Bill Text: IL HB4716 | 2023-2024 | 103rd General Assembly | Introduced

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Bill Title: Amends the Property Tax Code. Provides that, in all counties, any change in assessment resulting from reassessment in the general assessment year shall not exceed the lesser of the following: (1) 3% of the assessed value of the property for the prior year; or (2) the percentage change in the Consumer Price Index during the 12-month calendar year preceding the assessment year. 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.

Spectrum: Strong Partisan Bill (Republican 26-2)

Status: (Introduced) 2024-04-18 - Added Chief Co-Sponsor Rep. Patrick Sheehan [HB4716 Detail]

Download: Illinois-2023-HB4716-Introduced.html

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103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB4716 Introduced , by Rep. Tom Weber SYNOPSIS AS INTRODUCED:
35 ILCS 200/9-145
Amends the Property Tax Code. Provides that, in all counties, any change in assessment resulting from reassessment in the general assessment year shall not exceed the lesser of the following: (1) 3% of the assessed value of the property for the prior year; or (2) the percentage change in the Consumer Price Index during the 12-month calendar year preceding the assessment year. 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.
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A BILL FOR
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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 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

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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 2025 assessment year, in all counties, any change
resulting from reassessment in the general assessment year
shall not exceed the lesser of the following:
(1) 3% of the assessed value of the property for the
prior year; or
(2) the percentage change in the Consumer Price Index
during the 12-month calendar year preceding the assessment
year.
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.
As used in this Section, "Consumer Price Index" means the

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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.)