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Synopsis As Introduced Amends the Property Tax Extension Limitation Law in the Property Tax Code. Provides that, if the total equalized assessed value of all taxable property in the taxing district for the current levy year (excluding new property, recovered tax increment value, and property that is annexed to or disconnected from the taxing district in the current levy year) is less than the total equalized assessed value of all taxable property in the taxing district for the previous levy year, then the extension limitation is (a) 0% or (b) the rate of increase approved by voters (instead of the lesser of 5% or the percentage increase in the Consumer Price Index during the 12-month calendar year preceding the levy year or (b) the rate of increase approved by voters). Effective immediately.
Fiscal Note (Dept. of Revenue)
HB 3793 will have no fiscal impact on State revenues. The Illinois Department of Revenue has no data that would allow it to determine a fiscal impact on local taxing districts that may potentially be affected.
State Mandates Fiscal Note (Dept. of Commerce & Economic Opportunity)
HB 3793 does not create a State mandate.
Balanced Budget Note (Office of Management and Budget)
HB 3793 does not have any fiscal impact on State revenues. This legislation may result in lost revenues for local governments impacted by the Bill.
Judicial Note (Admin Office of the Illinois Courts)
This bill would neither increase nor decrease the number of judges needed in the State.
Housing Affordability Impact Note (Housing Development Authority)
The legislation potentially eliminates the property tax extension limitation if total equalized assessed valuation (EAV) of all taxable property in a taxing district for the current levy year is less than the total EAV of all taxable property in a taxing district for the previous year. Unable to determine exact dollar amount of savings due to differing equalized assessed valuations with Cook County.
State Debt Impact Note (Government Forecasting & Accountability)
HB 3793 would not change the amount of authorization for any type of State-issued or State-supported bond, and, therefore, would not affect the level of State indebtedness.
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