IL SB3187

Allows taxpayers to make partial property tax payments beginning with the 2020 tax year when a Property Tax Appeal Board petition is pending or a tax objection complaint has been filed.

Taxpayer may elect to pay either the full tax due or the amount of tax due for the immediately preceding tax year, with specific assessed valuation thresholds that increase annually from $300,000 (2020) to $8,000,000 (2024 and thereafter).

Requires taxpayers electing partial payment to notify all taxing districts of their intent and the amount of tax paid within 60 days from the first penalty date of the final tax installment.

Clarifies that if tax due for the prior year exceeds the current year's tax, the taxpayer may pay the current year amount minus any tax attributable to the requested reduction in assessed valuation.

Adds provisions to Section 23-20 specifying interest calculation requirements when Property Tax Appeal Board or court orders result in additional payments owed by the taxpayer.