Yesterday the U.S. Bureau of Labor Statistics released the Consumer Price Index for All Urban Consumers (CPI-U) that will be used in the Property Tax Extension Limitation Law (PTELL) limiting rate calculations for 2016 property tax levies collected in 2017. The 2016 levies of school districts and other taxing agencies subject to PTELL will be limited to an increase of 0.7% over the prior year. The chart below from the Illinois Department of Revenue shows the history of the CPI-U used in limiting rate calculations. The low CPI numbers over the past several years and limited new property EAV continue to constrain growth in property tax revenues.
Illinois Dept. of Revenue
History of CPI’s Used for the PTELL (Printable PDF)
Click here to view the table.