IL SB3844

Amends the Property Tax Extension Limitation Law (PTELL) to change how the extension limitation is calculated starting in taxable year 2026, using the lesser of 5% or the average CPI increase over the preceding 10 years instead of the single preceding year's CPI increase.

Allows voters to initiate a referendum by petition to reduce a taxing district's aggregate extension base, thereby lowering the district's limiting rate for future levy years.

Permits voters to approve a specific rate of increase as an alternative to the calculated extension limitation through referendum.

Applies to non-home rule taxing districts in counties with 3,000,000+ inhabitants or counties contiguous to such counties (primarily the Chicago metropolitan area).

Takes effect immediately upon becoming law.