IL HB3644

Amends the Property Tax Extension Limitation Law to set extension limitation at 0% for taxing districts with reserves of 50% or more of their operating budget at the end of a levy year, unless voters approve a higher rate.

Changes the definition of "taxing district" beginning in levy year 2023 to include any taxing district that had reserves of 50% or more of its operating budget at the end of the immediately preceding levy year.

Requires referendum ballot language to reflect the 0% baseline for districts with high reserves, asking voters whether to increase the extension limitation from 0% rather than from the standard 5% or Consumer Price Index cap.

Declares the Property Tax Extension Limitation Law a limitation on home rule units' taxing power under the Illinois Constitution.

Exempts the state from reimbursement obligations under the State Mandates Act for any mandate created by this amendatory act.