HB4317

Illinois HB4317 limits property tax assessment increases for non-long-term ownership properties.

HB4317 amends the Property Tax Code to restrict the equalized assessed value of property in a general assessment year, excluding long-term ownership properties, to not exceed the value from the previous year plus the lesser of 3% of that value or the Consumer Price Index increase. Long-term ownership property is defined as homestead property occupied by a long-term taxpayer for at least 10 years. The bill also defines "long-term taxpayer" and preempts local taxing units' power to tax. Effective immediately.