Bill > SB2246

This bill amends the Property Tax Code to limit the annual increase in assessed value for residential properties across all counties in Illinois. Starting with the 2026 assessment year, the assessed value of a residential property in any given 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 specifically defined as the index published by the Bureau of Labor Statistics that measures average price changes for goods and services purchased by urban consumers (using the 1982-84 baseline). Importantly, this limitation does not apply if the property assessment increase is due to additions, improvements, modifications, or if the property is sold. The bill also preempts home rule units' power to tax, effectively establishing a statewide standard for property tax assessments. By tying assessment increases to the CPI, the bill aims to provide predictability and potentially slow the rate of property tax increases for residential property owners.

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2246&GAID=18&DocTypeID=SB&SessionID=114&GA=104