The Chicago Association of REALTORS®, the “Voice for Real Estate” in Chicago since 1883, represents over 17,000 members from all real estate specialties including commercial sales, development, property management, appraisal, auctions and residential sales.
On February 2, 2022, Governor JB Pritzker gave his budget address for Fiscal Year 2023. The Governor presented a budget of $45 billion. One of the provisions within the budget that affects our industry is a proposal to offer a property tax rebate.
The governor stated:
“Finally, local property taxes have long been an unsustainable burden for homeowners across Illinois. Local governments, who impose property taxes, have received an unprecedented influx of cash from the federal government in the last year, and an additional $1.1 billion in annual support due to actions taken by the state. It’s time for every local taxing district to take a long hard look at reducing the burden of high property taxes they impose on their local residents. “At the state level, we can also take action. I propose immediate property tax relief funded by the state surplus. If we double the property tax deduction for Illinois homeowners, we can bring relief to nearly 2 million Illinois taxpayers.”
This plan offers $475 million in property tax rebates. It is estimated that this relief will be a rebate up to $300 for residential owners who qualify for the Illinois Property Tax Credit. This is one of a series of reliefs to assist taxpayers with rising inflation. Another initiative delays a hike in the gas tax.
The presented budget is rarely enacted without amendment(s). When the General Assembly convenes, adding or subtracting from various departments’ budgets will be one of the larger undertakings during this abbreviated General Assembly. By Constitutional rule, the General Assembly has until May 31st to adjourn. Due to the Illinois primary in June, the General Assembly is opting to end the session on April 8.
As the legislative session proceeds, more updates will be offered.