IL SB3694

Beginning in taxable year 2021, assessed value of residential real property cannot increase by more than the percentage change in the Consumer Price Index for All Urban Consumers from the previous calendar year.

The Consumer Price Index percentage is rounded to the nearest whole dollar when calculating the maximum assessment increase.

Assessment limitation does not apply if improvements requiring a building permit have been made to the property since the last general assessment.

Assessment limitation does not apply if the property ownership has been transferred due to a sale since the last general assessment.

Act takes effect immediately upon becoming law.