Contact: Representative Angelo "Skip" Saviano (708)453-7547


 08/10/2007
Saviano, House Approve Property Tax Relief Bill

Springfield, IL - State Representative Angelo "Skip" Saviano (R-River Grove) and the Illinois House, today approved legislation that provides financial relief to Cook County homeowners through a tax cap extension and a variety of exemptions.

"My office has received numerous phone calls from homeowners, especially senior citizens, worried about rising assessment levels on their homes. This bill offers a variety of exemptions that I hope residents of my district and around the state will take advantage of," Saviano said.

The tax cap was originally approved in 2004, however, it was temporary and recently expired. Without the extension, Cook County homeowners faced anywhere from an 11-percent to a 24-percent increase in their property taxes.

House Bill 664 extends the 7-percent assessment cap on residential property for three more years and provides a number of exemptions for seniors, long-time homeowners, the disabled and spouses of fallen emergency workers.

House Bill 664 also:
  • Provides an additional exemption to the assessment cap for only the 2006 tax year if the assessed value of the residential homeowner's property increased by 100 percent or more during the last two assessment cycles.
  • HB 664 also increases the General Homestead Exemption by $500.
  • Creates a long-term exemption for those who have owned their home for more than 10 years and have a household income of less than $100,000.
  • Offers relief to senior citizens with an increase of $1,000 for the Circuit Breaker Income liability and a $500 increase of the Senior Homestead Exemption.
  • Grants full assessment freeze benefits through the Senior Citizen Assessment Freeze Homestead Exemption. The freeze will increase by $10,000 for the next two years.
  • Creates new tax exemptions for the disabled; returning and disabled veterans; and creates tax relief for spouses of fallen police officers, firefighters and EMTs.