Illinois HB4011 limits property tax assessment increases to 3% or the Consumer Price Index, whichever is lower, unless due to property improvements.
Illinois HB4011 amends the Property Tax Code to restrict the equalized assessed value of property in a general assessment year. The assessed value cannot exceed the previous year's value increased by the lesser of 3% or the Consumer Price Index percentage increase. This limitation does not apply if the increase results from property additions, improvements, or modifications. The bill preempts local taxing authority and takes effect immediately upon becoming law.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.