IL SB2695

Caps annual property tax assessment increases at 20% per year for assessment years following the next general assessment after the bill's effective date.

Exempts properties from the 20% cap if they are sold, transferred, or conveyed during the taxable year, in which case they are reassessed based on the sale date value.

Exempts properties from the cap if significant improvements were made to the property during the taxable year.

Exempts properties from the cap if a homestead exemption or other preferential assessment method was removed during the taxable year.

Exempts properties from the cap if the assessment increase results from an equalization factor imposed by the township, county, or Department of Revenue; property owners may request reasonable proof from the chief county assessment officer for increases exceeding 20%.