SPRINGFIELD — Under a new measure proposed by State Senator Robert Martwick, the property tax system in Illinois would face review by the Department of Revenue.
“Clearly, the property tax system across the entirety of the state of Illinois is in need of reform,” said Martwick (D-Chicago). “This study will help us identify fair and equitable reforms that will give property tax payers across the state a greater sense of certainty about their property tax burden.”
Martwick’s measure would commission the Department of Revenue, in consultation with the Department of Commerce and Economic Opportunity, to conduct a comprehensive study evaluating the entire property tax system in the state. During the study, IDOR would examine whether the existing property tax levy, assessment, appeal and collection process is reasonable and fair, and issue recommendations for improvement.
Illinois has one of the highest effective property tax rates in the nation according to a study by the Tax Foundation. In calendar year 2021, Illinois ranked second behind New Jersey, with 2.08% and 2.23% effective property tax rates, respectively. The national average is just over 1%.
“I look forward to working closely with taxpayers, tax policy advocates and the business community,” Martwick said. “I also intend to collaborate with Cook County, as they continue to do the work related specifically to their unique tax system.”
Senate Bill 3455 passed the Senate Revenue Committee Wednesday. It now goes to the full Senate for further deliberation.
