Illinois General Assembly - Bill Status for HB4225

Synopsis As Introduced
Amends the Property Tax Code. Provides that, beginning in taxable year 2024, no taxing district, other than a home rule unit, may levy a tax on any parcel of real property that is more than 108% of the tax levied by that taxing district on that property in the immediately preceding taxable year unless (i) the increase is attributable to substantial improvements to the property, (ii) the taxing district did not levy a tax against the property in the previous taxable year, or (iii) the increase is attributable to a special service area. Provides that a taxing district may elect to be exempt from those provisions for one or more taxable years if the exemption is approved by referendum. Effective immediately.

Actions

Date	Chamber	Action
11/8/2023	House	Filed with the Clerk by Rep. Tom Weber
11/8/2023	House	First Reading
11/8/2023	House	Referred to Rules Committee

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