SB1632 Summary

• Amends the Property Tax Extension Limitation Law to modify how school districts calculate their "aggregate extension base" starting with levy year 2019.

• For levy years 2019 and later, school districts' aggregate extension base equals the greater of: (A) the district's last preceding aggregate extension limit, or (B) the district's last preceding aggregate extension, with adjustments under specified sections.

• Defines "aggregate extension limit" as the district's last preceding aggregate extension if the taxing district utilized the maximum limiting rate permitted without referendum for each of the 3 immediately preceding levy years.

• Applies to school districts only; other taxing districts continue to use the previous calculation method based on last preceding aggregate extension.

• Takes effect immediately upon becoming law.