Press

Wallace Fights to Cut Property Tax Bills by Passing Major Tax Relief Package

04/07/2017

SPRINGFIELD, Ill. – Every homeowner in the state would receive a break from high property taxes under a comprehensive tax relief package passed by state Rep. Litesa Wallace, D-Rockford, increasing the value of key property tax credits for families, seniors and veterans. While Gov. Bruce Rauner has discussed freezing property taxes, Wallace’s action goes further to actually cut property taxes and reduce the burden on local homeowners.

“Middle-class families cannot afford to shoulder the burden of continuously rising property taxes,” Wallace said. “I hope these reforms go a long way to easing the burden on those who are struggling the most.”

Wallace backed House Bill 156 and voted to pass the comprehensive package of property tax relief measures Thursday. The bill provides homeowners with relief above and beyond the freeze discussed by the governor, by increasing the value of key property tax exemptions that help homeowners reduce the taxable value of their homes and cut their taxes. Beginning in 2018:
• All homeowners would be eligible for an annual $8,000 exemption on their primary residence;
• Seniors on fixed incomes would see lower property tax bills, as an exemption for homeowners over the age of 65 would increase from $5,000 to $6,000 annually;
• More veterans would be able to receive property tax relief, as returning service members certified 20-30 percent disabled who are currently ineligible for property tax relief would be provided a $2,500 annual exemption. All veterans over the age of 75 would be able to receive a $2,500 exemption as well.

The legislation also creates a new property tax freeze for disabled homeowners receiving Supplemental Security Income from the federal government, and expands tax credits provided to long-term homeowners.

“This is a landmark piece of legislation that will provide much needed relief to families across in the Rockford region that have been struggling to keep up with their property tax payments,” Wallace said. “As we keep working towards a resolution to our budget crisis, I will continue to focus on measures that ensure middle-class families have the resources they need to thrive.”

House bill 156 received bipartisan support in the House, and now awaits consideration in the Senate.


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