IN HB1286

Adjusts the maximum permissible ad valorem property tax levy limit for civil taxing units to restore unused levy capacity that would have existed if no changes to the definition of "maximum permissible ad valorem property tax levy for the preceding calendar year" had been enacted after 2004

Requires the Department of Local Government Finance to calculate and publish each civil taxing unit's adjusted maximum permissible ad valorem property tax levy by July 1, 2012, and notify units before August 2, 2012

The adjustment applies to property tax levies beginning January 1, 2013, and constitutes a permanent change to levy calculations

Recalculates levy limits by determining what the maximum would have been for calendar years 2004-2012 using the greater of either the maximum permissible levy or the actual levy imposed in each preceding year

Effective date of July 1, 2012