Illinois lawmakers seek to cap property tax increases
Three bills filed in the Illinois General Assembly would change how fast property taxes can increase for homeowners, including seniors, beginning as early as the 2026 tax year.
Lawmakers are working to work to address a recent U.S. Supreme Court ruling that limits how much equity governments can take when a homeowner loses a property to unpaid taxes.
A proposed millionaire tax in Illinois is facing significant opposition from state Republicans. The tax, which would impose a 3-% surcharge on annual incomes over one million dollars, aims to offer property tax relief, but has yet to see a specific bill introduced in the legislature.