Bill Text: IL SB2695 | 2023-2024 | 103rd General Assembly | Introduced

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Bill Title: Amends the Property Tax Code. Provides that, for assessment years following the next general assessment after the effective date of the amendatory Act, no increase in assessment may exceed 20% per year. Provides exceptions if: (1) the property is sold, transferred, or conveyed during the taxable year; (2) significant improvements were made to the property; (3) a homestead exemption or other preferential method of assessment was removed with respect to that property during the taxable year; or (4) the increase was due to an equalization factor imposed by the township, county, or Department of Revenue. Effective immediately.

Sponsorship: Partisan Bill (Democrat 1)

Status: (Failed) 2025-01-07 - Session Sine Die [SB2695 Detail]

Download: Illinois-2023-SB2695-Introduced.html

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103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 SB2695 Introduced 1/10/2024, by Sen. Julie A. Morrison SYNOPSIS AS INTRODUCED:
35 ILCS 200/9-145
Amends the Property Tax Code. Provides that, for assessment years following the next general assessment after the effective date of the amendatory Act, no increase in assessment may exceed 20% per year. Provides exceptions if: (1) the property is sold, transferred, or conveyed during the taxable year; (2) significant improvements were made to the property; (3) a homestead exemption or other preferential method of assessment was removed with respect to that property during the taxable year; or (4) the increase was due to an equalization factor imposed by the township, county, or Department of Revenue. 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. Except in
counties with more than 200,000 inhabitants which classify
property for purposes of taxation, property shall be valued as
follows:
(a) Each tract or lot of property shall be valued at 33
1/3% of its fair cash value.
(b) Each taxable leasehold estate shall be valued at
33 1/3% of its fair cash value.
(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.
(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.
(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.
(f) For assessment years following the next general
assessment after the effective date of this amendatory Act
of the 103rd General Assembly, no increase in assessment
may exceed 20% per year unless at least one of the
following factors is met:
(1) the property is sold, transferred, or conveyed
during the taxable year, in which case it shall be
reassessed based on its value as of the date of sale,
transfer, or conveyance;
(2) significant improvements were made to the
property;
(3) a homestead exemption or other preferential
method of assessment was removed with respect to that

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property during the taxable year; or
(4) the increase was due to an equalization factor
imposed by the township, county, or Department of
Revenue.
The property owner may request from the chief county
assessment officer reasonable proof that an increase in an
assessment of more than 20% is due to one of the items
listed in paragraphs (1) through (4).
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.)