SPRINGFIELD, Ill. – Middle-class families across the state will receive a break from high property taxes under a comprehensive tax relief package supported by state Rep. John D’Amico, D-Chicago, increasing the value of key property tax credits for families, seniors and veterans.
“One of the concerns I hear from residents most is that they can’t afford the burden that property taxes have placed on their budgets,” D’Amico said. “The out-of-control tax bills are causing families to struggle to make ends meet—some are even are being forced to consider leaving the neighborhoods they’ve lived in for years.”
D’Amico is sponsoring House Bill 156 and voted to pass the comprehensive package of property tax relief measures on Thursday. D’Amico’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 cut their taxes. Beginning in 2018:
- All homeowners would be eligible for an annual $8,000 exemption on their primary residence;
- Seniors on fixed incomes would see lower property tax bills, as an exemption for homeowners 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.
D’Amico’s proposal 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.
“This proposal will provide immediate relief, lowering property taxes for middle-class families, seniors, people with disabilities, and veterans,” D’Amico said. “I will continue to work with my colleagues and the Governor to get this legislation signed into law and help ensure that our neighborhoods are affordable for the working families in our community.”
House Bill 156 received bipartisan support in the House, and now awaits consideration in the Senate.