Earlier this month, the Illinois Department of Revenue showed in inflation increase was 8/10 of 1% for 2015.
That indicated that non-Home Rule tax districts (schools being the most expensive) could not increase their tax take by more than 8/10 of 1% in the property taxes collected next year.
This past week the annual Consumer Price Index to be used for taxes to be collected in 2017 was released.
It’s even lower than 8/10 of 1 %.
It’s 7/10 of 1%.
I heard on the radio that was because of the big drop in gasoline prices in December.
Here is the Revenue Department chart on what the technocrats call PTELL:
So, no need to worry too much if Governor Bruce Rauner doesn’t get his wish to freeze property tax takes for two years.
The downside for real estate taxpayers is not high, even if there is no tax freeze.