Tuesday, October 31, 2017

Alliance Legislative Report 100-47

PROPERTY TAX FREEZE BILL SET FOR COMMITTEE

New legislation regarding property taxes has been set for a committee hearing Thursday, November 2.
As highlighted in the last Alliance Legislative Report, an amendment has been filed containing the latest version of a property tax freeze. Specifically, it would freeze the property tax extensions for taxing districts with a majority of their Equalized Assessed Valuation (EAV) in Cook, Lake, McHenry, Kane, DuPage, and Will counties, for two years. House Amendment #1 to SB 851, (Mussman, D-Schaumburg), would not allow a district’s tax extension to be any more in levy years 2017 and 2018 than it was in levy year 2016 without voter approval. Other counties in Illinois could hold a referendum to adopt the extension limitation beginning in 2018. Certain school districts that are designated as “Qualified School Districts” would be exempt from the extension limitation (“freeze”).

The bill would also increase the Senior Citizen Homestead Exemption from $5,000 to $8,000, and the General Homestead Exemption from $6,000 to $10,000 for all counties (other than Cook) beginning in taxable year 2018. Cook County taxpayers had already received these increases earlier this year with the passage of SB 473 (PA 100-401).

House Amendment #1 to SB 851 is scheduled to be considered in the House Revenue and Finance Committee on Thursday, November 2 at 2:00 p.m. in Room C-600, 6th Floor, Michael A. Bilandic Building, in Chicago. School board members and administrators are urged to attend the hearing and provide testimony about the potential impact of the legislation.

If attendance at the committee is not possible, witness slips may still be submitted to register opposition to the amendment by clicking here.

Alliance members are also urged to contact their state representative and ask him/her to vote “NO” on SB 851.