SB2246

Limits the annual increase in assessed value of residential property in Illinois to the Consumer Price Index.

The bill amends the Property Tax Code to limit the annual increase in the assessed value of residential property in Illinois. The assessed value of residential property in any general assessment year cannot 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 during the 12-month calendar year immediately preceding the general assessment year. This limitation does not apply if the increase in assessment is attributable to an addition, improvement, or modification to the property.