Illinois lawmakers approve Quinn’s property tax relief plan, creates tax watchdog groups

Ill. lawmakers approve Quinn’s property tax relief

SPRINGFIELD, Ill. — Illinois lawmakers voted Thursday to extend a property tax relief program for Cook County homeowners.

The plan caps Cook County property tax assessment increases by 7 percent to a maximum exemption of $20,000 this year. It now awaits approval by Gov. Pat Quinn, who proposed the idea just last weekend.

The measure also creates seven “Taxpayer Action Boards” to monitor property tax evaluations in Cook County and six suburban counties surrounding it.

Without the bill, caps on assessment increases adopted in the past decade would drop this year to the standard, $6,000 homestead exemption.

The legislation extends that plan. The maximum exemption would be $20,000 this year, $16,000 in the next year and $12,000 in third year.

Opponents say the break has outlasted its benefit, because it was adopted at a time of runaway housing values. But advocates countered assessments haven’t fallen quickly enough to be reflected in upcoming evaluations.

After the House approved the measure 107-10 Thursday, the Greater Chicagoland Chamber of Commerce complained to a Senate committee that property tax relief for some means shifting the burden of local taxes to other homeowners and particularly businesses.

But the Senate approved it 54-4.

The plan doesn’t affect the state’s budget problem. Lawmakers are wrestling with a $13 billion deficit as they aim for adjourning their spring session by this weekend.

The bill is SB3638.

On the Net:

www.ilga.gov