Legislation would reduce property taxes in Illinois
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This week, Senate Republicans continued their call to advance legislation that would reduce property taxes in Illinois, while also encouraging residents to honor those veterans who have served our country.
Property tax burden
Allowing voters in counties under the Property Tax Extension Limitation Law (PTELL), the state’s property tax cap law, the ability to reduce their property taxes via referendum is the aim of a measure (Senate Bill 2670) stalled in the Illinois Senate. Illinois residents are already over-taxed and paying some of the highest property taxes in the nation. Senate Republicans believe a hearing is necessary so we can begin providing the tax relief our residents deserve and are demanding.
PTELL was put into place in 1990. It first applied to the suburban Chicago counties and slowly expanded over the years. Currently Cook and the collar counties are subject to PTELL limitations as well as about forty percent of other counties across the state.