The bounds are encoded as "parameters" together with the term. These parameters don't get passed as regular arguments. The python API does not expose access to parameters, but the C API does, and you can call these functions from Python (it is just a little more work).
The function you need is Z3_get_decl_int_parameter.
Here is a sample using the function: http://rise4fun.com/Z3Py/Rsl8
x = BitVec('x',32)
t = Extract(10,5,x)
f = t.decl()
print Z3_get_decl_int_parameter(t.ctx.ref(), f.ast, 0)
print Z3_get_decl_int_parameter(t.ctx.ref(), f.ast, 1)