Rep. Ives: No to Statewide Property Tax scheme


SPRINGFIELD – State Representative Jeanne Ives (R-Wheaton) filed legislation on Tuesday in response to a proposal outlined by economists with the Federal Reserve Bank of Chicago that Illinois enact a statewide property tax assessment in addition to the property taxes Illinois homeowners already pay.  Specifically, the economists suggest a special property assessment they estimate would be about 1% of actual property value each year for 30 years; leading to an average increase of 40 percent to an Illinois homeowner’s property tax bill. 

Representative Ives’ House Resolution 1072 calls on the Illinois General Assembly to oppose any legislative proposal or initiative that would enact a statewide property tax assessment. An Illinois homeowner living in a home valued at $184,000 (the median home value in the United States) pays approximately $4,300 in annual property taxes. Many Illinois homeowners pay far above that average. Comparatively, a homeowner in Wisconsin pays approximately $3,600; in Michigan, $3,200; in Iowa, $2,800; in Missouri, $1,800; and in Indiana and Kentucky $1,600.

 “Just when you thought property taxes couldn’t get any worse in Illinois, elite economists come forward to suggest a statewide property tax,” Representative Ives said. “Such a proposal would, yet again, continue Illinois on the wrong trajectory without any reforms or safeguards to guarantee that services will improve, the State's crippling debt will be paid, or any positive benefit whatsoever will be realized. In fact, it’s just the opposite. A statewide property tax would only result in more jobs and hardworking families leaving Illinois for other states. We cannot stand by and watch that happen. We must say NO to a statewide property tax.”

Illinois consistently ranks among the states with the highest property tax liabilities, with only New Jersey having a higher average property tax bill. Numerous other legislators are expected to sign onto Representative Ives’ resolution as co-sponsors in the coming days.

Please call Representative Ives at (630) 384-9719 with any questions.
###

No comments :