SB 3540

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Full Text of SB3540
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	SB3540 - 104th General Assembly
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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
		SB3540		LRB104 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 property on which there is a coal or other
21    mine, or stone or other quarry, shall be valued at 33 1/3%
22    of its fair cash value. Oil, gas and other minerals,
23    except coal, shall have value and be assessed separately
		SB3540	- 2 -	LRB104 19527 RTM 32975 b
1    at 33 1/3% of the fair cash value of such oil, gas and
2    other minerals. Coal shall be assessed separately at 33
3    1/3% of the coal reserve economic value, as provided in
4    Sections 10-170 through 10-200.
5        (5) [(e)] In the assessment of property encumbered by
6    public easement, any depreciation occasioned by such
7    easement shall be deducted in the valuation of such
8    property. Any property dedicated as a nature preserve or
9    as a nature preserve buffer under the Illinois Natural
10    Areas Preservation Act, for the purposes of this
11    paragraph, is encumbered by a public easement and shall be
12    depreciated for assessment purposes to a level at which
13    its valuation shall be $1 per acre or portion thereof.
14    (b) Notwithstanding any other provision of law, beginning 
15with the 2026 assessment year, in all counties, the assessed 
16value of residential property in any general assessment year 
17shall not exceed the assessed value of the property in the last 
18general assessment year multiplied by one plus the percentage 
19change in the Consumer Price Index during the 12-month 
20calendar year immediately preceding the general assessment 
21year for which the reassessment is conducted.
22    The limitation under this subsection (b) does not apply if 
23the increase in assessment is attributable to an addition, 
24improvement, or modification to the property or if the 
25property is sold.
26    As used in this Section, "Consumer Price Index" means the 
		SB3540	- 3 -	LRB104 19527 RTM 32975 b
1index published by the Bureau of Labor Statistics of the 
2United States Department of Labor that measures the average 
3change in prices of goods and services purchased by all urban 
4consumers, United States city average, all items, 1982-84 = 
5100.
6    This subsection (b) is a denial and limitation under 
7subsection (g) of Section 6 of Article VII of the Illinois 
8Constitution on the power of home rule units to tax.
9    (c) This Section is subject to and modified by Sections
1010-110 through 10-140 and 11-5 through 11-65.
11(Source: P.A. 91-497, eff. 1-1-00.)
12    Section 99. Effective date. This Act takes effect upon
13becoming law.