Illinois General Assembly - Full Text of HB1199

LRB104 06174 HLH 16208 b

104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026
HB1199

Introduced 1/9/2025, by Rep. Rita Mayfield

SYNOPSIS AS INTRODUCED:

35 ILCS 200/18-105.1 new

Amends the Property Tax Code. Provides that, notwithstanding any other provision of law, beginning in taxable year 2026, no county clerk may extend against any property an annual property tax that exceeds the amount generated by multiplying the property tax liability for the property in the immediately preceding taxable year by one plus the percentage increase, if any, in the Consumer Price Index for the 12-month period ending in September of the immediately preceding taxable year, unless the increase in the property tax liability is the result of improvements to the property or the result of the removal of one or more exemptions that were granted with respect to the property for the immediately preceding taxable year. 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 adding Section 18-105.1 as follows:

(35 ILCS 200/18-105.1 new)

Sec. 18-105.1. Limit on property tax extensions. Notwithstanding any other provision of law, beginning in taxable year 2026, no county clerk may extend against any property an annual property tax that exceeds the amount generated by multiplying the property tax liability for the property in the immediately preceding taxable year by one plus the percentage increase, if any, in the Consumer Price Index for the 12-month period ending in September of the immediately preceding taxable year, unless the increase in the property tax liability over the immediately preceding taxable year is the result of improvements to the property or the result of the removal of one or more exemptions that were granted with respect to the property for the immediately preceding taxable year. If the county clerk is required to reduce the amount extended against any property under the provisions of this Section, the county clerk shall proportionally reduce the extension for each taxing district that levies property taxes against 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.

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