IL HB3516

Amends the Property Tax Code Section 16-80 regarding reduced assessments for homestead property in counties with fewer than 3,000,000 inhabitants.

Requires that once a board of review lowers a parcel's assessment, the reduced assessment remains in effect for the remainder of the general assessment period unless substantial cause is shown to change it.

Establishes a non-exclusive list of substantial causes to modify a reduced assessment, including changes in physical characteristics or condition, factual errors, or subsequent arm's length sales establishing different fair cash value.

Allows the taxpayer, county assessor, or other interested party to challenge whether a reduced assessment should remain in effect based on the listed causes.

Takes effect immediately upon becoming law.