Springfield, IL – Working families in Illinois could get some relief from hefty property tax burdens. State Senator Rachelle Crowe (D-Glen Carbon) has introduced legislation to establish a property tax deduction for middle-class earners.
“To put it simply, working families are overburdened by property taxes,” Crowe said. “Creating a homestead exemption for working families is an important step toward allowing these families more financial freedom to support loved ones as well as local organizations, restaurants and small businesses.”
Starting in 2022, Crowe’s measure, Senate Bill 1745, would allow homeowners to deduct five percent, or up to $5,000, from the assessed value of their home. Any Illinois household with an income of less than $131,772 would qualify for the homestead exemption
The initiative is part of a long-term effort by Crowe to reduce property tax burdens on Illinois families.
“When considering locations to buy a home, open a business or raise a family, residents look for lower property taxes,” she said. “Working families are critical to building our infrastructure, economies and opportunities throughout the state. We should encourage them to plant their roots in Illinois.”