HB0436 Summary

• Amends the Property Tax Extension Limitation Law (PTELL) in the Property Tax Code to change how new property is treated in limiting rate calculations for levy year 2021 and thereafter.

• Changes the denominator calculation for the limiting rate to include 50% of the value of new property, whereas previously 100% of new property value was excluded from the calculation.

• The recovered tax increment value remains excluded from the denominator calculation in all levy years.

• Takes effect immediately upon becoming law.