SPRINGFIELD, Ill. – Homeowners will receive an annual refund on their property taxes under legislation passed by state Rep. Thaddeus Jones, D-Calumet City, taking a critical step toward property tax relief for Illinois homeowners.
“Skyrocketing property taxes are hurting hardworking taxpayers in our communities,” Jones said. “Our system places an enormous tax burden on people who just want to own a homes. It’s crucial that the families who are in need of relief from pointless financial hardships get the help they need.”
Jones 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 Jones, 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.
“Property tax relief is a significant part of my pledge to build a stronger Illinois,” Jones said. “Earlier this year, I passed the Fair Tax to ease the burden of income taxes for middle-class families, and this property tax relief bill is an important step as well. However, I’m not done yet. There is a long way to go for an Illinois that gives everyone the opportunities they deserve without exhausting them with overwhelming taxes. I don’t plan on stopping until we reach that point.”
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