Bill > HB4028

This bill, known as the Property Tax Levy Relief Act of 2026, proposes a statewide advisory referendum to be held on November 3, 2026, asking voters whether Illinois should restrict property tax increases. The proposed restriction would limit tax increases on any parcel of real property to no more than 103% of the previous year's tax levy, with exceptions for substantial property improvements, properties not taxed in the previous year, or special service areas. The ballot question will ask voters to approve this potential restriction, with votes recorded as "Yes" or "No". The State Board of Elections is required to certify the referendum question to all election authorities in Illinois, and the Act itself will automatically be repealed on January 1, 2027. An important detail in the bill defines the "base amount" for taxation, which takes into account potential changes in homestead exemption status that might affect the property's tax calculation.

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=4028&GAID=18&DocTypeID=HB&SessionID=114&GA=104