Residents in the state of Illinois could see a major relief in property taxes thanks to a new bill, according to Illinois Policy.
The newly proposed bill, House Bill 4866, was introduced by state Rep. Tim Ozinga, R-Mokena and is setup to reallocate savings from reduced pension payments in the state budget to school districts to bring down local property taxes resulting in 50% property tax relief for Illinoisans.
“This legislation would create the education property tax relief fund,” Ozinga said during a press conference earlier this month, per the report. “This fund would be established by the Illinois State Board of Education and would award property relief grants to qualifying school districts in the state, which is so desperately needed.”
“Relief grants would be allocated on a per pupil basis and the property tax levy would be required to be reduced by the same amount as the grants given by the state once fully implemented.”
Residents in the state of Illionois currently pay the second-highest property taxes in the United States. Two-thirds of every single dollar is allocated to local school districts and Ozinga predicts “some districts would see up to a 50% decrease in their property tax levy.”