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1. www.nprillinois.org › illinois › 2024/09/26Illinois voters will consider whether millionaires should be ...

   www.nprillinois.org › illinois › 2024/09/26

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   Sep 26, 2024 · “Illinois has the second highest property taxes in the country. It’s hammering a lot of folks who live from paycheck to paycheck, and getting a property tax relief referendum on the ballot is the voice of the people and the voice of the taxpayers,” he said. “That’s the way you win reforms and relief that are long overdue.”

2. www.chicagobusiness.com › equity › property-taxProperty tax reform measure on ballot Nov. 5: Opinion | Crain ...

   www.chicagobusiness.com › equity › property-tax

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   Sep 9, 2024 · Illinois has the second-highest property taxes in the nation. The typical Illinois homeowner paid about $5,055 in property taxes in 2022, more than double the typical American homeowner’s bill ...

3. www.illinoistimes.com › news-opinion › vote-yes-forVote yes for property tax relief | Opinion | Illinois Times

   www.illinoistimes.com › news-opinion › vote-yes-for

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   2 days ago · As a result, Illinois' excessive reliance on property taxes makes our tax code one of the 10 most unfair codes in the country. It's time for Illinois' 3,077,768 residential property taxpayers to take charge and reform our state's upside-down tax code to give guaranteed annual property tax relief to millions of Illinoisans who are struggling to stay in their houses.

4. Videos

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     Illinois property tax hikes influenced by government debt on your property | ABC7 Chicago

     Jun 8, 2021

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     New Illinois laws: Illinois property owners to pay for governments' taxation errors, law signed by Governor JB Pritzker says

     Dec 30, 2022

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     Illinois to begin sending out property tax and income tax rebates

     Sep 12, 2022

     4.6K Views

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5. www.pjstar.com › story › newsWill Illinois residents ever get property tax relief? Here's ...

   www.pjstar.com › story › news

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   Oct 9, 2024 · "I feel that 10 years later, there's still a need for property tax relief," Quinn said. "We have to identify the specific funding source for property tax relief and this proposed referendum does that.

6. www.illinoispolicy.org › reports › two-thingsTwo things Illinois homeowners should know about the property ...

   www.illinoispolicy.org › reports › two-things

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   Illinois should switch to a full market value assessment system to reduce complexity and make property tax bills easier to read. In Illinois, property is fully evaluated for property tax purposes ...

7. www.chicagotribune.com › 2024/07/11 › opinionWillie Wilson: Broken promises on property tax relief equal ...

   www.chicagotribune.com › 2024/07/11 › opinion

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   Jul 11, 2024 · Our Illinois legislators voted themselves consecutive pay raises totaling a 22% bump in their salaries since January 2023 — but have consistently failed to fix the unfair property tax system.

8. People also ask

   Why is Illinois' property tax assessment system so unfair?

   • Inaccuracy and unfairness in the property tax assessment process mean some homeowners, especially those in poorer areas, pay a disproportionate share of the overall tax burden. Here are two features of Illinois’ property tax assessment system that make the property tax process more complicated, less transparent and less fair than it should be.

   Two things Illinois homeowners should know about the property tax

   www.illinoispolicy.org/reports/two-things-illinois-homeowners-should-know-about-the-property-tax-assessment/

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   Should Illinois assess property more often?

   • Illinois should assess property more frequently and use only the previous year’s sales data in the assessment process to provide more up-to-date, accurate property values. Inaccuracy and unfairness in the property tax assessment process mean some homeowners, especially those in poorer areas, pay a disproportionate share of the overall tax burden.

   Two things Illinois homeowners should know about the property tax

   www.illinoispolicy.org/reports/two-things-illinois-homeowners-should-know-about-the-property-tax-assessment/

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   How does Illinois equalize property tax assessments?

   • The Illinois Department of Revenue is required by the Property Tax Code to equalize the property tax assessments among the State’s 102 counties such that the aggregate assessed value of a county represents 33 1/3 % of the fair cash value of all the locally assessed property (with a few unique exceptions such as certain farmland).

   Illinois Department of Revenue Releases Tentative 2020

   www.franczek.com/blog/illinois-department-of-revenue-releases-tentative-2020-cook-county-equalization-factor/

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   Should Illinois switch to a full market value assessment system?

   • Fractional assessment is also one more unnecessary step that assessors need to take when arriving at the value of your property; it can introduce errors into calculations. Illinois should switch to a full market value assessment system to reduce complexity and make property tax bills easier to read.

   Two things Illinois homeowners should know about the property tax

   www.illinoispolicy.org/reports/two-things-illinois-homeowners-should-know-about-the-property-tax-assessment/

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   How does a property tax assessment work in Illinois?

   • In Illinois, counties are required to “equalize” property tax assessments so that the median level of assessment is at 33% of fair market value. If the average sales price in the overall market is either higher or lower than 33% of assessed values, the prior assessed values will be increased or decreased by a factor that corrects this.

   What Is Equalized Assessed Value (EAV)? | Kensington Research

   kensington-research.com/cook-county-chicago-property-tax-appeal-service/equalized-assessed-value-eav/

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   What is a “fractional assessment” in Illinois?

   • Illinois’ system of “fractional assessments” makes your property tax bill harder to read, can conceal too-high assessments and makes calculation errors more likely. In all other counties, all nonfarm property is assessed at 33 ⅟3 % of its fair market value.

   Two things Illinois homeowners should know about the property tax

   www.illinoispolicy.org/reports/two-things-illinois-homeowners-should-know-about-the-property-tax-assessment/

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9. news.bloombergtax.com › daily-tax-report-stateIllinois Agencies Set to Examine 'Broken' Property Tax System

   news.bloombergtax.com › daily-tax-report-state

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   May 21, 2024 · Lawmakers approved SB 3455, requiring the Department of Revenue and the Department of Economic Development and Opportunity to conduct a comprehensive review that will consider “whether the existing property tax levy, assessment, appeal, and collection process is reasonable and fair.” The bill passed the House Monday by a vote of 94-14.