IL SB1553

Amends the Property Tax Extension Limitation Law to allow voters to reduce a taxing district's aggregate extension base through a referendum initiated by voter petition.

Requires a petition signed by at least 10% of voters from the immediately preceding gubernatorial election to trigger the referendum question.

The petition must specify the amount of reduction and the levy years to which the reduction applies, and must be filed 6-10 months before the election.

Upon voter approval by majority vote, the taxing district's aggregate extension base is reduced as specified in the referendum, which lowers the limiting rate for future years.

Takes effect immediately upon becoming law.