April 6, 2017

Lang Homeowner Property Tax Cut Plan OK’d by Illinois House

(Skokie, IL) – Suburban and Chicago homeowners could have a property cut coming their way under a legislative plan approved by the Illinois House last week.

 

House lawmakers voted, 108-1, on Thursday for legislation, House Bill 156, that cuts – rather than freezes – homeowner property taxes.

 

The measure, sponsored by State Rep. Lou Lang (D-Skokie), would lower property taxes, starting in 2018, by increasing the value of key property tax exemptions that help homeowners reduce the taxable value of their homes and thereby reduce the taxes paid.

 

“While Governor Bruce Rauner supports freezing the existing burden of high property taxes in place with no relief, my plan boosts tax credits for homeowners, seniors and veterans, which cuts property taxes,” said Lang. “Freezing a problem in place makes no sense.”

 

Lang’s legislation would provide Illinois homeowners an annual $8,000 exemption on their primary residence and the annual exemption for seniors over the age of 65 would increase from $5,000 to $6,000. Veterans, who are certified 20-30 percent “disabled” but currently ineligible for property tax relief, would get a $2,500 annual exemption. Additionally, all veterans over the age of 75 would receive a $2,500 exemption.

 

The bill also creates a new property tax freeze for disabled homeowners receiving a Supplemental Social Security Income and expands tax credits provided to long-term homeowners.

 

“Rather than freezing Illinois homeowners’ current property tax burden in place with no relief, which is Governor Rauner’s solution, my plan, which received overwhelming bi-partisan support, delivers an actual property tax cut to homeowners,” Lang said. “Property tax cuts, rather a freeze, is the way to go.”

 

The bill now awaits consideration in the Senate.