A press release from State Rep. David McSweeney:
Rep. David McSweeney Introduces Measure to Reduce All Illinois Property Tax Levies by 10%
Springfield, IL – State Rep. David McSweeney (R-Barrington Hills) has introduced legislation to provide Illinois residents with some much-needed property tax relief.
“We have to do more than just stop property taxes from increasing– we must find ways to lower the property tax burden in Illinois,” McSweeney said.
“To that end, I have filed a measure to reduce all property tax levies by 10 percent.”
House Bill 320 reduces property tax levies by 10% total (5% each year for two years) for all local governments, even home rule units of government.
The net effect of the measure will be a permanent 10% reduction in property taxes in Illinois in the next two years.
Property taxes would be permanently frozen after the 10% reduction and could only be raised if local voters approve an increase by referendum.
According to the most recent data available, Illinois has the second highest property tax rates in the country.
“We know property taxes in Illinois are too high,” McSweeney said.
“Illinois lost nearly 45,000 people net last year alone.
“The longer we delay action on solving the property tax issue in Illinois, the more people are going to leave.
“We need to reverse this out-migration. It is time to lower property taxes permanently in Illinois.”
House Bill 320 has been introduced and awaits assignment to a House Committee.