Bill > HB2660

This bill amends the Property Tax Code to limit property assessment increases in all counties starting with the 2026 assessment year. Under the new provisions, any change in property assessment during a general reassessment year cannot exceed the lesser of two options: 3% of the property's assessed value from the prior year, or the percentage change in the Consumer Price Index (CPI) during the preceding 12-month calendar year. The limitation does not apply if the assessment increase is due to property additions, improvements, or modifications, or if the property is sold. The bill defines the Consumer Price Index as the index published by the U.S. Bureau of Labor Statistics that measures average price changes for goods and services purchased by urban consumers, with a base period of 1982-84. By explicitly stating this limitation, the bill also preempts the power of home rule units to impose their own property tax assessment rules, effectively creating a statewide standard for property assessment increases. The bill aims to provide property owners with more predictability and protection against rapid increases in property valuations and, consequently, property tax burdens.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2660&GAID=18&DocTypeID=HB&SessionID=114&GA=104