summary
Introduced
02/05/2026
02/05/2026
In Committee
02/05/2026
02/05/2026
Crossed Over
Passed
Dead
Introduced Session
104th General Assembly
Bill Summary
Amends the Property Tax Code. Provides that the assessed value of residential property in any general assessment year shall not exceed the assessed value of the property in the last general assessment year multiplied by one plus the percentage change in the Consumer Price Index during the 12-month calendar year immediately preceding the general assessment year for which the reassessment is conducted. Provides that the limitation does not apply if the increase in assessment is attributable to an addition, improvement, or modification to the property. Preempts the power of home rule units to tax. Effective immediately.
AI Summary
This bill amends the Property Tax Code to limit the annual increase in the assessed value of residential property, starting with the 2026 assessment year, to no more than the previous year's assessed value plus the percentage change in the Consumer Price Index (CPI), which is a measure of average price changes for goods and services published by the U.S. Bureau of Labor Statistics. This limitation will not apply if the increase in assessment is due to additions, improvements, or modifications to the property, or if the property is sold. The bill also asserts that this limitation overrides the taxing authority of home rule units, which are local government entities with broad powers.
Sponsors (1)
Last Action
Referred to Assignments (on 02/05/2026)
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
Loading...