State lawmakers file circuit breaker-style property tax relief bill for homeowners
If passed, the Circuit Breaker Property Tax Relief Act would provide credits to homeowners who have seen 25 percent increases or more in their bills.
State lawmakers representing parts of the south suburbs filed a bill to fund property tax relief for struggling homeowners.
The Circuit Breaker Property Tax Relief Act, co-sponsored by Sen. Patrick Joyce (D-40) and Rep. Justin Slaughter (D-27), would provide assistance to homeowners who have seen 25 percent or more increases in their bills, dating back to 2021.
If passed, homeowners would have to apply for a General Homestead exemption and meet income eligibility requirements. Credits would be applied directly to the tax bill, covering up to half of their tax bill increase.
Last year, median residential bills in the south suburbs surged 20 percent, according to a report from the Cook County Treasurer’s Office.
“It’s critically important that our working families and seniors on the South Side of Chicago and in Cook County’s south suburbs receive important financial relief from rising property taxes and costs of living,” said Rep. Slaughter in a statement.
“With this bill, I hope we can start to move toward a property tax system that’s fair for all, one that doesn’t leave working-class families and senior citizens scraping together enough money for property taxes twice a year,” said Cook County Assessor Fritz Kaegi, who previously vocalized support for a circuit breaker-style program, in a statement.
The cost would be an estimated $200 million, Kaegi previously said.
The legislation was filed as the deadline for the first installment of tax bills quickly approaches, due by March 4.
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“Circuit breaker” program aims to provide tax relief for property owners
Cook County Assessor Fritz Kaegi is urging state lawmakers to fund a $200 million program to help taxpayers who’ve experienced spikes of 25 percent or more in their bills.
