Last week the U.S. Bureau of Labor Statistics released the Consumer Price Index (CPI) for All Urban Consumers that will be used in the PTELL limiting rate calculations for 2015 property tax levies collected in 2016. The 2015 levies of school districts and other taxing agencies subject to PTELL will be limited to an increase of only 0.8% over the prior year. The chart below from the Illinois Department of Revenue shows the history of the CPI used in limiting rate calculations. The low CPI numbers over the past several years and limited amounts of 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 table