SPRINGFIELD, Ill. (WAND) — Illinois has one of the highest and most burdensome property tax bills in the country. Many hope a new law requiring an independent study of Illinois property taxes can lead to solutions for the broken system.
State and local leaders have previously created commissions and task forces to study property taxes, but those groups failed to appropriately study the issue.
First-time and second chance home buyers would be able to receive a tax credit if they open special savings accounts to buy homes in the future.
While some believe the new law could lead to actual property tax reform, local Republican lawmakers are throwing cold water on the idea.
"This isn't rocket science. We're not trying to put a man on the moon here," said Rep. Brad Halbrook (R-Shelbyville). "We know property taxes are too high. You can probably pull 10 people in and by tomorrow morning have an answer to what needs to be done here to reform this system. And yet, we want to do another bill that will do nothing and go nowhere."
The law will allow the Illinois Department of Revenue and Department of Commerce and Economic Opportunity to evaluate the fairness of property taxes across the levy, assessment, appeal and collection process.
"Through this legislation, we are going to be able to take the time to examine assessment practices, valuation methodologies and relief mechanisms that will help enhance accountability and reduce disparities," said Sen. Robert Martwick (D-Chicago). "By evaluating the property tax system, we can ensure future reforms prioritize homeowners, especially middle and low-income households that disproportionately pay more."Â
The new law takes effect January 1.
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