IL HB3314

Caps annual increases in assessed value of residential property to the percentage change in the Consumer Price Index from the preceding 12-month calendar year, beginning with the 2026 assessment year

Exempts properties from the assessment cap when increases are due to additions, improvements, modifications, or when the property is sold

Applies to all Illinois counties, including those with more than 200,000 inhabitants that classify property for taxation purposes

Preempts home rule units from enacting different property tax assessment rules, invoking the state's constitutional authority to limit local taxing power

Takes effect immediately upon becoming law