104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026 HB1496 Introduced , by Rep. Brad Halbrook SYNOPSIS AS INTRODUCED: 35 ILCS 200/9-162 new Amends the Property Tax Code. Provides that, beginning with the 2026 assessment year, the valuation of property in any general assessment year may not exceed (i) 101% of the value of the property in the previous tax year if the property is residential or (ii) 102% of the value of the property in the previous tax year if the property is not residential. Provides that the limitation does not apply if the increase in value is due to an addition, modification, or improvement to the property or if there has been a change in ownership of the property during the previous tax year. Preempts the power of home rule units to tax. LRB104 06534 HLH 16570 b A BILL FOR 104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026 HB1496 Introduced , by Rep. Brad Halbrook SYNOPSIS AS INTRODUCED: 35 ILCS 200/9-162 new 35 ILCS 200/9-162 new Amends the Property Tax Code. Provides that, beginning with the 2026 assessment year, the valuation of property in any general assessment year may not exceed (i) 101% of the value of the property in the previous tax year if the property is residential or (ii) 102% of the value of the property in the previous tax year if the property is not residential. Provides that the limitation does not apply if the increase in value is due to an addition, modification, or improvement to the property or if there has been a change in ownership of the property during the previous tax year. Preempts the power of home rule units to tax. LRB104 06534 HLH 16570 b LRB104 06534 HLH 16570 b A BILL FOR
104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026 HB1496 Introduced , by Rep. Brad Halbrook SYNOPSIS AS INTRODUCED:
35 ILCS 200/9-162 new 35 ILCS 200/9-162 new
35 ILCS 200/9-162 new
Amends the Property Tax Code. Provides that, beginning with the 2026 assessment year, the valuation of property in any general assessment year may not exceed (i) 101% of the value of the property in the previous tax year if the property is residential or (ii) 102% of the value of the property in the previous tax year if the property is not residential. Provides that the limitation does not apply if the increase in value is due to an addition, modification, or improvement to the property or if there has been a change in ownership of the property during the previous tax year. Preempts the power of home rule units to tax.
LRB104 06534 HLH 16570 b LRB104 06534 HLH 16570 b
LRB104 06534 HLH 16570 b
A BILL FOR
HB1496LRB104 06534 HLH 16570 b HB1496 LRB104 06534 HLH 16570 b
HB1496 LRB104 06534 HLH 16570 b
1 AN ACT concerning revenue.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The Property Tax Code is amended by adding
5 Section 9-162 as follows:
104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026 HB1496 Introduced , by Rep. Brad Halbrook SYNOPSIS AS INTRODUCED:
35 ILCS 200/9-162 new 35 ILCS 200/9-162 new
35 ILCS 200/9-162 new
Amends the Property Tax Code. Provides that, beginning with the 2026 assessment year, the valuation of property in any general assessment year may not exceed (i) 101% of the value of the property in the previous tax year if the property is residential or (ii) 102% of the value of the property in the previous tax year if the property is not residential. Provides that the limitation does not apply if the increase in value is due to an addition, modification, or improvement to the property or if there has been a change in ownership of the property during the previous tax year. Preempts the power of home rule units to tax.
LRB104 06534 HLH 16570 b LRB104 06534 HLH 16570 b
LRB104 06534 HLH 16570 b
A BILL FOR
35 ILCS 200/9-162 new
LRB104 06534 HLH 16570 b
HB1496 LRB104 06534 HLH 16570 b