Budget & Taxes (Property Tax)

Amends the Property Tax Code. Provides that, beginning in taxable year 2026, no taxing district, other than a home rule unit, may levy a tax on any parcel of real property that is more than 105% of the base amount unless (i) the increase is attributable to substantial improvements to the property, (ii) the taxing district did not levy a tax against the property in the previous taxable year, or (iii) the increase is attributable to a special service area. Provides that "base amount" means the tax levied by the taxing district on the subject property in the immediately preceding taxable year, except that, if the property received a homestead exemption in the immediately preceding taxable year and is not eligible for that exemption in the current taxable year, then the base amount shall be the tax that would have been levied by the taxing district on the subject property in the immediately preceding taxable year if the homestead exemption had not been applied. Provides that a taxing district may elect to be exempt from those provisions for one or more taxable years if the exemption is approved by referendum. Effective immediately.

Creates the Circuit Breaker Property Tax Relief Act. Provides that an individual who: (i) is domiciled in this State; (ii) is eligible for and receives either the general homestead exemption the general alternative homestead exemption; (iii) has experienced property tax bill spikes; and (iv) has an income that meets a specified income eligibility limitation is eligible for a grant of a portion of their bill spike. Provides that the maximum amount of grant to which a claimant is entitled is the one-half of the claimant's tax bill spike. Creates the Circuit Breaker Property Tax Relief Fund for the purpose of making grants to claimants. Amends the State Finance Act to make conforming changes. Effective immediately.

Creates the Property Tax Levy Relief Act of 2026. Provides that the State Board of Elections shall cause a statewide advisory question of public policy concerning the levying of taxes on parcels of real property to be submitted to the voters at the general election to be held on November 3, 2026. Provides that the State Board of Elections shall immediately certify the question to be submitted to the voters of the entire State to each election authority in Illinois. Repeals the Act on January 1, 2027.

Amends the Property Tax Code. Provides that no taxing district may hold more than 150% of the previous levy year's property tax collections in cash or cash-equivalent assets. Provides that excess amounts shall be refunded to taxpayers. Effective immediately.

Creates the Circuit Breaker Property Tax Relief Act. Provides that an individual who: (i) is domiciled in this State; (ii) is eligible for and receives either the general homestead exemption the general alternative homestead exemption; (iii) has experienced property tax bill spikes; and (iv) has an income that meets a specified income eligibility limitation is eligible for a grant of a portion of their bill spike. Provides that the maximum amount of grant to which a claimant is entitled is the one-half of the claimant's tax bill spike. Creates the Circuit Breaker Property Tax Relief Fund for the purpose of making grants to claimants. Amends the State Finance Act to make conforming changes. Effective immediately.

Amends the Property Tax Code. Provides that property that is used as a qualified residence by a police officer or firefighter with a duty-related disability is exempt from taxation under the Code. Effective immediately.

Creates the Property Tax Relief Act. Provides that any individual whose household is liable for payment of property taxes accrued or has paid rent constituting property taxes accrued and is domiciled in this State at the time he or she files his or her claim is entitled to claim a grant under the Act to be administered by the Department of Revenue. Provides that for 2025 claim year applications submitted during calendar year 2026, a household must have an annual household income of less than the State median adjusted gross income. Provides that for taxable years 2025 and thereafter, an eligible residence must have an assessed market value of less than $350,000. Provides that except as otherwise provided under the Act, the maximum grant amount which a claimant is entitled to claim not to exceed $5,000. Sets forth the grant amount for eligible households that receive cash assistance from the Department of Healthcare and Family Services or the Department of Human Services. Contains provisions concerning the effect joint ownership of a single residence or ownership of multiple residences has on the calculation of the grant amount. Sets forth the procedure to file a grant claim. Contains provisions concerning supporting documents the Department of Revenue may require claimants to submit to verify eligibility for a grant; the payment and denial of claims; claimants' records; rules of confidentiality; penalties for filing a fraudulent claim; and Department rules.

Amends the Property Tax Code. Provides that, for taxable year 2026, the maximum income limitation for the low-income senior citizens assessment freeze homestead exemption is $75,000 (currently, $65,000). Provides that, beginning in taxable year 2027, 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.

Amends the Department of Revenue Law of the Civil Administrative Code of Illinois. Provides that the Department of Revenue, in consultation with the Governor's Office of Management and Budget, shall conduct a study to determine the feasibility of eliminating, by no later than January 1, 2030, the property tax system in the State and replacing that revenue with income tax receipts.

Amends the Property Tax Code. Provides that, for taxable year 2025, the maximum income limitation for the Low-Income Senior Citizens Assessment Freeze Homestead Exemption is $75,000. Provides that, for taxable year 2026 and subsequent taxable years, the maximum income limitation shall be adjusted by the percentage increase, if any, in the Consumer Price Index. Effective immediately.