New law increases senior homestead exemption and general homestead exemption.
Wednesday, April 24
Gov. Pat Quinn today signed legislation that will reduce property tax bills for seniors across Illinois. Senate Bill 1894 raises the senior homestead exemption from $4,000 to $5,000 – potentially saving seniors up to more than $200 annually. This new exemption for seniors takes effect for Cook County this year. All other counties will benefit from the increase beginning next year. “The new law will reduce property tax bills for seniors across Illinois,” Gov. Quinn said. “This boost in savings will relieve some of the financial burden faced by seniors and working families, and help ensure no one struggles to stay in their home.” Sponsored by Sen. Toi Hutchinson (D-Olympia Fields) and Rep. John Bradley (D-Marion), SB 1894 increases the …
Grayslake village trustees voted unanimously Nov. 6 to draft the village's 2012 tax levy ordinance based on the current levy.
Being debt-free and having a balanced budget means the Village of Grayslake can give taxpayers a small break by freezing the 2013 property tax at the 2012 amount. Trustees voted unanimously at the Nov. 6 board meeting to prepare the 2012 tax levy ordinance based on the levy amount of $2.95 million. This amount represents no increase in dollars received in 2012 from the 2011 levy, said officials. Even though the village only takes a small piece of the property tax pie to begin with, said trustee Bruce Bassett, "This says the village will take no more than the dollars we took last year." Bassett said this represents a permanent savings for taxpayers because next year, the village can only levy at the rate of inflation or up to 5 percent of …