Illinois HB3314 limits the assessed value of residential property to a percentage of its fair cash value.
Illinois HB3314 amends the Property Tax Code to limit the assessed value of residential property to a percentage of its fair cash value. Specifically, 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. This limitation does not apply if the increase in assessment is due to an addition, improvement, or modification to the property.
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