McSweeney introduces bill aimed at reducing state property tax levies
State Rep. David McSweeney (R-Barrington Hills) is pushing legislation that would lower state property tax levies by as much as 10 percent.
“We have to do more than just stop property taxes from increasing—we must find ways to lower the property tax burden in Illinois,” McSweeney said in a press release that also highlighted the fact that the state now has the second-highest property tax rates in the country.
The veteran lawmaker’s answer is House Bill 320, which seeks to reduce property tax rates by 5 percent over each of the next two years. After that, rates would be permanently frozen, to budge only upon referendum approval from voters.
“We know property taxes in Illinois are too high,” McSweeney added. “We know that people are leaving Illinois in droves in large part because the taxes are too high. Illinois lost nearly 45,000 people net last year alone. The longer we delay action on solving the property tax issue in Illinois, the more people are going to leave.”
HB 320 is now awaiting assignment to a House Committee.