IL HB0448

Amends the Property Tax Extension Limitation Law (PTELL) in the Property Tax Code effective with levy year 2022.

Allows specified taxing districts (school districts with financial recognition/review status, park districts, library districts, and community college districts) to recapture previously unrealized levy amounts by calculating their aggregate extension base as the greater of their aggregate extension limit or last preceding aggregate extension.

Limits annual recapture increases to 5% or the Consumer Price Index increase (whichever is greater) unless voters approve a higher increase under Section 18-205.

Requires taxing districts seeking recapture to certify to the county clerk within 30 days of budget adoption that they did not extend the maximum amount permitted in a prior levy year.

Allows districts unable to recapture the full unrealized levy amount in a single year to continue recapturing in subsequent levy years at the same annual rate limits.