Walker Passes Legislation Allowing for Decreases in Property Taxes
SPRINGFIELD, Ill. – State Rep. Mark Walker, D-Arlington Heights, recently passed legislation that allows for property tax savings by removing unintended incentives for local taxing districts to charge taxpayers the maximum amount possible without referendum.
“While the state does not levy property taxes, the General Assembly can influence ways they’re calculated to bring savings to taxpayers,” Walker said. “My bill presents an opportunity to lower taxes without harming our schools and other districts. By giving districts more flexibility in calculating their levy, we remove their current incentive to tax to the max every year.”
Currently under the Property Tax Extension Limitation Law (PTELL), any taxes not levied in one year cannot be used in calculating next year’s tax levy, creating the incentive for districts to tax the max every year, even if they don’t need the extra funds. Walker’s House Bill 448 would amend PTELL to allow school, library, park, and community college districts to lower taxes and later return to the tax rates they may need for the future. Any taxes saved will be kept by the taxpayers.
“The number one concern I hear from constituents is to address high property taxes,” Walker added. “I’m happy to say we’re doing just that. While my bill is a first step toward more reforms, it is a substantial step toward lowering property taxes.”
House Bill 448 recently passed the House of Representatives on a bipartisan vote and is currently being considered by the Senate.