PROPERTY TAX-PTELL-CPI

Amends the Property Tax Extension Limitation Law in the Property Tax Code. Provides that "extension limitation" means (a) the lesser of 5% or the percentage increase in the Employment Cost Index or, upon referendum approval, the Consumer Price Index during the 12-month calendar year preceding the levy year or (b) the rate increase approved by the voters. Defines "Employment Cost Index" as the average between the Employment Cost Index for total compensation for civilian workers and the Employment Cost Index for total compensation for State and local government workers. Sets forth referendum procedures to allow for the calculation of the extension limitation based upon the Consumer Price Index. Defines "new property" to include an increase in assessed value of property due to site development and infrastructure improvements, the construction of new improvements, or the addition to existing improvements (now, the definition includes an increase in the assessed value of the property due to new improvements or additions to existing improvements). Effective immediately.