Illinois HB 1496: PROP TX-LIMIT ASSESSMENTS

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104TH GENERAL ASSEMBLY 
State of Illinois 
2025 and 2026
HB1496

Introduced 1/28/2025, by Rep. Brad Halbrook 

SYNOPSIS AS INTRODUCED:

35 ILCS 200/9-162 new

 Amends the Property Tax Code. Provides that, beginning with the 2026 assessment year, the valuation of property in any general assessment year may not exceed (i) 101% of the value of the property in the previous tax year if the property is residential or (ii) 102% of the value of the property in the previous tax year if the property is not residential. Provides that the limitation does not apply if the increase in value is due to an addition, modification, or improvement to the property or if there has been a change in ownership of the property during the previous tax year. Preempts the power of home rule units to tax.

LRB104 06534 HLH 16570 b

A BILL FOR

HB1496LRB104 06534 HLH 16570 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 adding 

5Section 9-162 as follows:

6 (35 ILCS 200/9-162 new)

7 Sec. 9-162. Limitation on increases in valuation. 

8Notwithstanding any other provision of law, beginning with the 

92026 assessment year, the valuation of property in any general 

10assessment year may not exceed (i) 101% of the value of the 

11property in the previous tax year if the property is 

12residential or (ii) 102% of the value of the property in the 

13previous tax year if the property is not residential. This 

14Section does not apply if the increase in value is due to an 

15addition, modification, or improvement to the property or if 

16there has been a change in ownership of the property during the 

17previous tax year. This Secti