IL SB2968

Allows municipal corporate authorities to declare a projected revenue surplus by ordinance and abate (reduce) the municipality's property tax levy by that amount if approved by a majority vote.

Requires any property tax abatement to be applied uniformly to all real property within the municipality based on equalized assessed valuation.

For municipalities subject to the Property Tax Extension Limitation Law, abated amounts count toward the municipality's aggregate extension for that fiscal year to preserve future levy growth potential.

Specifies that a taxing district's last preceding aggregate extension cannot be reduced by abatement amounts when calculating the aggregate extension base.

Makes conforming changes to the Property Tax Code (Section 18-185) regarding the definition of aggregate extension base.