Client Alert
Tax freeze legislation recently passed by the Illinois Senate would impact every taxing district in the State if it ultimately becomes law. Senate Bill 318 amends the Property Tax Extension Limitation Law and four other laws. This Client Alert describes the changes to PTELL made by Senate Bill 318 and its impact on taxing districts currently subject to PTELL and taxing districts, including all home rule units, not presently subject to PTELL. The treatment of both current PTELL districts and new PTELL districts depends on whether the majority of each taxing district’s 2015 equalized assessed valuation is outside or within Cook County. The following is a summary of the key PTELL-related provisions of Senate Bill 318.