IL SB3894

Requires the Department of Revenue, in collaboration with the Department of Commerce and Economic Opportunity, to conduct a comprehensive study of property tax assessment fairness and equity, with a preliminary report due May 31, 2023 and final report due July 1, 2023.

Limits annual assessed value increases on commercial and residential property to 15% per year and 40% over any 3-year period in counties with 3,000,000 or more inhabitants, effective tax year 2022; allows other counties to adopt these limits by ordinance or resolution.

Exempts from the assessment increase limits: new additions/improvements, property transfers, reclassifications, expiration of incentive classifications, vacancy reductions, and technical assessment errors.

Requires the chief county assessment officer in counties with 3,000,000 or more inhabitants to hold a 60-day public comment period before making substantive changes to property assessment procedures, beginning in tax year 2022.

Study must analyze Cook County's classification system compared to the rest of the state, state assessment appeal laws, computer-assisted mass appraisal systems, property tax exemptions, preferential assessments, and technology improvements for accountability and efficiency.