SPRINGFIELD, Ill. – Homeowners statewide would receive relief from rising property taxes under legislation backed by state Rep. Mike Halpin, D-Rock Island, which would expand tax relief currently available only in Cook County by increasing the value of cost-saving exemptions.
“Too many working families are being priced out of their homes and are moving across state lines because property tax rates in Illinois are increasing faster than inflation,” said Halpin. “This measure would provide much-needed relief for homeowners in our community who are facing the burden of higher and higher bills.”
Halpin’s Senate Bill 851 cuts property taxes on the middle class by increasing the general homestead and senior citizens homestead exemptions to $10,000 and $8,000, respectively, for counties other than Cook. This would bring all counties up to the Cook County exemption levels established under Senate Bill 473, which took effect earlier this year.
“Seniors and families in the Quad Cities deserve the same tax relief as residents in Chicago,” said Halpin. “These increased exemptions will lower the property tax bill for every homeowner while helping ensure that big businesses and developers pay their fair share.”
Senate Bill 851 passed out of the House Revenue and Finance Committee Thursday and now heads to the House for consideration.