The biggest complaints heard from Rockford area homeowners usually involve property taxes, and now a local lawmaker is proposing a major change to bring some long-term relief.
Illinois Property Tax Prices
Owning a home and paying property taxes sucks wherever you live, but it can be extremely painful for those of us living in Illinois.
Since my husband and I bought our current home in 2021, our mortgage payment has gone up over $600 a month thanks to property tax increases, and if the trend continues, we will be forced to make some tough decisions.
Many other Illinois families are facing the same struggles we are, but new legislation has been filed in Illinois that could provide some relief.
Illinois Property Tax Relief Legislation
State Representative Joe Sosnowski has filed House Bill 4626, legislation that would base a home’s property taxes on its Equalized Assessed Value (EAV) at the time of purchase. Essentially, this means if your home increases in value over time, your property tax bill wouldn’t automatically rise with it…