Bill Status of SB3540

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SB3540 - 104th General Assembly

PROP TX-ASSESSMENT LIMIT
Last Action
2/05/2026 - Senate: Referred to Assignments
Senate Sponsors
Sen. Chapin Rose
Statutes Amended In Order of Appearance
35 ILCS 200/9-145
Synopsis As Introduced
Amends the Property Tax Code. Provides that the assessed value of residential property in any general assessment year shall not 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 for which the reassessment is conducted. 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.
Actions
Date Chamber Action
2/05/2026 Senate Filed with Secretary by Sen. Chapin Rose
2/05/2026 Senate First Reading
2/05/2026 Senate Referred to Assignments