Rep. McDermed Supports Sunset for Property Taxes
Springfield, IL…. State Representative Margo McDermed (R-Mokena) joined other Republicans this week in filing legislation to compel real property tax system changes from the Illinois General Assembly by instating a sunset for Illinois’ property tax code.
House Bill 5924 creates a deadline of July 1, 2019 for the General Assembly to create a new property tax code that is fair and equitable throughout the entire state of Illinois. If the General Assembly fails to address this by the deadline, the current Illinois property tax code will be immediately removed from state law.
“Property taxes are the most frequently cited reason my constituents have for leaving Illinois,” Rep. McDermed said. “We need to start from scratch and reset the property tax code so that it is fair and isn’t forcing struggling families to flee Illinois.”
Illinois already has the highest effective state and local tax burden in the nation, according to a report by WalletHub. Yet again this year WalletHub ranked Illinois as having the 2nd highest property taxes in the nation and while the Census Bureau reports that the average American household spends $2,197 on property taxes annually, WalletHub reports that in Illinois it’s $4,058 per average household. This burden is often cited as the reason many residents are leaving. The state’s population declined by an estimated 33,700 in 2017, the greatest population loss of any state, and the fourth year in a row that Illinois’ population dropped. Illinois lost the title of 5th largest state to Pennsylvania and will likely lose a congressional seat when the census is taken in 2020.
“For many working families and seniors on fixed incomes, Illinois’ outsized property tax burden has made it increasingly difficult to afford to stay in their homes, especially as home values have stagnated,” Rep. McDermed continued. “Unfortunately, the General Assembly only ever seems to tackle the necessary issues if a crisis is forced upon it. A sunset is necessary to create the impetus for a bipartisan comprehensive solution to Illinois broken property tax system.”
HB 5924 was filed with the House Clerk by House Republican Leader Jim Durkin (R-Western Springs).
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