Illinois legislation · 104th General Assembly
Illinois SB3540: PROP TX-ASSESSMENT LIMIT
Status: Introduced, September 2, 2026
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.
What the bill says
A bill FOR 104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026SB3540Introduced 2/5/2026, by Sen. Chapin RoseSYNOPSIS AS INTRODUCED: ILCS 200/9-145 35 ILCS 200/9-145 ILCS 200/9-145 Amends the Property Tax Code. Provides that the assessed value ofresidential property in any general assessment year shall not exceed theassessed value of the property in the last general assessment yearmultiplied by one plus the percentage change in the Consumer Price Indexduring the 12-month calendar year immediately preceding the generalassessment year for which the reassessment is conducted…
From the introduced text, February 5, 2026:
A BILL FOR 104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026SB3540Introduced 2/5/2026, by Sen. Chapin RoseSYNOPSIS AS INTRODUCED: ILCS 200/9-145 35 ILCS 200/9-145 ILCS 200/9-145 Amends the Property Tax Code. Provides that the assessed value ofresidential property in any general assessment year shall not exceed theassessed value of the property in the last general assessment yearmultiplied by one plus the percentage change in the Consumer Price Indexduring the 12-month calendar year immediately preceding the generalassessment year for which the reassessment is conducted. Provides that thelimitation does not apply if the increase in assessment is attributable toan addition, improvement, or modification to the property. Preempts thepower of home rule units to tax. Effective immediately. LRB104 19527 RTM 32975 b LRB104 19527 RTM 32975 b LRB104 19527 RTM 32975 b A BILL FOR SB3540LRB104 19527 RTM 32975 b SB3540 LRB104 19527 RTM 32975 b SB3540 LRB104 19527 RTM 32975 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 changing Section 9-145 as follows: (35 ILCS 200/9-145) Sec. 9-145.Statutory level of assessment. [ADDED: (a)]Except in counties with more than 200,000 inhabitants which classify property for purposes of taxation, property shall be valued as follows: [ADDED: (1)][DELETED: (a)]Each tract or lot of property …