(The Center Square) – Illinois voters have a non-binding question on the November ballot about taxing millionaires more to fund a property tax relief fund.
Behind only New Jersey, Illinois has the second-highest property taxes in the nation, according to the Tax Foundation, WalletHub and ATTOM Data Solutions.
Cook County Board of Review Commissioner George Cardenas testified at a recent Illinois House hearing that property taxes in some areas of the south suburbs doubled.
“And as you know these increases hit communities of color especially hard,” Cardenas told the Illinois House Revenue and Finance Committee Thursday. “Hispanic and African American families are facing unbearable tax burdens.”
Asked about cutting spending, Cardenas said governments must recognize taxpayers “can’t afford the entire cake” of increased government spending.
“Understandably it’s going to put pressure on the budget, on the state budget, understandably, yes, and understandably there’s a pressure on the homeowner that they just can’t do it anymore,” Cardenas said.
Cook County Assessor Fritz Kaegi also acknowledged taxpayers are increasingly frustrated.
“When they learn about how the tax system works, they also immediately start talking about their local school district and how their school superintendents are paid $300,000 or more,” Kaegi told the committee.
Some advocate for a surcharge on millionaires to raise revenue for property tax relief. Such an advisory question is on the Nov. 5 ballot.
“Should the Illinois Constitution be amended to create an additional 3% tax on income greater than $1,000,000 for the purpose of dedicating funds raised to property tax relief?” the ballot question says, asking “YES” or “NO.”
Former Illinois Gov. Pat Quinn testified before the committee Thursday how much he’s gathered such a move could bring.
“So that 77,323 millionaires, if they had to pay 3% more, would generate $4.5 billion,” Quinn said.
After the non-binding question was approved for the ballot in the Illinois House in May, state Rep. Blaine Wilhour, R-Beecher City, said there are other ways to get property tax relief that Democrats in the supermajority ignore.
“We got scores of bills out there that would significantly lower property taxes, properly fund education and take care of the things that we think is important in this state,” Wilhour said. “But we need the Democrats to stop playing games about it. Come to the table. Talk to us. We can get this done.”
Asked about the advisory question for the millionaire surcharge Thursday, Gov. J.B. Pritzker said “it might be one that’s popular among people.”
“But as far as I’m concerned, the graduated income tax is the way to go,” Pritzker said at an unrelated news conference.
In 2020, voters rejected a binding constitutional amendment to change Illinois’ flat income tax to one with higher rates for higher earners. Years before that, a proposal from former Illinois House Speaker Michael Madigan, D-Chicago, to add a 3% tax on income over $1 million failed to advance.
