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Synopsis As Introduced Amends the Property Tax Extension Limitation Law in the Property Tax Code. Makes changes to the procedure for applying a new rate increase or decrease that was approved by a referendum. Provides that when a new rate or a rate increase or decrease, first effective for the current levy year, has been approved by referendum, the procedure for adding the rate increase shall be to add the total rate increase approved by the referendum to the total limited rate of all capped funds for the year following the approval. Provides that the rate increase or decrease is determined by subtracting the prior maximum rate for the fund or funds, approved by referenda, from the newly established maximum rate or rates approved.
House Committee Amendment No. 3 Deletes everything after the enacting clause. Amends the Property Tax Extension Limitation Law in the Property Tax Code. Makes changes to the procedure for applying a new rate increase or decrease that was approved by a referendum. Provides that when a new rate or a rate increase or decrease, first effective for the current levy year, has been approved by referendum, the procedure for adding the rate increase is to add the total rate increase approved by the referendum to the total limited rate of all funds subject to the Property Tax Extension Limitation Law. Provides that the rate increase or decrease is determined by subtracting the prior maximum rate for the fund or funds, approved by referenda, from the newly established maximum rate or rates approved. Provides that, for a taxing district for which a new rate or rate increase has been approved by referendum that did not implement the full rate increase as approved by the referendum, the amount remaining must be adjusted, following the same procedure as set forth in the initial year, within one levy year after that initial year. Effective immediately.
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