Full Text of HB4011

LRB104 12379 HLH 22617 b

104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026
HB4011

Introduced 3/4/2025, by Rep. Tom Weber

SYNOPSIS AS INTRODUCED:

35 ILCS 200/9-145

Amends the Property Tax Code. Provides that, in all counties, the equalized assessed value of property in a general assessment year shall not exceed the equalized assessed value of the property in the immediately preceding general assessment year, increased by the lesser of: (1) 3% of the equalized assessed value of the property for the immediately preceding general assessment year; or the percentage increase, if any, in the Consumer Price Index during the 12-month calendar year preceding the general assessment year for which the property is being reassessed. Provides that the limitation does not apply if the increase in assessment is attributable to an addition, improvement, or modification to the property. Preempts the power of home rule units to tax. Effective immediately.

A BILL FOR

AN ACT concerning revenue.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Property Tax Code is amended by changing Section 9-145 as follows:

(35 ILCS 200/9-145)

Sec. 9-145. Statutory level of assessment.

(a) Except in counties with more than 200,000 inhabitants which classify property for purposes of taxation, property shall be valued as follows:

(1) (a) Each tract or lot of property shall be valued at 33 1/3% of its fair cash value.

(2) (b) Each taxable leasehold estate shall be valued at 33 1/3% of its fair cash value.

(3) (c) Each building or structure which is located on the right of way of any canal, railroad or other company leased or granted to another company or person for a term of years, shall be valued at 33 1/3% of its fair cash value.

(4) (d) Any property on which there is a coal or other mine, or stone or other quarry, shall be valued at 33 1/3% of its fair cash value. Oil, gas and other minerals, except coal, shall have value and be assessed separately at 33 1/3% of the fair cash value of such oil, gas and other minerals. Coal shall be assessed separately at 33 1/3% of the coal reserve economic value, as provided in Sections 10-170 through 10-200.

(5) (e) In the assessment of property encumbered by public easement, any depreciation occasioned by such easement shall be deducted in the valuation of such property. Any property dedicated as a nature preserve or as a nature preserve buffer under the Illinois Natural Areas Preservation Act, for the purposes of this paragraph, is encumbered by a public easement and shall be depreciated for assessment purposes to a level at which its valuation shall be $1 per acre or portion thereof.

(b) Notwithstanding any other provision of law, beginning with the 2026 assessment year, in all counties, the equalized assessed value of property in a general assessment year shall not exceed the equalized assessed value of the property in the immediately preceding general assessment year, increased by the lesser of:

(1) 3% of the equalized assessed value of the property for the immediately preceding general assessment year; or

(2) the percentage increase, if any, in the Consumer Price Index during the 12-month calendar year preceding the general assessment year for which the property is being reassessed.

The limitation under this subsection (b) does not apply if the increase in assessment is attributable to an addition, improvement, or modification to the property.

As used in this Section, "Consumer Price Index" means the index published by the Bureau of Labor Statistics of the United States Department of Labor that measures the average change in prices of goods and services purchased by all urban consumers, United States city average, all items, 1982-84 = 100.

This subsection (b) is a denial and limitation under subsection (g) of Section 6 of Article VII of the Illinois Constitution on the power of home rule units to tax.

(c) This Section is subject to and modified by Sections 10-110 through 10-140 and 11-5 through 11-65.

(Source: P.A. 91-497, eff. 1-1-00.)

Section 99. Effective date. This Act takes effect upon becoming law.