(The Center Square) – State legislators are laying out more measures that could impact Illinois taxpayers with families and those paying property taxes.
Illinois is regularly listed as among the states with the highest property taxes. State Reps. Dan Ugaste, R-Geneva, and Tim Ozinga, R-Mokena, discussed their idea found in House Bill 4866 to lower property taxes in the state by increasing state funding for local pensions. During a news conference Wednesday, they welcomed former state Rep. Mark Batinick, R-Plainfield, to explain the proposal he originally offered before he left office.
Batinick said the share of pension costs for the state budget has actually gone down. Several years ago, when the state budget was about $40 billion, pensions cost about $10 billion, or 25% of the budget. For the current fiscal year budget of about $50 billion, about $10 billion is for pensions, or 20% of the budget.
“So that 5% of the budget is what’s been opened up for new savings. There’s a lot of ways you can spend it,” Batinick said. “We contend that one of the best ways to spend it is on property tax relief so that you can heal some of these communities.”
The move of increasing state funding for local pensions could decrease the property tax levy in some areas over time by as much as 50%, Batinick said.
Separately Wednesday, state Sen. Omar Aquino, D-Chicago, said the state-based child tax credit lawmakers are proposing this year will put money back into the pockets of many Illinois families.
“Specifically, it would provide $300 for Illinois families who earn less than the median income,” Aquino said during a news conference. “That might not sound like a lot, but it can make all the difference. That little extra change helps families stay afloat, provide a good education for their children and reinvest that money right back into our local economies.”
Aquino said nearly half of the state’s children would benefit from the measure. The measure is filed in Senate Bill 3329 and in House Bill 4917.
A separate measure from state Sen. Mike Simmons, D-Chicago, would provide up to $700 in a child tax credit.
Legislators return for spring session Thursday.
