Rep. Weber Files Legislation to Prevent Drastic Property Tax Increases

While the State of Illinois has the Property Tax Extension Limitation Law (PTELL) to prevent local taxing bodies from increasing their annual property tax levies by more than 5% or CPI, whichever is less, nothing prevents taxes on individual properties from increasing well above 5% in a given year. To address this problem, State Rep. Tom Weber has filed two pieces of legislation, House Bills 4354 and 4716, to put caps in law to prevent individual property tax bills and assessments from going above 5% or 3%, respectively.