Due to its poor financial health and lagging economy, Illinois carries unique economic and fiscal risks from a prolonged market downturn or recession. The state must act now to mitigate harm from COVID-19.View Report
While New York lawmakers have agreed to make the state’s 2% temporary limit on property tax levies permanent, Illinois should take reform farther by enacting a freeze on levies and giving local governments the ability to rein in their spending.
The proposal would lower all local governments’ property tax levies by 10 percent and then freeze them in Illinois. Any future increase would require voter approval.
Since 1991, some Illinois counties have traded voters’ ability to influence reductions in property taxes for a statutory limit on their growth. A recent Senate bill, however, would restore voters’ ability to reduce property tax levies through referendums.
Lawmakers concerned with fairness within Illinois’ education system should eliminate discriminatory subsidies.