HB4716 103RD GENERAL ASSEMBLY

LRB103 36605 HLH 66714 b

103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB4716

Introduced 2/6/2024, by Rep. Tom Weber

SYNOPSIS AS INTRODUCED:

35 ILCS 200/9-145

Amends the Property Tax Code. Provides that, in all counties, any change in assessment resulting from reassessment in the general assessment year shall not exceed the lesser of the following: (1) 3% of the assessed value of the property for the prior year; or (2) the percentage change in the Consumer Price Index during the 12-month calendar year preceding the assessment year. 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 2025 assessment year, in all counties, any change resulting from reassessment in the general assessment year shall not exceed the lesser of the following:

(1) 3% of the assessed value of the property for the prior year; or

(2) the percentage change in the Consumer Price Index during the 12-month calendar year preceding the assessment year.

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.