Illinois General Assembly - Bill Status for SB2695

Synopsis As Introduced
Amends the Property Tax Code. Provides that, for assessment years following the next general assessment after the effective date of the amendatory Act, no increase in assessment may exceed 20% per year. Provides exceptions if: (1) the property is sold, transferred, or conveyed during the taxable year; (2) significant improvements were made to the property; (3) a homestead exemption or other preferential method of assessment was removed with respect to that property during the taxable year; or (4) the increase was due to an equalization factor imposed by the township, county, or Department of Revenue. Effective immediately.

Actions

Date	Chamber	Action
1/10/2024	Senate	Filed with Secretary by Sen. Julie A. Morrison
1/10/2024	Senate	First Reading
1/10/2024	Senate	Referred to Assignments
1/31/2024	Senate	Assigned to Revenue
3/1/2024	Senate	Senate Committee Amendment No. 1 Filed with Secretary by Sen. Julie A. Morrison
3/1/2024	Senate	Senate Committee Amendment No. 1 Referred to Assignments
3/5/2024	Senate	Senate Committee Amendment No. 1 Assignments Refers to Revenue
3/15/2024	Senate	Rule 2-10 Committee Deadline Established As April 5, 2024
4/5/2024	Senate	Rule 2-10 Committee Deadline Established As May 3, 2024

×