Bill Title: Amends the Property Tax Code. Provides that the equalized assessed value of property in a general assessment year, other than long-term ownership property, shall not exceed the equalized assessed value of the property in the immediately preceding general assessment year, increased by the lesser of: (1) 3% of the equalized assessed value of the property for the immediately preceding general assessment year; or (2) the percentage increase, if any, in the Consumer Price Index during the 12-month calendar year preceding the general assessment year for which the property is being reassessed. Provides that the equalized assessed value of long-term ownership property in a general assessment year shall not exceed the equalized assessed value of the property in the immediately preceding general assessment year increased by 2% of the equalized assessed value of the property for the immediately preceding general assessment year. Defines "long-term ownership property". Preempts the power of home rule units to tax. Effective immediately.

Sponsorship: Partisan Bill (Republican 1)

Status: (Introduced) 2026-01-14 - Referred to Rules Committee [HB4317 Detail]

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Bill Drafts

Revision	Date	Format	Source	View
Introduced	2026-01-07	HTML/Text	Link	View

Amendments

Amendment	Date	Disposition	Format	Source	View
No bill amendments currently on file for Illinois HB4317

Supplemental Documents

Title	Description	Date	Format	Source	View
No supplemental documents for Illinois HB4317 currently on file.