HB3340 creates a new Property Tax Reduction Pilot Program in the Illinois Property Tax Code. For taxable years 2026 through 2031, it caps the total property tax liability for any parcel of residential property located in Bloom, Rich, Bremen, Thornton, or Calumet township at the lesser of the property’s actual tax bill or $5,000. The measure is limited to residential property in those five townships and applies only during the specified six-year period, making it a geographically targeted tax relief proposal rather than a statewide change.
The bill would add a new division to Article 18 of the Property Tax Code and establish a statutory cap that overrides otherwise applicable property tax liabilities for covered parcels. In practical terms, qualifying homeowners in the listed townships would receive direct property tax relief if their annual bill exceeds $5,000, while properties below that amount would see no change. Because the bill is framed as a pilot program, it appears intended to test the effects of a localized property tax cap before any broader expansion is considered.
Impact
HB3340 would amend the Illinois Property Tax Code by creating Division 5.2, titled the Property Tax Reduction Pilot Program, and adding a new Section 18-249.10. It would temporarily limit residential property tax liability in five specified townships for tax years 2026 through 2031, reducing tax burdens for affected homeowners whose bills exceed $5,000. The bill would not alter tax rates statewide, but it would create a special statutory exception for the named localities and could reduce property tax revenue for the taxing districts serving those areas.
Sentiment
Based on the bill text and available context, the measure appears to be presented as a property tax relief initiative with an implied pro-homeowner, anti-burden policy goal. There are no recorded committee transcripts or votes in the provided material, so there is no direct evidence of formal support or opposition. The overall tone of the proposal suggests it is intended to address high property tax bills in specific south suburban townships.
Contention
The main point of contention likely concerns the policy choice to impose a hard $5,000 cap only in Bloom, Rich, Bremen, Thornton, and Calumet townships, which raises questions of fairness, geographic targeting, and whether similarly situated taxpayers elsewhere should receive comparable relief. Local governments, school districts, and other taxing bodies in the affected areas may oppose the bill because it could constrain revenue. Supporters would likely emphasize homeowner affordability and relief from high property taxes, especially in communities where tax bills are a significant burden.