The legislation is meant to slow the growth in property tax bills by letting counties adopt a seven percent cap on increases in property assessments. The caps would last for three years, preventing the huge assessment jumps that result in sudden increases in tax bills.
The measure also increases the standard exemptions the portion of a home's value that can be shielded from taxation for homeowners.
The governor says there are people across Illinois who want to stay in their homes but face skyrocketing property tax bills. He says the new law should give them some peace of mind.
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