Truth in Taxation Law Amendment

Detected March 29th, 2026

Summary

Illinois House Bill 5550 proposes amendments to the Truth in Taxation Law. The bill clarifies that notice and hearing requirements apply when a taxing district intends to extend a tax rate exceeding the revenue neutral rate. It also modifies notice provisions related to property tax extensions.

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What changed

Illinois House Bill 5550, introduced in the 104th General Assembly, seeks to amend the Truth in Taxation Law within the Property Tax Code. The proposed changes specify that the existing notice and hearing requirements will be triggered if a taxing district plans to extend a tax rate that surpasses the 'revenue neutral rate.' The bill defines the revenue neutral rate as the aggregate tax rate that would yield the same property tax revenue as the previous year, based on the current year's total assessed valuation. Additionally, the bill includes modifications to the notice provisions concerning property tax extensions.

This legislation will impact local government entities responsible for property tax collection and budgeting. Compliance officers for these entities should review the updated definitions and notice requirements to ensure adherence. The bill is currently in the draft stage, having been filed and referred to committees, indicating that further legislative action and potential amendments are expected. Entities should monitor its progress through the legislative process to understand final requirements and implementation timelines.

What to do next

Review proposed amendments to the Truth in Taxation Law for potential impact on local taxing districts.
Monitor legislative progress of HB5550 through the Illinois General Assembly.
Prepare to update internal procedures regarding tax rate notices and hearings if the bill is enacted.

Source document (simplified)

IL HB5550 | 2025-2026 | 104th General Assembly

Illinois House Bill 5550

IL State Legislature page for HB5550
- Summary
- Sponsors
- Texts
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Status

Sponsorship: Partisan Bill (Republican 1)
Status: Introduced on February 6 2026 - 25% progression
Action: 2026-03-27 - Rule 19(a) / Re-referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

Summary

Amends the Truth in Taxation Law in the Property Tax Code. Provides that the notice and hearing requirements apply if the taxing district proposes to extend a tax rate against all taxable property in the district that exceeds the revenue neutral rate. Provides that the term "revenue neutral rate" means an aggregate tax rate for the taxing district that would generate the same amount of property tax revenue as was levied by the taxing district in the previous tax year using the current tax year's total assessed valuation of all property in the taxing district. Makes changes concerning notice provisions.
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Title

TRUTH IN TAX-REVENUE RATE

History

| Date | Chamber | Action |
| --- | --- | --- |
| 2026-03-27 | House | Rule 19(a) / Re-referred to Rules Committee |
| 2026-03-18 | House | Assigned to Revenue & Finance Committee |
| 2026-02-13 | House | Referred to Rules Committee |
| 2026-02-13 | House | First Reading |
| 2026-02-06 | House | Filed with the Clerk by Rep. Bradley Fritts |

Code Citations

| Chapter | Article | Section | Citation Type | Statute Text |
| --- | --- | --- | --- | --- |
| 35 | 200 | 18-55 | Amended Code | Citation Text |
| 35 | 200 | 18-56 | Amended Code | Citation Text |
| 35 | 200 | 18-65 | Amended Code | Citation Text |
| 35 | 200 | 18-70 | Amended Code | Citation Text |
| 35 | 200 | 18-80 | Amended Code | Citation Text |
| 35 | 200 | 18-85 | Amended Code | Citation Text |
| 35 | 200 | 18-90 | Amended Code | Citation Text |

Illinois State Sources

| Type | Source |
| --- | --- |
| Summary | https://www.ilga.gov/Legislation/BillStatus?DocNum=5550&GAID=18&DocTypeID=HB&SessionID=114&GA=104 |
| Text | https://www.ilga.gov/Legislation/BillStatus/FullText?LegDocId=208910&DocName=10400HB5550&DocNum=5550&DocTypeID=HB&LegID=167564&GAID=18&SessionID=114&SpecSess=&Session= |

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