May
03

Illinois Governor Wants Property Tax Cap Extended

May 03, 2010

The cap on property tax assessments on suburban and Chicago real estate is set to expire this year, but Illinois Governor Pat Quinn is proposing a plan that will extend it for a year.

Quinn will present the Homeowner’s Property Tax Relief Initiative of 2010 to the Illinois General Assembly this week during the final days of the legislative session in Springfield. Quinn said it was an “emergency measure” to help already struggling homeowners.

Gov. Quinn is attempting to help Illinois homeowners.

Our representatives decided in 2007 to let the property tax cap expire; about half of Chicago homeowners will see an increase in their property tax bills starting in the fall if it ends.

The plan would extend for a year the “7 percent solution,” which reduces a home’s taxable value by 20 thousand dollars. If it expires, it would revert back to the general homestead exemption of $5,000.

Quinn’s plan also proposes instituting membership-only Taxpayer Action Boards in each county that would help homeowners appeal their property tax bills and assessments. In 1983, Quinn helped launch the Citizens Utility Board, which represents residential utility customers. These boards would be a similar concept.

“Where one taxpayer may have a small voice, millions of state taxpayers can be heard in all 102 Illinois counties by coming together as the Taxpayer Action Board,” said Governor Quinn.

There could be a vote on extending the cap by the end of the week.

“Swift passage of this legislation will provide taxpayers much-needed relief during a dire economic time for our state and country,” said Quinn. “We can’t wait any longer for property tax relief and reform.”

Our governor is still pushing for a state income tax increase.

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