Illinois House Republican Leader Jim Durkin introduced new legislation today that will sunset Illinois’ property tax code to force the General Assembly to reform the broken system.
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.
“It is plain and simple: the property tax system in Illinois is a failure, and it is time to start over,” Durkin said. “By setting a firm deadline for the General Assembly, it will force the legislature to come together in a bipartisan manner to find a compromise solution that will remedy this crisis and help bring Illinois back.”
A recent report from Attom Data Solutions shows Illinois with the second highest property taxes in the nation. Additionally, a Smart Asset report shows the statewide average effective tax rate in Illinois is 2.32 percent, almost double than the national average. A Chicago Tribune investigation earlier this year showed that the property tax system is so unfair in Cook County that taxpayers pay more if their house is worth less depending on where they live, unfairly targeting minority communities.
“We have seen both parties come together to work on accomplishing two very important issues this last year: a new education funding reform formula and a balanced budget with no new taxes,” Durkin said. “Now that bipartisanship in Illinois has a chance at working again, we must come together diligently and find a solution to this problem that is bankrupting Illinois taxpayers, crushing home values and stifling job growth throughout the state.”