IL HB3724

Caps annual property tax increases at 3% for properties receiving the General Homestead Exemption, beginning with tax year 2026 (collected in 2027)

The total tax bill for qualifying homestead properties cannot exceed 103% of the previous year's total property tax bill

When a property's tax liability is reduced under this cap, disbursements to each taxing district are reduced proportionately based on their share of the property's total tax liability

Requires the chief county assessment officer to adopt rules reallocating lost property tax revenue to other properties within the taxing district on a pro rata basis

Amends Section 15-175 of the Property Tax Code (35 ILCS 200/15-175)