Limits property tax reassessment increases to the Consumer Price Index change, except for additions, improvements, or modifications.

The bill amends the Property Tax Code to limit the increase in the assessed value of residential property to the percentage change in the Consumer Price Index during the preceding year. This limitation does not apply if the increase is due to an addition, improvement, or modification to the property. The bill also preempts local taxing authorities' power to tax, effective immediately.

Limits property tax reassessment increases to the Consumer Price Index change, except for additions, improvements, or modifications.

The bill amends the Property Tax Code to limit the increase in the assessed value of residential property to the percentage change in the Consumer Price Index during the preceding year. This limitation does not apply if the increase is due to an addition, improvement, or modification to the property. The bill also preempts local taxing authorities' power to tax, effective immediately.