SPRINGFIELD, Ill. – As part of his ongoing effort to rein in skyrocketing property taxes, state Rep. Fred Crespo, D-Hoffman Estates, voted to consolidate the assets and management of 649 local police and fire pension systems into two systems, strengthening retirement benefits while reduce the burden on property taxpayers.
“Skyrocketing property taxes are devastating middle-class families and seniors in our community,” Crespo said. “By modernizing the pension system of local governments, we can increase returns while reducing overhead, taking a major step toward delivering real property tax relief to the middle class.”
Crespo backed Senate Bill 1300, which will consolidate local government pension systems over a 30-month transition period, significantly reducing the financial burden on local property taxpayers. The Crespo-backed reform is a result of negotiations between local governments, and local police and fire groups that will result in between $820 million to $2.5 billion in increased investment returns within the first five years.
Crespo also serves in the bipartisan Property Tax Relief Task Force, which is working to deliver comprehensive solutions to address the property tax crisis facing suburban communities like the ones he represents. Earlier this year, he also passed House Bill 803, which eliminates the burdensome requirement that Cook County seniors have to reapply annually for the Senior Homestead Exemption.
“This legislation puts our communities on firmer financial footing, all while strengthening the benefits of our first responders,” Crespo added. “I look forward to continuing to work with both Democrats and Republicans to build a better future for the communities I represent.”
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