Illinois General Assembly - Bill Status for HB3888
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 Bill Status of HB3888  102nd General Assembly

Short Description:  PROP TX-BASE VALUE

House Sponsors
Rep. Debbie Meyers-Martin

Last Action
DateChamber Action
  1/10/2023HouseSession Sine Die

Statutes Amended In Order of Appearance
35 ILCS 200/1-50.1 new
35 ILCS 200/9-145
35 ILCS 200/9-155

Synopsis As Introduced
Amends the Property Tax Code. Provides that, for the 2022 taxable year and thereafter, in all counties, property shall be valued at the lesser of (i) its base year value, compounded annually since the base year by an inflation factor, which shall be the percentage change for the prior calendar year in the Consumer Price Index, but not to exceed 2% of the prior year's value, plus the value of any improvements to the property, and (ii) its full cash value, as defined in Section 1-50, taking into account reductions in value due to damage, destruction, depreciation, obsolescence, removal of property, or other factors causing a decline in value. Provides that "base value" means the higher of (i) the amount for which the property was last sold at an arms-length transaction or (ii) the fair cash value of the property as of the date of its last change of ownership. Effective immediately.

DateChamber Action
  2/19/2021HouseFiled with the Clerk by Rep. Debbie Meyers-Martin
  2/22/2021HouseFirst Reading
  2/22/2021HouseReferred to Rules Committee
  3/16/2021HouseAssigned to Revenue & Finance Committee
  3/27/2021HouseRule 19(a) / Re-referred to Rules Committee
  1/10/2023HouseSession Sine Die

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