Illinois HB1199 limits annual property tax extensions to the previous year's tax amount plus the Consumer Price Index increase, effective 2026.
Illinois HB1199 amends the Property Tax Code to impose a cap on annual property tax extensions starting in taxable year 2026. County clerks cannot extend a property tax beyond the previous year's tax amount multiplied by one plus the Consumer Price Index increase, unless the increase results from property improvements or the removal of exemptions. The Consumer Price Index is defined as the average change in prices of goods and services purchased by urban consumers, published by the U.S. Department of Labor. The Act takes effect immediately upon becoming law.
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