Land Use & Zoning
Under the Illinois Property Tax Extension Limitation Law (PTELL), commonly called the 'tax cap':
AAll property tax rates are fixed at 2% per year
BThe annual increase in property tax extensions (levies) is limited to 5% or the rate of inflation, whichever is less✓ Correct
CIndividual property assessments are limited to 5% increases
DMunicipalities may not increase tax rates without a referendum
Explanation
Illinois's PTELL (the 'tax cap' law) limits the annual increase in the total amount of property taxes that taxing bodies may levy to 5% or the rate of inflation (CPI), whichever is less. It applies to many Illinois counties to control property tax growth. Individual assessments may still change based on market conditions.
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