Budget & Taxes (Property Tax)

Amends the Property Tax Code. Provides that, beginning with the 2026 assessment year, the valuation of property in any general assessment year may not exceed (i) 101% of the value of the property in the previous tax year if the property is residential or (ii) 102% of the value of the property in the previous tax year if the property is not residential. Provides that the limitation does not apply if the increase in value is due to an addition, modification, or improvement to the property or if there has been a change in ownership of the property during the previous tax year. Preempts the power of home rule units to tax.

Amends the Property Tax Code. Provides that, for taxable years 2026 and thereafter, the term "maximum income limitation" for the low-income senior citizens assessment freeze homestead exemption means the greater of (i) $80,000 or (ii) $80,000 adjusted by certain increases in the consumer price index-u. Provides that the Department of Revenue shall, not later than January 31 of each calendar year, calculate, publish, and transmit to all county clerks and county treasurers the indexed maximum income limitation number. In provisions concerning the general homestead exemption, provides that, for taxable years 2026 and thereafter, the maximum reduction is $10,000 in all counties.

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.