Bill > HB4018

This bill, known as the Property Tax Relief and Fairness Referendum Act of 2026, calls for a statewide advisory ballot measure during the November 3, 2026 general election, asking Illinois voters whether the state should implement a general homestead exemption. Specifically, the referendum would ask voters if they support a property tax reduction of up to $25,000 in a property's equalized assessed value before tax calculation, and whether subsequent annual increases in property value should be capped at either 3% or the Consumer Price Index (CPI), whichever is lower. The CPI is defined as the Bureau of Labor Statistics' measure of average price changes for goods and services purchased by urban consumers, using a base index of 1982-84. The State Board of Elections is required to certify and distribute the referendum question to all election authorities in Illinois, and the entire act will be automatically repealed on January 1, 2027, meaning the referendum is a one-time event designed to gauge public opinion on potential property tax relief.

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=4018&GAID=18&DocTypeID=HB&SessionID=114&GA=104