SB2246 would amend the Illinois Property Tax Code to cap the assessed value growth of residential property in general reassessment years. Under the bill, a home’s assessed value could not increase by more than the percentage change in the Consumer Price Index from the prior calendar year, unless the higher assessment is due to an addition, improvement, or modification to the property. The bill also states that the cap would not apply if the property is sold.
The measure applies statewide beginning with the 2026 assessment year and would override contrary local authority by expressly preempting home rule units from taxing in a way inconsistent with the new limitation. In practical terms, it would constrain how much assessors can raise residential assessments after general reassessments, potentially slowing property tax bill growth for homeowners while also limiting local taxing bodies’ ability to capture rapid increases in residential property values through the assessment process.
Impact
SB2246 would change Section 9-145 of the Property Tax Code to impose a statewide residential assessment growth limit tied to CPI in general assessment years. It would affect county assessors, homeowners, and local governments by restricting reassessment increases on residential property, except where value changes result from improvements, additions, modifications, or a sale. Because it is framed as a denial and limitation on home rule taxing power, it would also reduce the ability of home rule units to adopt conflicting local tax treatment for residential assessments.
Sentiment
The available record shows the bill was introduced but does not include committee testimony, recorded votes, or amendments, so there is no documented debate to gauge formal support or opposition. Based on the bill’s subject matter and caption, it appears designed to provide property tax relief and predictability for homeowners, which typically appeals to taxpayers concerned about rising assessments. At the same time, the proposal would likely be viewed less favorably by local governments and taxing districts that rely on assessment growth to support revenue.
Contention
The main point of contention is likely the tradeoff between homeowner tax predictability and local revenue flexibility. Supporters would likely favor the CPI-based cap as a way to restrain assessment spikes and make property taxes more manageable, while opponents would likely argue that tying assessments to inflation could understate market value growth and constrain funding for schools, municipalities, and other taxing bodies. The bill’s exclusion for property sales and improvements may also draw attention because it creates different treatment for newly sold or renovated homes versus long-held properties.