The state of Illinois has the second highest property taxes in the nation. Illinois has 6,918 local units of government as of the latest Census Bureau data, more than any state in the nation. Redundant government entities and a flawed assessment model contribute disproportionately high property taxes. The Small Business Advocacy proposes the following reforms to help stabilize property taxes in the State of Illinois.
School District Consolidation
Reduce the number of school districts to reduce property taxes. The SBAC is advocating for the creation of a twenty-person nonpartisan task force to make recommendations on school district consolidation throughout Illinois. Taxpayers will then be given the opportunity to vote on the recommendations issued by the taskforce, leaving the decision-making power in the hands of local communities.
Reduce the number of government entities to reduce property taxes. The SBAC is advocating for the creation of a twenty-person nonpartisan task force to make recommendations on government consolidation throughout Illinois. Taxpayers will then be given the opportunity to vote on the recommendations issued by the task force, leaving the decision-making power in the hands of local communities.
Change in Assessment Formula
Establishing a base value system for property where the taxes paid by a homeowner or business is set at the time of a purchase or fair-market transfer of the property. The base value of a property would be: (a) reset each time the property is sold/transferred (based on the sale/transfer price); and (b) increased based on improvements made to the property by an amount equal to the lesser of the actual cost of the improvements and the estimated increase in value resulting from the improvements. The percentage increase in property values per reassessment will be determined on a county-wide basis (based on changed to the values of the properties within the county as a whole) rather than on an individual property basis and will be capped 5% or the total inflation percentage from the last reassessment year. The property assessment appeal process would remain largely unchanged but limited to inaccuracies in one or more of the included components only (e.g., a claimed error in the “base value” or some addition thereto). To offset some of the potential tax loss caused by the above modifications, a 1% transfer tax on the sale of properties would be implemented with .5% going to local municipalities wherein the transfer took place and .5% going to local school districts
IL – Many small and local businesses were devastated by the pandemic but only 20% of applicants received Illinois Business Interruption Grants. Watch coverage of SBAC President Elliot Richardson testifying before the Illinois Senate Commerce Commission about the need for an improved and more inclusive process in the future. Please translate this page to…
QUICK FACT SHEET RECOMMENDATION FOR LEGISLATION Illinois has failed many Black and/or African American owned businesses because they have been unable to procure their fair share of government contracts or receive a fair share of the revenue associated with government contracts. This proposed legislation makes the reforms necessary to ensure that Black and/or African American…
SUMMARY The Federal Reserve established the Main Street Lending Program (the “Program“) to help aid small and medium-sized for-profit businesses and nonprofit organizations who were in sound financial condition before the onset of the COVID-19 pandemic and who were unable to get aid under any of the other COVID-19 related relief programs (e.g. under…
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