IL HB1496

Caps annual property valuation increases at 1% for residential properties and 2% for non-residential properties, beginning with the 2026 assessment year

The valuation caps do not apply when property values increase due to additions, modifications, or improvements to the property

The valuation caps also do not apply when there has been a change in ownership of the property during the previous tax year

Preempts home rule units from enacting different property tax valuation rules, establishing this as a statewide limitation under the Illinois Constitution