IL HB5083

Amends the Illinois Property Tax Code by adding Section 18-50.3 to establish limitations on taxing district revenue increases.

Beginning in levy year 2023, taxing districts are prohibited from increasing their aggregate extension by more than the average percentage increase in property assessments compared to the previous levy year.

"Aggregate extension" is defined as the annual corporate extension plus all special purpose extensions made annually for the taxing district.

The limitation applies notwithstanding any other provision of law, establishing a statewide constraint on property tax revenue growth tied to assessment increases.