HB4320

Illinois HB4320 amends the Property Tax Code to limit tax increases on real property to 103% of the base amount, with exceptions for substantial.

HB4320 amends the Property Tax Code to impose a cap on tax increases for real property, effective from taxable year 2027. Taxing districts are prohibited from levying taxes exceeding 103% of the base amount unless the increase is due to substantial improvements, the property was not taxed in the previous year, or it falls within a special service area. Taxing districts can seek exemption from these provisions through a referendum, which must be approved by a majority vote.