Lawmakers in Springfield are pushing legislation aimed at addressing the affordability issue by capping the state’s property tax costs.
Filed by State Rep. Joe Sosnowski, House Bill 4626 seeks to base property taxes on the equalized assessed value of a home the year it is purchased. Property tax assessment costs would then not increase for as long as the person owns their home. The measure is being touted as making housing more affordable for first-time buyers, working families and fixed income seniors.
With Illinois also being home to the most local taxing bodies, Sosnowski is also pushing companion bills HB 3723 and HB 3724, which would cap annual property tax increases at 1% for seniors and at 3% for others.
With the bills now in the Rules Committee, Democratic State Rep. LaShawn Ford wonders if they truly stand to make a difference for most. He instead argues in favor of a millionaire’s tax, adding the revenues could extend to more residents.
Story from Illinois Radio Network
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