IL HB5549

Amends the Illinois Property Tax Code to impose a 3% annual cap on property tax extension increases for counties that have experienced aggregate extension increases of 4.5% or more per year for at least 3 consecutive years.

Applies to all Illinois counties regardless of whether they are currently subject to the Property Tax Extension Limitation Law (PTELL).

The 3% cap takes effect automatically in the fourth year and all subsequent years once the 3-year trigger threshold of 4.5% annual increases is met.

Counties may seek exemption from the 3% cap by obtaining voter approval through a referendum process.