IL HB4014

Requires parties seeking a change in assessed valuation of $100,000 or more to state the sought valuation in the initial complaint filed with the board of review, with failure to do so resulting in waiver of seeking such a change that year.

Mandates the board of review provide notice of petitions involving $100,000+ valuation changes to all municipalities, school districts, fire protection districts, and community college districts with revenue interest in the property at least 14 days before the hearing.

Removes the requirement that petitions be served on all taxing districts shown on the last available tax bill, replacing it with notice to affected taxing districts.

Prohibits the Property Tax Appeal Board from issuing decisions resulting in changes of $100,000 or more in counties with fewer than 3,000,000 residents when the appellant failed to provide notice to the board of review of seeking such a change.

Takes effect immediately upon becoming law.