Property taxes have been a real pain point for Illinois residents for too long. Most homeowners received their annual assessments these last few weeks and were shocked when they learned what their new property tax bills would be.
Many homeowners I’ve spoken with all say pretty much the same thing: they’re very disappointed to see whatever benefit they may have seen from their home’s appreciation go right back to the government in property taxes.
But the worst part about IL property taxes is not only are they too high, but they are also extremely regressive.
Economically disadvantaged communities are expected to provide the same services as wealthy communities but are required to impose a tax against a fraction of the property value that wealthy communities enjoy – leading to much higher property tax rates.
And this regression doesn’t stop at individual homeowners. It makes its way into every corner of our state and local economies. When property taxes are too high, so are rent payments. If rent payments are too high, then small businesses close or go elsewhere. This leaves people out of work, commercial spaces empty, and less economic vibrancy within our communities.
I was happy to discuss some of our House Republican working group bill proposals designed to address Illinois problem head on and hopefully decrease the pain being felt by Illinois property owners,