After many years, the Property Tax Extension Limitation Law may again be put to a vote by Crawford County residents.
The Crawford County Board Thursday will consider a resolution to place a referendum on the April 2 ballot to "limit annual property tax extension increases in Crawford County."
Board members will meet at 5 p.m. on the second floor of the county annex building to discuss and learn more about the proposal. They will also get an update on the Illinois Open Meetings Act.
The regular meeting will begin at 6 p.m. Besides the PTELL resolution, the board will consider an engineering agreement and appointments.
According to the Illinois Department of Revenue, PTELL limits the amount of tax extensions. Although the law is commonly referred to as "tax caps," use of this phrase can be misleading.
PTELL does not "cap" either individual property tax bills or individual property assessments. Instead, PTELL allows a taxing district to receive a limited inflationary increase in tax extensions on existing property, plus an additional amount for new construction and voter-approved rate increases.
The limitation slows the growth of property tax revenues to taxing districts when property values and assessments are increasing faster than the rate of inflation.
As a whole, property owners have some protection from tax bills that increase only because the market value of their property is rising rapidly.
Increases in property tax extensions are limited to the lesser of 5 percent or the increase in the consumer price index for the year preceding the levy year.
The limitation for a taxing district can be increased with voter approval.