IL SB3498

Amends the Property Tax Code to cap annual assessment increases at 2% per year for assessment years following the next general assessment after the bill's effective date.

Exempts from the 2% cap any property that is sold, transferred, or conveyed during the taxable year, which shall be reassessed based on its fair market value as of the date of sale.

Exempts from the 2% cap any property that receives new improvements (buildings, structures, or other improvements) during the taxable year, which shall be reassessed based on the value of the improvement.

Applies only to counties without a classification system for property taxation purposes (excludes counties with more than 200,000 inhabitants that classify property).