Illinois 104th General Assembly Status: Introduced 1 D cosponsors

SB1492      — PROP TX-SUBDIVISION VALUE

Last action — Rule 3-9(a) / Re-referred to Assignments

  1. 1
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed House
  5. 5
    To Executive
  6. 6
    Enacted

This bill has been introduced in the Senate. Introduced January 31, 2025. It must pass committee before a floor vote.

Next likely step: a committee referral and hearing.

Odds of enactment

Low chance

Based on the sponsor, cosponsors, and committee posture, this bill has a low chance of becoming law.

Upgrade to see the exact probability and what's driving it.

A statistical estimate from our own model of past outcomes — an insight, not a guarantee. Policymaking is volatile.

Prognosis

Not enough signal yet

Not enough signal yet to read this bill's trajectory — we surface a likelihood only once there's real movement (stage, sponsorship, committee, or votes) to point to.

Based on stage, sponsorship breadth, committee status, recorded votes, and cross-state momentum — a description of the observable signals, not a prediction.

In plain language

The bill establishes new limits on property tax assessments for undeveloped properties.

This bill changes how property tax assessments are calculated for certain undeveloped properties. Starting in 2025, the assessed value cannot drop below $150, and from 2035, properties can only be assessed under these rules for a maximum of 10 years.

What this means for you
  • Families: Families owning undeveloped land might face less fluctuation in property taxes over time.
  • Small Business: Small businesses with undeveloped property may see a minimum property tax increase due to the new assessment floor.

Summary

Amends the Property Tax Code. In provisions concerning platted and subdivided but undeveloped property, provides that (i) beginning with the 2025 taxable year, no property's assessed value shall be reduced to less than $150 under those provisions and (ii) beginning with the 2035 taxable year, no property shall be eligible for calculation of its assessed value under those provisions for more than a 10-year period.

Bill Text

We don't have the full text on file for this bill yet.

Read SB1492 on the official Illinois source →

Action History

  1. Rule 3-9(a) / Re-referred to Assignments

  2. Rule 2-10 Committee/3rd Reading Deadline Established As May 22, 2026

  3. Rule 2-10 Committee/3rd Reading Deadline Established As May 15, 2026

  4. Rule 2-10 Committee Deadline Established As April 24, 2026

  5. Re-assigned to Revenue

  6. Rule 3-9(a) / Re-referred to Assignments

  7. Rule 2-10 Committee/3rd Reading Deadline Established As June 1, 2025

  8. Rule 2-10 Committee/3rd Reading Deadline Established As May 23, 2025

  9. Rule 2-10 Committee Deadline Established As May 9, 2025

  10. Rule 2-10 Committee Deadline Established As April 11, 2025

  11. Assigned to Revenue

  12. Referred to Assignments

  13. First Reading

  14. Filed with Secretary by Sen. Meg Loughran Cappel

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 182 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (182)

182 members have not signed on to this bill.

Show all 182 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

taxation housing
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does SB1492      do?
Amends the Property Tax Code. In provisions concerning platted and subdivided but undeveloped property, provides that (i) beginning with the 2025 taxable year, no property's assessed value shall be reduced to less than $150 under those provisions and (ii) beginning with the 2035 taxable year, no property shall be eligible for calculation of its assessed value under those provisions for more than a 10-year period.
Who sponsors SB1492     ?
SB1492      is sponsored by Meg Loughran Cappel (Democrat).
What is the current status of SB1492     ?
This bill has been introduced in the Senate. Introduced January 31, 2025. It must pass committee before a floor vote.
Where can I track SB1492     ?
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Last checked for changes 3 months ago · updated continuously

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