The 2026 session of the Illinois General Assembly has come and gone, and in spite of the potential for big legislative moves, the session came to an end with a surprisingly small amount of action on the biggest topics of conversation: mega-projects, data center regulation, and housing affordability.

Though the session ended up without a property tax package, that doesn’t mean there were not some changes. From an assessment perspective, the General Assembly passed possibly the biggest change to the farmland valuation statute in a generation as part of alarger revenue package; Governor Pritzker signed it into law on June 16 creating Public Act 104-0468.  The Act makes significant changes to the value farmland is assessed, beginning with the 2028 assessment year.  It provides for a minimum capitalization rate of 8% and and mazimum rate of 10% (as compared to the 5.8% rate used for 2027 valuation); This will bring rates more in line with our neighboring states and with the “on the ground” reality of risks of the agricultural economy. The law also makes some technical corrections and clarifications, as well as extending the vegetative filter strip assessment statute (set to expire at the end of this year) to 2031. 

It is important to note that, while this change is going to eventually be impactful, the way the law is written, this change will not be immediate for agricultural land assessments. Due to the 10% annual growth cap for certified rated, it will still be several years before values meet even the reduced nominal EAV developed through the Farmland Assessment Technical Advisory Board. Ultimately, this change should help bring some much-needed predictability to farmers in the state.

Lawmakers may meet later in the summer for a special session on mega-projects or data centers, and a veto session is scheduled to begin on November 17.  The County Assessment Officers Association, along with our peers with the Illinois Assessors Association, and The Illinois Association of County Board Members, will be there to advocate our interests and those of our taxpayers and governing partners.  

Tim Jorczak, CAE, AAS, CIAO, serves as the McLean County Supervisor of Assessments. He is also the Illinois Association of County Officials (IACO) Legislative Committee Chair and a member of the IACO Board of Directors where he serves as Secretary/Treasurer. Tim is an instructor and course writer for the IPAI and serves on both the IPAI’s State Conference Committee and Legal Symposium Committee.