Today Representative Halbrook filed three bills to lower property taxes in Illinois.
HB1495 creates a $6 billion special property tax relief fund that would provide one-time relief to eligible homeowners. Eligible recipients are owners who occupy a single family residence for which they are liable for the tax payment.
To solve the double-digit percentage increase in the assessed value of property that doubled property taxes for some owners in one year, a problem around the state, HB 1496 limits the yearly increase. If this bill is passed, the assessed value may only increase year over year 1% on residential and 2% on business property beginning in 2026. The limitation does not apply to property that has undergone improvements.
The third bill, HB 1497, freezes property tax levies at the 2025 amount for levy years 2026-2030.
“Nearly every local government needs to figure out how to save money. They need to find efficiencies and stop unnecessary operations. Mission creep has occurred as townships, cities, counties, and schools have taxed residents for services and handouts that were unheard of only a few years ago. While this freeze is in effect, I will also demand the local government distributive fund be restored to its original percentage of 10% of income tax collections. I will also vote against any new mandates on schools or cities,” Rep. Halbrook said.
Last month, a study by SmartAsset ranked Peoria and Rockford, Illinois as numbers 1 and 2 in the country for the cities with the highest property taxes. Illinois consistently ranks as having the second highest property tax burden.
“It’s time to stop talking about property tax relief and start delivering on it. We do not need another task force or study. We need government at all levels to scale back their budgets and we need everyone to be partners in delivering this relief’,” Rep. Halbrook concluded.