An Illinois state senator has introduced legislation that aims to tackle sky-rocketing property taxes.
State Sen. Steve McClure’s (R-Springfield) bill would limit a residential property’s assessed value from increasing year-to-year beyond the prior year’s inflation rate, according to a release on Feb. 26.
“We know that constantly increasing property taxes are crushing family budgets and pushing people out of Illinois,” McClure said told the Journal Courier. “This bill is an attempt to finally get a handle on the situation and provide families with some real relief.”
Based on a WalletHub report from Feb. 24, Illinois has the second-highest average property taxes out of the 50 states and Washington, D.C. The most-taxed state, according to the report, is New Jersey. New Hampshire, Connecticut and Wisconsin round out the Top 5.
Data analyzed by the Chicago Tribune showed that the state’s population declined approximately 0.4%, or 51,000 residents, marking six straight years people have left. The statistics are based on data from the U.S. Census Bureau for 2019.
“This is a realistic, common-sense plan that we can implement right now to help put a stop to sky-rocketing assessments and tax bills," McClure said.
Alerts Sign-up