IL HB5552

Establishes a property tax cap limiting non-home rule taxing districts to levy no more than 105% of the previous year's tax on any parcel beginning in taxable year 2024.

Provides three exceptions to the 105% cap: substantial improvements to the property, property not previously taxed by the district, or increases attributable to special service areas.

Allows taxing districts to be exempt from the cap for specified taxable years if voters approve an exemption by referendum held before January 1 of the first applicable year.

Includes adjustments under Section 18-233 (for certificates of error, court orders, and Property Tax Appeal Board decisions) within the 105% limitation for levy year 2024 and thereafter.

Effective immediately upon enactment.