Residential assessments would be capped by inflation in Illinois

Property assessors would limit a residential property's assessed value to its prior general-assessment value plus the recent Consumer Price Index increase. The limit would apply in every Illinois county to residential property during general assessment years. The limit would not apply to assessment increases caused by an addition, improvement, or modification to the property. The limit would not apply when the property is sold. The Consumer Price Index would mean the federal index measuring prices paid by urban consumers. The limit would begin with the 2026 assessment year and apply to each general assessment year after that.

Home-rule units would be denied the power to tax in a way that conflicts with the residential assessment limit. This restriction would apply to Illinois municipalities and other home-rule units covered by the constitutional home-rule taxing provision. The restriction would operate through the residential assessment limit in subsection (b). Other Property Tax Code provisions would still modify or apply to this section. The restriction would apply beginning with the 2026 assessment year if the Act becomes law.