Budget & Taxes (Property Tax)

in committee · Illinois · House Mar 21, 2025

HB 3314: PROP TX-ASSESSMENT LIMIT

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.

Topics ✓ Budget & TaxesSupports Budget & TaxesLimits annual property tax increases to CPI, providing tax relief for homeowners and capping assessment growth per Property Tax Code amendment.90% confidence

Sub-Topics Property Tax

Track

in committee · Illinois · Senate Feb 7, 2025

SB 2126: PROP TX-AFFORDABLE HOUSING

Amends the Property Tax Code. Provides that property that is owned by a faith-based organization or an organization described under Section 501(c)(3) of the Internal Revenue Code of 1986 that is leased for a minimum of 50 years for the purpose of, and is predominantly used for, providing affordable housing for households with a household income of between 20% and 90% of the area median income is exempt from taxation under the Code until (i) the end of the ground lease term or (ii) the first taxable year during which the property is no longer used for affordable housing purposes, whichever occurs first. Provides that taxing districts may abate all or a portion of the property taxes levied on a qualified affordable housing developments.

Topics ✓ Budget & TaxesSupports Budget & TaxesExempts affordable housing properties from property tax, providing tax relief for organizations serving low-to-moderate income households (20-90% AMI), aligning with tax relief indicators.95% confidence ✓ HousingSupports HousingTax exemption for 50+ year leases of affordable housing (20-90% AMI) by 501(c)(3) orgs directly incentivizes development, aligning with affordable housing support indicators.90% confidence

Sub-Topics Property Tax Tax Incentives Affordable Housing Housing Finance Property Taxes

Track

in committee · Illinois · Senate Dec 1, 2025

SB 216: PTELL-AGGREGATE EXTENSION

Amends the Property Tax Extension Limitation Law in the Property Tax Code. Provides that a taxing district shall reduce its aggregate extension base for the purpose of lowering its limiting rate for future years upon referendum approval initiated by the submission of a petition by the voters of the district. Provides that the extension limitation shall be: (a) the lesser of 5% or the average percentage increase in the Consumer Price Index for the 10 years immediately preceding the levy year for which the extension limitation is being calculated; or (b) the rate of increase approved by the voters. Effective immediately.

Topics ✗ Budget & TaxesOpposes Budget & TaxesBill enables taxing districts to reduce property tax rates via voter referendum, restricting annual tax increases by limiting extension base growth per CPI/5% cap.95% confidence

Sub-Topics Property Tax

Track

in committee · Illinois · Senate Feb 4, 2025

SB 1526: PROP TX-ENERGY STORAGE

Amends the Property Tax Code. Provides that the fair cash value of commercial energy storage system improvements in counties with fewer than 3,000,000 inhabitants shall be determined by subtracting the allowance for physical depreciation from the commercial energy storage system trended real property cost basis. Provides that those commercial energy storage systems are not subject to equalization factors applied by the Department of Revenue or by any board of review, assessor, or chief county assessment officer. Provides that the owner of the commercial energy storage system shall commission a metes and bounds survey description of the land upon which the commercial energy storage system is located. Contains other provisions concerning the assessment of commercial energy storage systems. Effective immediately.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill reduces taxable value of commercial energy storage systems via property tax code amendment, providing direct tax relief for businesses in qualifying counties.92% confidence ✓ EnergySupports EnergyTax exemption for commercial energy storage systems reduces costs, promoting renewable energy infrastructure adoption by incentivizing investment in storage technology.95% confidence

Sub-Topics Property Tax Energy Storage

Track

in committee · Illinois · House Mar 21, 2025

HB 2660: PROP TX-ASSESSMENT LIMIT

Amends the Property Tax Code. Provides that, in all counties, any change in assessment resulting from reassessment in the general assessment year shall not exceed the lesser of the following: (1) 3% of the assessed value of the property for the prior year; or (2) the percentage change in the Consumer Price Index during the 12-month calendar year preceding the assessment year. 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.

Topics ✗ Budget & TaxesOpposes Budget & TaxesLimits annual property tax assessment increases to 3% or CPI, restricting government revenue growth from property taxes.95% confidence

Sub-Topics Property Tax

Track

in committee · Illinois · House Aug 14, 2025

HB 3724: PROP TX-GENERAL HOMESTEAD

Amends the Property Tax Code. Provides that, beginning with the 2026 tax year (to be collected in 2027), the total tax bill for property receiving the General Homestead Exemption may not exceed 103% of the total property tax bill for the property for the immediately preceding taxable year. Contains provisions concerning the reallocation of property tax liability.

Topics ✓ Budget & TaxesSupports Budget & TaxesCaps annual property tax increases for homestead exemptions, providing relief to homeowners by limiting annual tax bill growth to 103% of prior year.92% confidence

Sub-Topics Property Tax

Track

in committee · Illinois · Senate Aug 5, 2025

SB 1643: PROP TX-SENIOR FREEZE

Amends the Property Tax Code. Provides that, beginning in taxable year 2025, the maximum income limitation for the low-income senior citizens assessment freeze homestead exemption shall be increased each year by the percentage increase, if any, in the Consumer Price Index. Effective immediately.

Topics ✓ Budget & TaxesSupports Budget & TaxesIncreases property tax exemption income limit for seniors using CPI, providing tax relief to low-income seniors. Directly supports tax policy for vulnerable groups.95% confidence

Sub-Topics Property Tax

Track

in committee · Illinois · House Mar 18, 2025

HB 4011: PROP TX-ASSESSMENT LIMIT

Amends the Property Tax Code. Provides that, in all counties, the equalized assessed value of property in a general assessment year shall not exceed the equalized assessed value of the property in the immediately preceding general assessment year, increased by the lesser of: (1) 3% of the equalized assessed value of the property for the immediately preceding general assessment year; or the percentage increase, if any, in the Consumer Price Index during the 12-month calendar year preceding the general assessment year for which the property is being reassessed. 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.

Topics ✗ Budget & TaxesOpposes Budget & TaxesBill caps annual property tax increases at 3% or CPI, limiting tax growth for property owners, directly restricting tax assessment increases.95% confidence

Sub-Topics Property Tax

Track

in committee · Illinois · House Mar 21, 2025

HB 1199: PROP TX-EXTENSION LIMITATION

Amends the Property Tax Code. Provides that, notwithstanding any other provision of law, beginning in taxable year 2026, no county clerk may extend against any property an annual property tax that exceeds the amount generated by multiplying the property tax liability for the property in the immediately preceding taxable year by one plus the percentage increase, if any, in the Consumer Price Index for the 12-month period ending in September of the immediately preceding taxable year, unless the increase in the property tax liability is the result of improvements to the property or the result of the removal of one or more exemptions that were granted with respect to the property for the immediately preceding taxable year. Effective immediately.

Topics ✗ Budget & TaxesOpposes Budget & TaxesBill caps annual property tax increases at CPI rate, limiting government revenue growth from property taxes.95% confidence

Sub-Topics Property Tax

Track

in committee · Illinois · House Mar 27, 2026

HB 1497: PTELL-FREEZE

Amends the Property Tax Extension Limitation Law in the Property Tax Code. Provides that, for levy years 2026 through 2030, the term "taxing district" includes each home rule taxing district. Provides that, for levy years 2026 through 2030, the extension limitation is 0% or the rate of increase approved by the voters. Contains provisions setting forth the aggregate extension for taxing districts that became subject to the Property Tax Extension Limitation Law as a result of the amendatory Act. Sets forth powers and duties of the Department of Revenue. Limits the power of home rule units to tax. Effective immediately.

Topics ✗ Budget & TaxesOpposes Budget & TaxesBill freezes property tax increases at 0% for 2026-2030, restricting local tax hikes without voter approval, directly limiting tax revenue growth.90% confidence

Sub-Topics Property Tax

Track