What You Should Know About the Illinois Senate's Property Tax Freeze Proposal

(Editor’s Note: This article is part of an occasional series delving into the details and possible effects of the Illinois Senate’s “Grand Bargain” compromise. Click here to read an overview of the bargain and series. A breakdown of proposed tax increases can be found here. A look at a school funding formula framework is here.)

Since Gov. Bruce Rauner first began running for office, he and state lawmakers have been debating the notion of a property tax freeze to provide relief to overburdened home and property owners even as the state’s debt grows like a mushroom cloud.

A property tax freeze now is among the components of the so-called “grand bargain” of about a dozen bills offered as a compromise and solution to the state’s fiscal morass by Democratic Illinois Senate President John Cullerton and Senate Republican Leader Christine Radogno. Specifically, Senate Bill 13 is sponsored by Radogno of suburban Lemont.

Though it calls for all taxing bodies that collect property taxes to levy 0 percent in 2017 and 2018, a tax expert warns homeowners they shouldn’t expect their property tax bills to remain flat...

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