SPRINGFIELD, Ill. – Area homeowners would see significant savings on their property tax bill under legislation sponsored by state Rep. Marty Moylan, D-Des Plaines, and passed out of the House on Thursday.
“One of the top concerns I hear from residents in my district when walking door to door is skyrocketing property taxes,” Moylan said. “I’m fighting for a property tax relief package that will lower the property tax burden for every single homeowner in Illinois.”
Moylan is sponsoring House Bill 156, a comprehensive property tax relief bill that benefits all homeowners, especially seniors and disabled veterans. House Bill 156 first increases the homestead exemption for all homeowners by up to 25%. A homestead exemption removes part of a home’s value from taxation. For example, if a home is appraised at $100,000, and a home qualifies for a $25,000 exemption, the homeowner will only pay taxes on the home as if it was worth $75,000.
House Bill 156 also increases the maximum Senior Homestead Exemption by up to 20% and additionally expands the criteria for which disabled persons could qualify for tax relief in relation to their income and percent of disability.
“Some of our state’s most vulnerable residents including our seniors and disabled veterans would see significant savings,” Moylan said. “Providing this relief would help homeowners keep more of their own money, which would help our small businesses and local economy grow.”
House Bill 156 passed the House with broad bipartisan support and now moves to the Senate where it awaits further action.
Visit Rep Moylan’s website
200-3S Stratton Office Building
Springfield, IL 62706
24 S. Des Plaines River Rd.
Des Plaines, IL 60016
(847) 635-8565 FAX