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SB 2246

16th Section lands; revise leasing procedure for leases for oil, gas and mineral explorations.

2025 Regular Session Introduced by Joel Carter

The bill would cap residential property assessment increases each year to the prior year’s CPI change, limiting how much assessments can rise.

Died In Committee
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Bill Summary · SB 2246

SB 2246 — Summary

Status: Died in Committee (introduced March 11, 2025)
Subject: Property tax / Education (amendment to Property Tax Code, 35 ILCS 200/9‑145)

Purpose

The bill would limit year‑to‑year increases in the assessed value of residential property by tying allowable increases to the annual change in the Consumer Price Index (CPI). It also expressly preempts home‑rule units’ taxing power with respect to this limitation.

Key provisions

  • Amends Section 9‑145 of the Illinois Property Tax Code.
  • Retains the statutory level of assessment for most property (33 1/3% of fair cash value) and separate assessment rules for minerals and coal, but adds a new cap on assessed value increases for residential property.
  • Beginning with the 2026 assessment year, in all counties the assessed value of residential property in any general assessment year cannot exceed: previous general assessment year assessed value × (1 + percentage change in the Consumer Price Index during the 12‑month calendar year immediately preceding the general assessment year).
  • Defines "Consumer Price Index" as the BLS series for all items, U.S. city average, all urban consumers (1982‑84 = 100).
  • Exemptions: the CPI‑based cap does not apply when an increase in assessment is attributable to an addition, improvement, or modification to the property, or if the property is sold.
  • States that subsection (b) is a denial and limitation under subsection (g) of Section 6 of Article VII of the Illinois Constitution on home rule units’ power to tax (i.e., it preempts local home‑rule taxing authority).
  • Effective date: upon becoming law.

Who would be affected

  • Residential property owners: limits on assessment growth could slow assessed‑value increases from reassessments.
  • Local assessors and county assessment offices: would need to apply the CPI limit in general reassessments beginning 2026.
  • Local taxing districts (including school districts, counties, municipalities): potential constraint on revenue growth from property tax bases; may require rate adjustments to maintain revenue.
  • Home‑rule units: the bill expressly limits their ability to tax in conflict with the CPI cap.

Timing & procedural status

  • The bill designates the CPI cap to begin with the 2026 assessment year.
  • According to the provided information, SB 2246 was introduced in March 2025 and ultimately died in committee (did not become law).

Notes / Observations

  • The core substantive change is a statutory cap linking assessed value growth for residential property to the prior calendar year CPI change. This is a form of assessment growth limitation rather than a direct tax rate limitation.
  • If enacted, the cap could reduce assessed‑value volatility but also constrain tax base growth for local governments; maintaining revenue levels could require higher tax rates or reductions in services.

Compiled from official sources — confirm details with the bill’s official record.

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