SPRINGFIELD, Ill. – Every homeowner in the state would receive a break from high property taxes under a comprehensive tax relief package passed by state Rep. Michelle Mussman, D-Schaumburg, increasing the value of key property tax credits for families, seniors and veterans. While Gov. Bruce Rauner has discussed freezing property taxes, Mussman’s action goes further to actually cut property taxes and reduce the burden on local homeowners.
“Too many middle-class families who have worked hard to purchase homes in our community and provide good opportunities for their children are being forced to consider moving out of state because of Illinois’ excessive property taxes,” Mussman said. “This measure would bring much-needed relief to working families, seniors, people with disabilities and veterans who are struggling to afford the cost of living here.”
Mussman introduced House Bill 156 and voted to pass the comprehensive package of property tax relief measures Thursday. Mussman’s bill provides homeowners with relief above and beyond the freeze discussed by the governor, by increasing the value of key property tax exemptions that help homeowners reduce the taxable value of their homes and therefor reduce their taxes. Beginning in 2018:
- All homeowners in the state would be eligible for an annual $8,000 exemption on their primary residence
- The Exemption for seniors over the age of 65 would increase from $5,000 to $6,000 annually;
- More veterans would be able to receive property tax relief, as returning service members certified 20-30 percent disabled who are currently ineligible for property tax relief would be provided a $2,500 annual exemption. All veterans over the age of 75 would be able to receive a $2,500 exemption as well.
Mussman’s bill also creates a new property tax freeze for disabled homeowners receiving Supplemental Security Income from the federal government, and expands tax credits provided to long-term homeowners.
“Residents in my community and across the state are eager for any amount of relief from increasing property taxes.” Mussman said. “I will continue working with my colleagues on both sides of the aisle to pass this landmark reform package and ensure our community remains affordable for the families who live here.”
Mussman’s bill received bipartisan support in the House, and now awaits consideration in the Senate.