Illinois 2025-2026 Regular Session

Illinois Senate Bill SB2246 Compare Versions

Only one version of the bill is available at this time.

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1	1	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 SB2246 Introduced 2/7/2025, by Sen. Chapin Rose SYNOPSIS AS INTRODUCED: 35 ILCS 200/9-145 Amends the Property Tax Code. Provides that the assessed value of residential property in any general assessment year shall not exceed the assessed value of the property in the last general assessment year multiplied by one plus the percentage change in the Consumer Price Index during the 12-month calendar year immediately preceding the general assessment year for which the reassessment is conducted. 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. LRB104 08934 HLH 18989 b A BILL FOR 104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 SB2246 Introduced 2/7/2025, by Sen. Chapin Rose SYNOPSIS AS INTRODUCED: 35 ILCS 200/9-145 35 ILCS 200/9-145 Amends the Property Tax Code. Provides that the assessed value of residential property in any general assessment year shall not exceed the assessed value of the property in the last general assessment year multiplied by one plus the percentage change in the Consumer Price Index during the 12-month calendar year immediately preceding the general assessment year for which the reassessment is conducted. 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. LRB104 08934 HLH 18989 b LRB104 08934 HLH 18989 b A BILL FOR
2	2	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 SB2246 Introduced 2/7/2025, by Sen. Chapin Rose SYNOPSIS AS INTRODUCED:
3	3	35 ILCS 200/9-145 35 ILCS 200/9-145
4	4	35 ILCS 200/9-145
5	5	Amends the Property Tax Code. Provides that the assessed value of residential property in any general assessment year shall not exceed the assessed value of the property in the last general assessment year multiplied by one plus the percentage change in the Consumer Price Index during the 12-month calendar year immediately preceding the general assessment year for which the reassessment is conducted. 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.
6	6	LRB104 08934 HLH 18989 b LRB104 08934 HLH 18989 b
7	7	LRB104 08934 HLH 18989 b
8	8	A BILL FOR
9	9	SB2246LRB104 08934 HLH 18989 b SB2246 LRB104 08934 HLH 18989 b
10	10	SB2246 LRB104 08934 HLH 18989 b
11	11	1 AN ACT concerning revenue.
12	12	2 Be it enacted by the People of the State of Illinois,
13	13	3 represented in the General Assembly:
14	14	4 Section 5. The Property Tax Code is amended by changing
15	15	5 Section 9-145 as follows:
16	16	6 (35 ILCS 200/9-145)
17	17	7 Sec. 9-145. Statutory level of assessment.
18	18	8 (a) Except in counties with more than 200,000 inhabitants
19	19	9 which classify property for purposes of taxation, property
20	20	10 shall be valued as follows:
21	21	11 (1) (a) Each tract or lot of property shall be valued
22	22	12 at 33 1/3% of its fair cash value.
23	23	13 (2) (b) Each taxable leasehold estate shall be valued
24	24	14 at 33 1/3% of its fair cash value.
25	25	15 (3) (c) Each building or structure which is located on
26	26	16 the right of way of any canal, railroad or other company
27	27	17 leased or granted to another company or person for a term
28	28	18 of years, shall be valued at 33 1/3% of its fair cash
29	29	19 value.
30	30	20 (4) (d) Any property on which there is a coal or other
31	31	21 mine, or stone or other quarry, shall be valued at 33 1/3%
32	32	22 of its fair cash value. Oil, gas and other minerals,
33	33	23 except coal, shall have value and be assessed separately
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37	37	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 SB2246 Introduced 2/7/2025, by Sen. Chapin Rose SYNOPSIS AS INTRODUCED:
38	38	35 ILCS 200/9-145 35 ILCS 200/9-145
39	39	35 ILCS 200/9-145
40	40	Amends the Property Tax Code. Provides that the assessed value of residential property in any general assessment year shall not exceed the assessed value of the property in the last general assessment year multiplied by one plus the percentage change in the Consumer Price Index during the 12-month calendar year immediately preceding the general assessment year for which the reassessment is conducted. 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.
41	41	LRB104 08934 HLH 18989 b LRB104 08934 HLH 18989 b
42	42	LRB104 08934 HLH 18989 b
43	43	A BILL FOR
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49	49	35 ILCS 200/9-145
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68	68	1 at 33 1/3% of the fair cash value of such oil, gas and
69	69	2 other minerals. Coal shall be assessed separately at 33
70	70	3 1/3% of the coal reserve economic value, as provided in
71	71	4 Sections 10-170 through 10-200.
72	72	5 (5) (e) In the assessment of property encumbered by
73	73	6 public easement, any depreciation occasioned by such
74	74	7 easement shall be deducted in the valuation of such
75	75	8 property. Any property dedicated as a nature preserve or
76	76	9 as a nature preserve buffer under the Illinois Natural
77	77	10 Areas Preservation Act, for the purposes of this
78	78	11 paragraph, is encumbered by a public easement and shall be
79	79	12 depreciated for assessment purposes to a level at which
80	80	13 its valuation shall be $1 per acre or portion thereof.
81	81	14 (b) Notwithstanding any other provision of law, beginning
82	82	15 with the 2026 assessment year, in all counties, the assessed
83	83	16 value of residential property in any general assessment year
84	84	17 shall not exceed the assessed value of the property in the last
85	85	18 general assessment year multiplied by one plus the percentage
86	86	19 change in the Consumer Price Index during the 12-month
87	87	20 calendar year immediately preceding the general assessment
88	88	21 year for which the reassessment is conducted.
89	89	22 The limitation under this subsection (b) does not apply if
90	90	23 the increase in assessment is attributable to an addition,
91	91	24 improvement, or modification to the property or if the
92	92	25 property is sold.
93	93	26 As used in this Section, "Consumer Price Index" means the
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104	104	1 index published by the Bureau of Labor Statistics of the
105	105	2 United States Department of Labor that measures the average
106	106	3 change in prices of goods and services purchased by all urban
107	107	4 consumers, United States city average, all items, 1982-84 =
108	108	5 100.
109	109	6 This subsection (b) is a denial and limitation under
110	110	7 subsection (g) of Section 6 of Article VII of the Illinois
111	111	8 Constitution on the power of home rule units to tax.
112	112	9 (c) This Section is subject to and modified by Sections
113	113	10 10-110 through 10-140 and 11-5 through 11-65.
114	114	11 (Source: P.A. 91-497, eff. 1-1-00.)
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