Bill > HB4011

This bill amends the Property Tax Code to create a new limitation on property tax assessments in all counties, starting with the 2026 assessment year. The bill restricts the equalized assessed value (EAV) of a property in any given assessment year to not exceed the previous year's EAV, with an increase limited to either 3% or the percentage increase in the Consumer Price Index (CPI) during the preceding 12-month calendar year, whichever is lesser. 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. The assessment limitation does not apply to increases resulting from property additions, improvements, or modifications. Additionally, the bill preempts home rule units' taxing powers by establishing this statewide assessment limit. The existing law's provisions about valuing different types of property at 33 1/3% of fair cash value remain unchanged, and the bill will take effect immediately upon becoming law.

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=4011&GAID=18&DocTypeID=HB&SessionID=114&GA=104