Bill > HB3314

This bill amends the Property Tax Code to limit increases in residential property assessed values in all counties, beginning with the 2026 assessment year. Specifically, the assessed value of a residential property in any given assessment year cannot exceed its previous year's assessed value multiplied by one plus the percentage change in the Consumer Price Index (CPI) during the preceding 12-month calendar year. The CPI is defined as the index published by the Bureau of Labor Statistics that measures the average change in prices of goods and services purchased by urban consumers, with a base period of 1982-84. The limitation does not apply if the assessment increase is due to property additions, improvements, modifications, or if the property is sold. The bill also preempts home rule units' power to tax, effectively preventing local governments from implementing different assessment rules. This change aims to provide property owners with more predictability in their property tax assessments by tying potential increases to a standard measure of inflation.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3314&GAID=18&DocTypeID=HB&SessionID=114&GA=104