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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.
Introduced
Feb 18, 2025
Last Action
Mar 21, 2025
Session
IL 104th
Sponsors
1 primary · 0 co
House Committee Amendment No. 1 Rule 19(c) / Re-referred to Rules Committee
Rule 19(a) / Re-referred to Rules Committee
House Committee Amendment No. 1 Rules Refers to Revenue & Finance Committee
To Tax Policy: Other Taxes Subcommittee
House Committee Amendment No. 1 Referred to Rules Committee
House Committee Amendment No. 1 Filed with Clerk by Rep. Rick Ryan
Assigned to Revenue & Finance Committee
Referred to Rules Committee
First Reading
Filed with the Clerk by Rep. Rick Ryan
Get a plain-English explanation of what this bill does, who it affects, and why it matters.
House Committee Amendment No. 1 Rule 19(c) / Re-referred to Rules Committee