IL SB1403

Allows taxpayers to make partial tax payments beginning in tax year 2015 when a property tax appeal is pending, with eligibility thresholds that increase from $300,000 assessed valuation in 2015 to $5,000,000-$8,000,000 in 2019 and thereafter depending on whether filing under Section 21-387 or Section 23-7.

Taxpayers electing partial payment must notify all taxing districts of their intent and may pay either the full tax due, the previous year's tax amount, or the current year's tax minus the amount attributable to the requested assessed valuation reduction.

Requires taxpayers filing Property Tax Appeal Board petitions under Section 16-160 to provide notice to taxing districts if making partial payments under Section 21-387.

Establishes that partial payment provisions in Section 23-7 apply to tax objection complaints filed under Section 23-10, with the same assessed valuation thresholds and payment options.

Modifies interest calculations for cases where final orders result in additional payments due to the taxpayer, setting the rate at the lesser of 5% or the Consumer Price Index increase during the preceding 12-month calendar year.