PROP TX-LIMIT ASSESSMENTS

Illinois House Bill 1496 aims to limit property tax assessments starting in 2026. For residential properties, the assessed value cannot increase by more than 1% from the previous year, while non-residential properties are capped at a 2% increase. These limits do not apply if the property has been improved or if ownership has changed.

Supporters of HB1496 argue that it will provide much-needed relief to homeowners by preventing sudden spikes in property taxes. They believe this measure will promote stability in the housing market and make homeownership more affordable for families across Illinois.

Critics of HB1496 contend that the bill could undermine local governments' ability to fund essential services through property taxes. They argue that the restrictions may lead to budget shortfalls, forcing municipalities to cut services or find alternative revenue sources, which could negatively impact community welfare.