IL SB3447

Amends the Property Tax Extension Limitation Law (PTELL) by modifying the definition of "limiting rate" to allow taxing districts to increase aggregate extensions beyond normal caps if approved by referendum on or after January 1, 2025.

Creates new Section 18-190.3 establishing an alternative referendum procedure for taxing districts to seek voter approval for increased aggregate extensions, with a specific ballot proposition format required.

Specifies that referendum ballot language must include supplemental information about the current capped extension amount, the Consumer Price Index growth alternative if the referendum fails, and estimated additional taxes on a $100,000 fair market value single-family residence.

Requires the ballot calculation to use the percentage assessment level prescribed by statute, the most recent final equalization factor from the Department of Revenue, and the district's last known equalized assessed value at the time the proposition is initiated.

Takes effect immediately and allows qualifying districts to collect additional tax revenue beyond the normal 5% or Consumer Price Index limitation if voters approve the increased extension amount.