IL HB1497

Imposes a 5-year property tax freeze for levy years 2026 through 2030, setting the extension limitation at 0% unless voters approve an increase through referendum

Extends the Property Tax Extension Limitation Law (PTELL) to home rule taxing districts during the 2026-2030 period, removing their current exemption from property tax caps

Allows taxing districts to request a one-year exemption from the Department of Revenue during the freeze period, and authorizes the Department to audit property tax levies for compliance

Excludes debt service on obligations incurred before the effective date from the aggregate extension calculations for districts newly subject to PTELL

Limits home rule authority to tax under Article VII, Section 6(g) of the Illinois Constitution, with the new provisions automatically repealing on January 1, 2032