102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
Introduced 1/27/2022, by Rep. Rita Mayfield
SYNOPSIS AS INTRODUCED:
Amends the Property Tax Code. Provides that, beginning in levy year
2023, no taxing district may increase its aggregate extension when
compared with the taxing district's aggregate extension for the last
preceding levy year by more than the average percentage increase in
property assessments when compared with the last preceding levy year.
A BILL FOR
|HB5083||LRB102 22392 HLH 31532 b|
AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
The Property Tax Code is amended by adding
Section 18-50.3 as follows:
(35 ILCS 200/18-50.3 new)
Limitation on increase in taxing district
(a) Notwithstanding any other provision of law, beginning
in levy year 2023, no taxing district may increase its
aggregate extension when compared with the taxing district's
aggregate extension for the last preceding levy year by more
than the average percentage increase in property assessments
when compared with the last preceding levy year.
(b) As used in this Section:
"Aggregate extension" means the annual corporate extension
for the taxing district and those special purpose extensions
that are made annually for the taxing district.