HB 4317 Illinois House · 104th Regular Session

PROP TX-ASSESSMENT LIMIT

Summary
Amends the Property Tax Code. Provides that the equalized assessed value of property in a general assessment year, other than long-term ownership property, shall not exceed the equalized assessed value of the property in the immediately preceding general assessment year, increased by the lesser of: (1) 3% of the equalized assessed value of the property for the immediately preceding general assessment year; or (2) the percentage increase, if any, in the Consumer Price Index during the 12-month calendar year preceding the general assessment year for which the property is being reassessed. Provides that the equalized assessed value of long-term ownership property in a general assessment year shall not exceed the equalized assessed value of the property in the immediately preceding general assessment year increased by 2% of the equalized assessed value of the property for the immediately preceding general assessment year. Defines "long-term ownership property". Preempts the power of home rule units to tax. Effective immediately.
Bill status in committee 1 of 4 stages cleared
Introduction
Jan 2026
Committee Review
Floor Vote
Governor
Introduced Jan 7, 2026 Last action Jan 14, 2026
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Total actions
3
Key actions
0
Committee
1
Jan 14, 2026
Committee
Referred to Rules Committee
lower
1 primary · 0 co-sponsors

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Legislator
Party
State
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P
Photo of Jed Davis
Jed Davis
RRepublican
IL
75