HB1496 104TH GENERAL ASSEMBLY

LRB104 06534 HLH 16570 b

104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026
HB1496

Introduced 1/28/2025, by Rep. Brad Halbrook

SYNOPSIS AS INTRODUCED:

35 ILCS 200/9-162 new

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.

A BILL FOR

AN ACT concerning revenue.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Property Tax Code is amended by adding Section 9-162 as follows:

(35 ILCS 200/9-162 new)

Sec. 9-162. Limitation on increases in valuation. Notwithstanding any other provision of law, 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. This Section 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. This Section 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.