HB1496

Illinois HB1496 limits property tax assessments to 101% for residential and 102% for non-residential properties starting in 2026.

Illinois HB1496 amends the Property Tax Code to limit property tax assessments starting in 2026. For residential properties, the valuation may not exceed 101% of the previous year's value, and for non-residential properties, it may not exceed 102%. This limitation does not apply if the property value increase is due to additions, modifications, improvements, or a change in ownership. The bill also preempts local home rule units' power to tax.