Despite bipartisan consensus that sky-rocketing property taxes are one of the biggest reasons that people leave Illinois, state government has done little to address the problem. This is why State Senator Steve McClure (R-Springfield) has filed new legislation to tamp down property tax hikes.
“We know that constantly-increasing property taxes are crushing family budgets and pushing people out of Illinois,” said McClure. “This bill is an attempt to finally get a handle on the situation and provide families with some real relief,” said McClure.
McClure’s legislation, Senate Bill 3694, limits the assessed value of any residential property from increasing year-to-year by any more than the corresponding year’s increase in the consumer price index. Put another way, the bill would stop the home values used for property taxes from increasing any more than inflation.
“This legislation would ensure that changes in assessed property values would reflect the actual changes in value due to inflation, so that property tax bills shouldn’t be increasing any more than the wages of the people that pay them,” said Senator McClure. “This is a realistic, common-sense plan that we can implement right now to help put a stop to sky-rocketing assessments and tax bills.”