SB 3540

Amends the Property Tax Code. Provides that the assessed value of residential property in any general assessment year shall not exceed the assessed value of the property in the last general assessment year multiplied by one plus the percentage change in the Consumer Price Index during the 12-month calendar year immediately preceding the general assessment year for which the reassessment is conducted. Provides that the limitation does not apply if the increase in assessment is attributable to an addition, improvement, or modification to the property. Preempts the power of home rule units to tax. Effective immediately.