The Illinois State Senate has passed Senate Bill 482, legislation that would impose a two-year freeze on property tax takings (called “extensions).
Here is the summary of the bill, which obviously cannot become law unless the Illinois House passes it;
Amends the Property Tax Extension Limitation Law in the Property Tax Code.
Provides that, for levy years 2017 and 2018, the term “taxing district” includes all taxing districts in the State other than the City of Chicago and school districts that were not subject to the Law in the 2016 levy year.
Provides that, for levy years 2017 and 2018, except with respect to school districts that were subject to the Law in the 2016 levy year, the extension limitation is 0% or the rate of increase approved by the voters. [I have no idea what school districts exempted might be.]
Provides that, for levy years 2017 and 2018, only special purpose extensions
- made for the payment of principal and interest on bonds or other evidences of indebtedness issued by the taxing district or
- made for contributions to a pension fund
are exempt from taxing districts’ aggregate extensions.
Preempts home rule.
It is my guess that this something Mike Madigan is willing to see enacted.