Limitation Law must use either the 105% cap or the limiting rate under PTELL, whichever is lower

Allows taxing districts to increase their maximum rate above the 105% cap for one or more levy years if approved by majority vote at a regularly scheduled election

Preempts home rule powers, meaning local governments cannot override these property tax rate limitations