Bill Texts: IL SB2695 | 2023-2024 | 103rd General Assembly
Bill Title: Amends the Property Tax Code. Provides that, for assessment years following the next general assessment after the effective date of the amendatory Act, no increase in assessment may exceed 20% per year. Provides exceptions if: (1) the property is sold, transferred, or conveyed during the taxable year; (2) significant improvements were made to the property; (3) a homestead exemption or other preferential method of assessment was removed with respect to that property during the taxable year; or (4) the increase was due to an equalization factor imposed by the township, county, or Department of Revenue. Effective immediately.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced) 2024-05-03 - Senate Committee Amendment No. 1 Rule 3-9(a) / Re-referred to Assignments [SB2695 Detail]
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced) 2024-05-03 - Senate Committee Amendment No. 1 Rule 3-9(a) / Re-referred to Assignments [SB2695 Detail]
Bill Drafts
Revision | Date | Format | Source | View |
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Introduced | 2024-01-10 | HTML/Text | Link | View |
Amendments
Amendment | Date | Disposition | Format | Source | View |
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Senate Amendment 001 | 2024-03-01 | Proposed | HTML/Text | Link | View |
Supplemental Documents
Title | Description | Date | Format | Source | View |
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No supplemental documents for Illinois SB2695 currently on file. |