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Recently introduced in the Illinois Senate, SB 1403 has the potential to make disputed property tax assessments more equitable until a final resolution is made. As introduced, SB 1403 would limit the amount payable to the taxpayer’s claimed property value until the dispute is resolved. If enacted, this legislation would make application of property tax assessments more equitable and less likely for taxpayers to be forced to pay taxes on property that they believe is not fairly assessed. This legislation would not make such treatment automatic or significantly change the dispute process; a tax objection complaint would still need to be filed in compliance with law.

However, if a dispute is in excess of 25 percent of the assessed value of the property, the taxpayer would be liable to pay taxes on 75 percent of the original assessed value while the dispute is pending. If the final resolution of the dispute results in a tax assessment that is in excess of that which the taxpayer paid, the taxpayer would be liable for such excess tax plus interest on that amount.

 

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