BLOOMINGTON, Ill. (WGLT) — As voters start to consider whether to replace Illinois’ flat income tax with a progressive-rate model, lawmakers are starting their work to overhaul the state’s property tax system too.
The Property Tax Relief Task Force recently begin its work, setting up seven subcommittees that will tackle thorny topics like school and economic disparities, school funding, and tax-increment financing (TIF) districts. State Rep. Dan Brady, R-Bloomington, is one of over 80 task force members.
The task force was created this year after lawmakers agreed to ask voters, in 2020, whether they want to ditch Illinois’ flat income tax and move to a graduated or progressive rate structure. Some see that as an opportunity to reduce the property tax burden facing home and property owners.
Brady said the goal is to find solutions that stabilize, reduce, and simplify property taxes will still providing services. School funding is a key challenge, he said, because districts rely so heavily on property-tax dollars. The owner of an average $162,000 home in Normal pays around $4,300 in property taxes, with 60% going to Unit 5 school district.
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