IllinoisHB4317104th General Assembly (2025–2026)House

PROP TX-ASSESSMENT LIMIT

Sponsored By: Jed Davis

In Committee

Summary

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.

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Bill Overview

No Economic Impacts Identified for this Bill

Sponsors & Cosponsors

Sponsor

  • Jed Davis

    Affiliation unavailable

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

Actions Timeline

  1. Referred to Rules Committee

    1/14/2026House
  2. First Reading

    1/14/2026House
  3. Filed with the Clerk by Rep. Jed Davis

    1/7/2026House

Bill Text

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