CON AMEND PROPERTY TAXES

Proposes to amend the Revenue Article of the Illinois Constitution. Provides that property taxes and any other taxes or fees shall be levied at an amount no higher than that levy in effect on the effective date of this Constitutional Amendment or at the levy in effect in 2000, whichever is less, excluding certain taxes or fees for bonded indebtedness incurred before the effective date of this Constitutional Amendment. Provides that, as of the effective date of this Constitutional Amendment, there shall be no more reassessments that would increase the assessed value or equalization of property. Provides that voters of a unit of local government or school district may initiate referenda to lower the levy, taxes, or fees imposed by that unit of local government or school district. Provides that an ordinance that would increase the revenue of a unit of local government or school district may become law only with approval at referendum of at least two-thirds of the voters. Provides that a bill that would increase the revenue of the State may become law only with approval at a statewide referendum of at least two-thirds of the voters. Effective upon being declared adopted in accordance with Section 7 of the Illinois Constitutional Amendment Act.