Bill Status of HB5550

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HB5550 - 104th General Assembly

TRUTH IN TAX-REVENUE RATE
Last Action
3/27/2026 - House: Rule 19(a) / Re-referred to Rules Committee
House Sponsors
Rep. Bradley Fritts
Statutes Amended In Order of Appearance
35 ILCS 200/18-55
35 ILCS 200/18-56
35 ILCS 200/18-65
35 ILCS 200/18-70
35 ILCS 200/18-80
35 ILCS 200/18-85
35 ILCS 200/18-90
Synopsis As Introduced
Amends the Truth in Taxation Law in the Property Tax Code. Provides that the notice and hearing requirements apply if the taxing district proposes to extend a tax rate against all taxable property in the district that exceeds the revenue neutral rate. Provides that the term "revenue neutral rate" means an aggregate tax rate for the taxing district that would generate the same amount of property tax revenue as was levied by the taxing district in the previous tax year using the current tax year's total assessed valuation of all property in the taxing district. Makes changes concerning notice provisions.
Actions
Date Chamber Action
2/06/2026 House Filed with the Clerk by Rep. Bradley Fritts
2/13/2026 House First Reading
2/13/2026 House Referred to Rules Committee
3/18/2026 House Assigned to Revenue & Finance Committee
3/27/2026 House Rule 19(a) / Re-referred to Rules Committee