IL HB4695

Creates new Section 18-50.3 of the Property Tax Code, effective in taxable year 2025, requiring county clerks to adjust a taxing district's maximum tax extension if its population has decreased compared to the prior year.

Population change is determined using United States Census Bureau estimates; if population decreases, the allowable extension is reduced by multiplying the lesser of the aggregate extension or maximum aggregate extension by (1 minus the percentage population decrease).

Defines "aggregate extension" as the annual corporate extension and special purpose extensions made annually for the taxing district.

Amends Section 18-185 to specify that for taxable years 2024 and thereafter, the limiting rate is subject to adjustment under the new Section 18-50.3.

Takes effect immediately upon enactment.