The Property Tax Extension Limitation Law (PTELL) limits the amount of tax extensions (total taxes billed) for non-home rule taxing districts. Although the law is commonly referred to as “tax caps,” use of this phrase can be misleading. The PTELL does not “cap” either individual property tax bills or individual property assessments. Instead, the PTELL allows a taxing district to receive a limited inflationary increase in tax extensions on existing property, plus an additional amount for new construction, and voter-approved rate increases. The limitation slows the growth of property tax revenues to taxing districts when property values and assessments are increasing faster than the rate of inflation. As a whole, property owners have some protection from tax bills that increase only because the market value of their property is rising rapidly. Increases in property tax extensions are limited to the lesser of 5 percent or the increase in the consumer price index for the year preceding the levy year. The limitation for a taxing district can be increased with voter approval.