There are efforts at the State capitol to double a property tax break for Illinois homeowners.
The push comes from Chicago’s mayor and would double the homestead exemption across the state. For homeowners, it would increase their deduction for taxes they pay on their residence.
It comes at a time when Gov. Bruce Rauner calls for a property tax freeze.
Mike Klemens is a consultant who does research for a taxpayer interest group. He says property taxes got a lot of attention in Illinois in the ‘80s and ‘90s … but not so much lately.
“We've had a lot of focus the last four or five years on the income taxes with the temporary rate increase,” Klemens said. “...the tax that is high in Illinois is the property tax.”
Homeowners in communities where there is a significant mix of residential and commercial property tend to benefit the most from an increase in the homestead exemption.
