SPRINGFIELD, Ill. – Local homeowners would receive property tax relief under legislation passed by state Rep. Mike Halpin, D-Rock Island, creating an annual property tax refund.
“People in our communities simply cannot afford property taxes that get higher and higher every year,” Halpin said. “We have to provide relief to those who need it most. I am committed to building a stronger Illinois, and a fair, robust economy is crucial to that goal.”
Halpin passed Senate Bill 39, which establishes the Illinois Property Tax Relief Fund to provide annual property tax rebates on homeowners’ bills. The rebates will be funded by the state, in part through the a new Fair Tax backed by Halpin, which cuts incomes taxes on local residents while making millionaires and billionaires pay their fair share.
According to data from the U.S. Census Bureau, Illinois currently has the second highest property tax rate in the country. The median value of a home in Illinois is $179,000, which Illinois taxes at a whopping $4,151 every year.
“With the passage of the Fair Tax and other legislation supporting the growth of good-paying jobs, we have made great strides to an economically strong Illinois; however, there is a long way to go,” Halpin said. “Property taxes are still far too high, and hard-working Illinoisans need relief so they and their families can prosper.”