Lake County taxpayers could see significant property tax relief thanks to legislation that passed through the House on Thursday sponsored by state Rep. Sam Yingling (D-Grayslake).
“I have fought to deliver real property tax relief for hard-working families and this property tax relief package moves the ball further down the field than ever before,” Yingling said. “I remain committed to seeing this legislation signed into law so middle class families and seniors can open their mailboxes, pull out their bill, and actually see a reduction in their property taxes.”
If a home is appraised at $100,000, and a home qualifies for a $25,000 exemption, the homeowner will only pay taxes on the home as if it was worth $75,000.
Yingling is sponsoring House Bill 156, a comprehensive property tax relief bill that benefits all homeowners, especially seniors and disabled veterans. House Bill 156 first increases the homestead exemption for all homeowners by up to 25 percent. A homestead exemption removes part of a home’s value from taxation. For example, if a home is appraised at $100,000, and a home qualifies for a $25,000 exemption, the homeowner will only pay taxes on the home as if it was worth $75,000.
House Bill 156 also increases the maximum Senior Homestead Exemption by up to 20% and additionally expands the criteria for which disabled persons could qualify for tax relief in relation to their income and percent of disability.
“Property taxes cannot continue to rise – it is simply unsustainable,” Yingling said. “I will continue to put the needs of the people I serve over politicians special interests who are so removed that they do not see how raising property taxes hurts working families and seniors.”
House Bill 156 passed the House with broad bipartisan support and now moves to the Senate where it awaits further action.