IL SB2772

Amends the Property Tax Code to allow voters to petition for a referendum to reduce a school district's property tax extension for educational purposes if the district's final percent of adequacy exceeds 110%

Changes the threshold metric from "adequacy target" to "final percent of adequacy" exceeding 110% for determining eligibility for the tax reduction referendum

Requires referendum petitions to be filed with the school board's secretary rather than the election authority, and changes the filing deadline to not less than 92 days prior to the election (previously 6-10 months)

Limits any voter-approved reduction to no more than 10% below the previous year's extension and prohibits reductions that would cause the district's final percent of adequacy to fall below 110%

Effective immediately upon becoming law