IL HB4424

Amends the Property Tax Code's Historic Residence Assessment Freeze Law to clarify that fair cash value is based on the final determination by the assessment officer, board of review, Property Tax Appeal Board, or court.

Modifies the definition of "fair cash value" to explicitly reference the final determination for that year by designated authorities, rather than relying solely on the assessment officer's property record card.

Provides that after the 8-year valuation period expires, if the current fair cash value is less than the adjusted base year valuation, the assessment shall be based on the current fair cash value.

Specifies that valuations during the 4-year adjustment period following the 8-year freeze period shall not exceed graduated percentages (25%, 50%, 75%, and 100%) of the adjustment in value.

Declares that the amendments are declarative of existing law and not a new enactment.