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IL HB5550

Bill

Official Source

Status

Introduced

2/6/2026

Primary Sponsor

Bradley Fritts

Click for details

Origin

House of Representatives

104th General Assembly

AI Summary

  • Amends the Truth in Taxation Law to replace the current 105% threshold with a "revenue neutral rate" standard for triggering public notice and hearing requirements
  • Defines "revenue neutral rate" as the aggregate tax rate that would generate the same property tax revenue as the previous year when applied to the current year's total assessed valuation
  • Requires taxing districts proposing to exceed the revenue neutral rate to notify the county clerk and hold public hearings beginning in levy year 2027
  • Beginning after levy year 2027, county clerks must mail or electronically transmit notices to each affected taxpayer at least 10 days before public hearings when a district proposes exceeding the revenue neutral rate
  • Prohibits county clerks from extending any amount exceeding the revenue neutral rate unless the levy is accompanied by certification of compliance with notice and hearing requirements

Legislative Description

TRUTH IN TAX-REVENUE RATE

Last Action

Referred to Rules Committee

2/13/2026

Committee Referrals

Rules2/13/2026

Full Bill Text

No bill text available