Recently, the Illinois Senate approved a bill (SB 0318) which would place a freeze on property taxes. This freeze would apply to all taxing districts outside of Cook County for 2016 and 2017. This freeze would apply to both home rule and non-home rule municipalities. Further, home rule and non-home rule municipalities within Cook County would experience this freeze during the 2017 and 2018 levy years.
However, it should also be noted that this freeze could be amended by voter referendum. This would allow the extension limitation to rise above 0%. Additionally, the bill also provides for various exemptions including a new provision concerning extensions made for public safety purposes.
The bill would also make various changes to both the Illinois School Code and Illinois Pension Code.
As this bill continues through the House, we will continue to provide timely and informative updates.
Authors: Michael J. Smoron, Jacob Caudill