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| | 104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026
HB3340 Introduced 2/18/2025, by Rep. Thaddeus Jones SYNOPSIS AS INTRODUCED:
| | 35 ILCS 200/Art. 18 Div 5.2 heading new | | 35 ILCS 200/18-249.10 new | |
| Amends the Property Tax Code. Provides that, for taxable years 2026 through 2031, the total property tax liability for any parcel of residential property in Bloom, Rich, Bremen, Thornton, or Calumet township for any of those taxable years shall be limited to the lesser of (i) the actual property tax liability for the property or (ii) $5,000. |
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| | A BILL FOR |
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| | HB3340 | | LRB104 08370 HLH 18421 b |
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| 1 | | AN ACT concerning revenue.
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| 2 | | Be it enacted by the People of the State of Illinois, |
| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Property Tax Code is amended by adding |
| 5 | | Division 5.2 to Article 18 as follows:
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| 6 | | (35 ILCS 200/Art. 18 Div 5.2 heading new) |
| 7 | | Division 5.2. Property Tax Reduction Pilot Program
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| 8 | | (35 ILCS 200/18-249.10 new) |
| 9 | | Sec. 18-249.10. Property Tax Reduction Pilot Program. |
| 10 | | Notwithstanding any other provision of law, for taxable years |
| 11 | | 2026 through 2031, the total property tax liability for any |
| 12 | | parcel of residential property in Bloom, Rich, Bremen, |
| 13 | | Thornton, or Calumet township for any of those taxable years |
| 14 | | shall be limited to the lesser of (i) the actual property tax |
| 15 | | liability for the property or (ii) $5,000. |