HB3314ham001 104TH GENERAL ASSEMBLY

Rep. Rick Ryan

Filed: 3/12/2025

10400HB3314ham001 LRB104 11887 HLH 22626 a

AMENDMENT TO HOUSE BILL 3314

AMENDMENT NO. ______. Amend House Bill 3314 by replacing everything after the enacting clause with the following:

"Section 5. The Property Tax Code is amended by changing Section 9-145 as follows:

(35 ILCS 200/9-145)

Sec. 9-145. Statutory level of assessment.

(a) Except in counties with more than 200,000 inhabitants which classify property for purposes of taxation, property shall be valued as follows:

(1) (a) Each tract or lot of property shall be valued at 33 1/3% of its fair cash value.

(2) (b) Each taxable leasehold estate shall be valued at 33 1/3% of its fair cash value.

(3) (c) Each building or structure which is located on the right of way of any canal, railroad or other company leased or granted to another company or person for a term of years, shall be valued at 33 1/3% of its fair cash value.

(4) (d) Any property on which there is a coal or other mine, or stone or other quarry, shall be valued at 33 1/3% of its fair cash value. Oil, gas and other minerals, except coal, shall have value and be assessed separately at 33 1/3% of the fair cash value of such oil, gas and other minerals. Coal shall be assessed separately at 33 1/3% of the coal reserve economic value, as provided in Sections 10-170 through 10-200.

(5) (e) In the assessment of property encumbered by public easement, any depreciation occasioned by such easement shall be deducted in the valuation of such property. Any property dedicated as a nature preserve or as a nature preserve buffer under the Illinois Natural Areas Preservation Act, for the purposes of this paragraph, is encumbered by a public easement and shall be depreciated for assessment purposes to a level at which its valuation shall be $1 per acre or portion thereof.

(b) Notwithstanding any other provision of law, beginning with the 2026 assessment year, in all counties, the assessed value of residential property in any general assessment year shall not exceed the assessed value of the property in the immediately preceding general assessment year multiplied by one plus the percentage change in the Consumer Price Index during the period of time beginning on the first day of the immediately preceding general assessment year and ending on the last day of the calendar year immediately preceding the general assessment year for which the reassessment is conducted.

The limitation under this subsection (b) does not apply if the increase in assessment is attributable to an addition, improvement, or modification to the property or if the property is sold.

As used in this Section, "Consumer Price Index" means the index published by the Bureau of Labor Statistics of the United States Department of Labor that measures the average change in prices of goods and services purchased by all urban consumers, United States city average, all items, 1982-84 = 100.

This subsection (b) is a denial and limitation under subsection (g) of Section 6 of Article VII of the Illinois Constitution on the power of home rule units to tax.

(c) This Section is subject to and modified by Sections 10-110 through 10-140 and 11-5 through 11-65.

(Source: P.A. 91-497, eff. 1-1-00.)

Section 99. Effective date. This Act takes effect upon becoming law.".