HB5009

Illinois HB5009 limits property tax assessment increases to 3% or the Consumer Price Index change, whichever is lower, starting from 2027.

HB5009 amends the Property Tax Code to limit property tax assessment increases in Illinois. Starting from the 2027 assessment year, any change in property tax assessment due to reassessment cannot exceed the lesser of 3% of the property's assessed value from the prior year or the percentage change in the Consumer Price Index during the preceding 12 months. This limitation does not apply if the increase is due to an addition, improvement, or modification to the property. The bill also preempts the power of home rule units to tax, taking effect immediately upon becoming law.