IL HB4716

Caps annual reassessment increases at the lesser of 3% of prior year assessed value or the percentage change in the Consumer Price Index, effective for the 2025 assessment year in all counties.

Exempts properties with additions, improvements, or modifications from the assessment increase limitation.

Defines Consumer Price Index as the Bureau of Labor Statistics index measuring average price changes for goods and services purchased by urban consumers (1982-84 = 100).

Establishes the assessment cap as a constitutional limitation on home rule units' taxing power under Article VII of the Illinois Constitution.