Illinois SB 3540: PROP TX-ASSESSMENT LIMIT

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104TH GENERAL ASSEMBLY 
State of Illinois 
2025 and 2026
SB3540

Introduced 2/5/2026, by Sen. Chapin Rose 

SYNOPSIS AS INTRODUCED:

35 ILCS 200/9-145

 Amends the Property Tax Code. Provides that the assessed value of residential property in any general assessment year shall not exceed the assessed value of the property in the last general assessment year multiplied by one plus the percentage change in the Consumer Price Index during the 12-month calendar year immediately preceding the general assessment year for which the reassessment is conducted. Provides that the limitation does not apply if the increase in assessment is attributable to an addition, improvement, or modification to the property. Preempts the power of home rule units to tax. Effective immediately.

LRB104 19527 RTM 32975 b

A BILL FOR

SB3540LRB104 19527 RTM 32975 b

1 AN ACT concerning revenue.

2 Be it enacted by the People of the State of Illinois, 

3represented in the General Assembly:

4 Section 5. The Property Tax Code is amended by changing 

5Section 9-145 as follows:

6 (35 ILCS 200/9-145)

7 Sec. 9-145. Statutory level of assessment. 

8 (a) Except in counties with more than 200,000 inhabitants 

9which classify property for purposes of taxation, property 

10shall be valued as follows: 

11 (1) (a) Each tract or lot of property shall be valued 

12 at 33 1/3% of its fair cash value. 

13 (2) (b) Each taxable leasehold estate shall be valued 

14 at 33 1/3% of its fair cash value. 

15 (3) (c) Each building or structure which is located on 

16 the right of way of any canal, railroad or other company 

17 leased or granted to another company or person for a term 

18 of years, shall be valued at 33 1/3% of its fair cash 

19 value. 

20 (4) (d) Any pro