IL SB2542

Allows taxpayers to make partial property tax payments beginning with the 2022 tax year when a tax objection complaint or Property Tax Appeal Board petition is pending at the time taxes are due.

Taxpayers may elect to pay either the full tax amount due or the amount of tax from the immediately preceding tax year, with a third option to pay the current year amount minus any tax attributable to requested assessment reductions.

Requires taxpayers making partial payments to notify all taxing districts listed on their tax bill of the payment amount and which year's tax amount they are paying.

Applies to both Property Tax Appeal Board petitions filed under Section 16-160 and tax objection complaints filed under Section 23-5.

Adds interest provisions requiring payment of accrued interest at the lesser of 5% annually or the Consumer Price Index increase for the preceding 12-month calendar year if additional taxes are owed after final appeal decisions.