PROPERTY TAX-2-YEAR MORATORIUM

Amends the Property Tax Code. Provides that, notwithstanding any other law to the contrary, for taxable years 2003 and 2004, the rate on any tax imposed under the Act may not be increased from the rate imposed in the 2002 taxable year. A school district, however, may increase property tax rates by referendum. Provides that, notwithstanding any other law to the contrary, for taxable years 2003 and 2004, the equalized assessed value of property shall be the same as the equalized assessed value of that property for the 2002 taxable year. If, however, a parcel of property is improved during taxable year 2003 or 2004, the assessment of that property shall be the assessment for the 2002 taxable year plus the increase in assessed value solely as a result of the improvement and, once the 2002 assessment is increased to reflect an improvement, the assessment for that property shall remain the same for the duration of the assessment freeze period. Effective immediately.