HB2872 Summary

• Extends the Property Tax Extension Limitation Law (PTELL) to home rule units beginning with the 2021 levy year, removing their previous exemption from the cap.

• Changes the extension limitation from "lesser of 5% or Consumer Price Index increase" to 0% for all taxing districts starting in 2021 levy year, unless voters approve a higher rate through referendum.

• Applies the law uniformly statewide to all taxing districts including home rule municipalities, schools, and special districts, preempting home rule authority over property tax extensions.

• Prohibits any referendum to remove PTELL applicability for taxable year 2021 or thereafter, making the limitation permanent once implemented.

• Exempts implementation costs from state reimbursement requirements under the State Mandates Act, effective immediately upon passage.