The Department, in consultation with the Department of Commerce and Economic Opportunity, shall conduct a study to evaluate the property tax system in the State and shall analyze any information collected in connection with that study. The Department may also examine whether the existing property tax levy, assessment, appeal, and collection process is reasonable and fair and may issue recommendations to improve that process. For purposes of conducting the study and analyzing the data required under this Section, the Department may determine the scope of the historical data necessary to complete the study, but in no event shall the scope or time period be less than the 10 most recent tax years for which the Department has complete data. The study shall include, but need not be limited to, the following:
The Department may consult with Illinois institutions of higher education in conducting the study required under this Section. The Department may also consult with units of local government. To the extent practicable and where applicable, the Department may request relevant, publicly available property tax information from units of local government, including counties and municipalities, that is deemed necessary to complete the study required pursuant to this Section. Units of local government that are required to submit property tax information to the Department must do so in a reasonably expedient manner, to the extent possible, but in no event later than 60 days after the date upon which the Department requests that relevant information.
The Department may complete a preliminary report that may be made available for public inspection via electronic means prior to the publication of the final report under this Section. The Department shall complete and submit the final report under this Section to the Governor and the General Assembly by July 1, 2026. A copy of both the preliminary report, if made available by the Department, and the final report shall be made available to the public via electronic means. The Department may allow for the submission of public comments from individuals, organizations, or associations representing residential property owners, commercial property owners, units of local government, or labor unions in Illinois prior to finalizing the final report under this Section and after publication of the final report under this Section. If the Department allows for the submission of public comments, the Department shall publish via electronic means any and all materials submitted to the Department.
This Section is repealed on December 31, 2026.
20 ILCS 2505/2505-815