SB1043 Summary

• Amends the Property Tax Extension Limitation Law (PTELL) in the Property Tax Code by modifying Section 18-185 and adding new Section 18-233

• Adds Section 18-233 to require adjustment of a taxing district's aggregate extension base beginning in levy year 2019 when assessment changes from certificates of error, board of review decisions, or Property Tax Appeal Board decisions cause overextension or underextension of taxes

• Adjusts the aggregate extension base calculation to equal what taxes would have been if actual valuations and rates (adjusted for specified increases or reductions) had been used in the year the overextension or underextension occurred

• Modifies the definition of "aggregate extension base" in Section 18-185 to reference the new Section 18-233 adjustment mechanism alongside existing adjustment provisions

• Takes effect upon becoming law