SB3694 101ST GENERAL ASSEMBLY

LRB101 20164 HLH 70359 b

101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
SB3694

Introduced 2/14/2020, by Sen. Steve McClure

SYNOPSIS AS INTRODUCED:

35 ILCS 200/9-156 new

Amends the Property Tax Code. Provides that, beginning in taxable year 2021, the assessed value of any parcel of residential real property may not exceed the assessed value of that property for the immediately preceding assessment year by more than the percentage change in the Consumer Price Index unless improvements have been made to the property requiring a building permit or ownership of the property has been transferred due to a sale since the property's last general assessment. Effective immediately.

FISCAL NOTE ACT MAY APPLY

HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

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 9-156 as follows:

(35 ILCS 200/9-156 new)

Sec. 9-156. Assessment limitation. Notwithstanding any other provision of law, beginning in taxable year 2021, the assessed value of any parcel of residential real property may not exceed the assessed value of that property for the immediately preceding assessment year by more than the percentage change in the Consumer Price Index for All Urban Consumers for the previous calendar year, as issued by the United States Department of Labor and rounded to the nearest whole dollar, unless improvements have been made to the property requiring a building permit or ownership of the property has been transferred due to a sale since the property's last general assessment.

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