Bill Title: 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.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2025-01-07 - Session Sine Die [HB4225 Detail]

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Bill Drafts

Revision	Date	Format	Source	View
Introduced	2023-11-08	HTML/Text	Link	View

Amendments

Amendment	Date	Disposition	Format	Source	View
No bill amendments currently on file for Illinois HB4225

Supplemental Documents

Title	Description	Date	Format	Source	View
No supplemental documents for Illinois HB4225 currently on file.

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