IL SB1461

Amends the Property Tax Code to allow school districts with final adequacy percentages exceeding 110% to submit a referendum question to voters for reducing educational property tax extensions by up to 10%.

Requires a petition signed by at least 10% of registered voters in the school district to place the reduction question on the ballot at the next consolidated election.

Petition must be filed with the school board's secretary not less than 92 days prior to the election, with validity determined under Article 28 of the Election Code.

Any approved reduction cannot cause the school district's final adequacy percentage to fall below 110%, and the question cannot be resubmitted for the same school district at any of the next 2 consolidated elections.

County clerk shall extend an educational rate no greater than the limiting rate for districts that approve reductions, and shall calculate separate limiting rates for educational purposes and other funds if the district is otherwise subject to applicable property tax law.