PROP TAX-5% ASSESSMENT CAP Senate SponsorsSen. Miguel del Valle 1/11/2005SenateSession Sine Die 35 ILCS 200/9-155Amends the Property Tax Code. Provides that, in counties with 3,000,000 or more inhabitants, the assessment made in each general assessment year shall be no more than a 5% increase over the assessment made in the most recent general assessment year if (i) the property is classified as residential property and (ii) the owner of the property has continuously occupied the residence for at least 5 years immediately prior to the general assessment year. Effective immediately. 2/20/2003SenateFiled with Secretary by Sen. Larry D. Woolard 2/20/2003SenateFirst Reading 2/20/2003SenateReferred to Rules 2/27/2003SenateAssigned to Revenue 2/27/2003SenateChief Sponsor Changed to Sen. Miguel del Valle 3/6/2003SenatePostponed - Revenue 3/13/2003SenatePostponed - Revenue 3/14/2003SenateRule 3-9(a) / Re-referred to Rules 1/11/2005SenateSession Sine Die