Welch Bill Offers Homeowners Property Tax Relief

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. Emanuel “Chris” Welch, D-Hillside, increasing the value of key property tax credits for families, seniors and veterans. While Gov. Bruce Rauner has discussed freezing property taxes, Welch’s action goes further to actually cut property taxes and reduce the burden on local homeowners.

“Residents have waited long enough to see something done about lowering their property tax bills,” Welch said. “This is an important tax-relief package that will allow homeowners to save more of their money, stay in Illinois and continue to raise their families here.”

Welch sponsored House Bill 156 and voted for the comprehensive package of property tax relief measures, which passed out of the House last week. Welch’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.

Welch’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.

“It is my sincerest hope that the governor signs this major bipartisan package into law,” Welch said. “This is an example of what happens when members on both sides of the aisle come together to put forth a responsible plan that helps residents across the state.”

Welch’s bill received bipartisan support in the House, and now awaits consideration in the Senate.