PTELL-RESERVES

Session: 103rd General Assembly
Year: 2023
Bill #: HB3644
Category: Revenue
Position: Oppose
Mandate? Yes
Revenue Loss? Yes
Authority Preemption? Yes

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Amends the Property Tax Extension Limitation Law in the Property Tax Code. Provides that, if, at the end of any levy year, a taxing district has reserves of 50% or more of its operating budget for that levy year, then, for the next levy year, "extension limitation" means 0% or the rate of increase approved by the voters. Preempts the power of home rule units to tax. Effective immediately.



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