Illinois lawmakers weigh options to change rising property tax structure

(The Center Square) – Republican state Rep. Joe Sosnowski has filed legislation he hopes will make life easier on Illinois residents now facing some of the highest property taxes in the country.

With the issue of affordability being a critical one across much of the nation, Sosnowski recently filed House Bill 4626, which seeks to cap rising property taxes by basing costs on the equalized assessed value of a home in the year that it was bought.

Final assessment costs would then not increase for as long as the person owns their home, with the goal being to make housing more attractive and affordable for first-time buyers, working families and fixed income seniors.

“We’re not growing, and one of the biggest problems is we have the highest property tax rate and the highest overall combined tax rate of any of the 50 states,” Sosnowski told The Center Square. “This legislation would be an immediate help to homeowners. It allows people to have an investment that grows, simila...