Bill Status of SB4160 102nd General Assembly
Short Description: REVENUE-VARIOUS
Sen. Dan McConchie - Jil Tracy - Brian W. Stewart, Terri Bryant, Craig Wilcox, Darren Bailey, Sally J. Turner, Sue Rezin, Donald P. DeWitte, Jason A. Barickman, Win Stoller, Steve McClure, Dave Syverson, Jason Plummer and Dale Fowler
| 2/9/2022||Senate||Referred to Assignments|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Property Tax Extension Limitation Law in the Property Tax Code. Provides that a taxing district shall reduce its aggregate extension base for the purpose of lowering its limiting rate for future years upon referendum approval initiated by the submission of a petition by the voters of the district. Provides that the extension limitation shall be: (a) the lesser of 5% or the average percentage increase in the Consumer Price Index for the 10 years immediately preceding the levy year for which the extension limitation is being calculated; or (b) the rate of increase approved by the voters. Effective immediately.