Bill Text: IL SB3694 | 2019-2020 | 101st General Assembly | Introduced

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Bill Title: Amends the Property Tax Code. Provides that, beginning in taxable year 2021, the assessed value of any parcel of residential real property may not exceed the assessed value of that property for the immediately preceding assessment year by more than the percentage change in the Consumer Price Index unless improvements have been made to the property requiring a building permit or ownership of the property has been transferred due to a sale since the property's last general assessment. Effective immediately.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2021-01-13 - Session Sine Die [SB3694 Detail]

Download: Illinois-2019-SB3694-Introduced.html

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101ST GENERAL ASSEMBLY State of Illinois 2019 and 2020 SB3694 Introduced 2/14/2020, by Sen. Steve McClure SYNOPSIS AS INTRODUCED:
35 ILCS 200/9-156 new
Amends the Property Tax Code. Provides that, beginning in taxable year 2021, the assessed value of any parcel of residential real property may not exceed the assessed value of that property for the immediately preceding assessment year by more than the percentage change in the Consumer Price Index unless improvements have been made to the property requiring a building permit or ownership of the property has been transferred due to a sale since the property's last general assessment. Effective immediately.
LRB101 20164 HLH 70359 b
FISCAL NOTE ACT MAY APPLY HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY
A BILL FOR
SB3694 LRB101 20164 HLH 70359 b
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 9-156 as follows:
(35 ILCS 200/9-156 new)
Sec. 9-156. Assessment limitation. Notwithstanding any
other provision of law, beginning in taxable year 2021, the
assessed value of any parcel of residential real property may
not exceed the assessed value of that property for the
immediately preceding assessment year by more than the
percentage change in the Consumer Price Index for All Urban
Consumers for the previous calendar year, as issued by the
United States Department of Labor and rounded to the nearest
whole dollar, unless improvements have been made to the
property requiring a building permit or ownership of the
property has been transferred due to a sale since the
property's last general assessment.
Section 99. Effective date. This Act takes effect upon
becoming law.