SPRINGFIELD, Ill. (CBS) — An Illinois House member says it’s not fair that property taxes go up when home values are plummeting.
As WBBM Newsradio’s David Roe reports, state Rep. Jack Franks (D-Woodstock) is sponsoring a bill that would stop local government bodies, such as school districts, from seeking property tax hikes when home values drop, the Daily Herald reported.
LISTEN: WBBM Newsradio’s David Roe reports
Franks’ bill seeks to supplant a law dating from the 1990s, which caps how much more tax money school districts, villages and other taxing bodies can request, the Daily Herald reported.
The purpose of the existing law is to prevent tax bills from spiking in one year, the newspaper reported.
But Franks tells the Daily Herald that when home prices drop significantly, taxing bodies should be forbidden from asking for more.