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Illinois: Elderly and the disabled were the only two groups that could qualify for the property tax circuit breaker program in the state of Illinois. The guidelines for eligibility were set by income with $27,610 being the maximum income for a single person household, $36,635 for two people, and $45,657 for three or more people. [5]
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Homeowners who paid Illinois property taxes in 2021 and make under $250,000 as an individual or $500,000 in a joint-filing household are eligible for the property tax rebate.
Sources of funding for the program were not explicitly identified. In both April 2023 and March 2024, Henyard and the township board presented voters with ballot referendums on whether create a 0.15% township property tax that would have been earmarked for mental health services. It was estimated that the tax would generate $3 million annually.
The Illinois Fair Tax was a proposed amendment to the Illinois state constitution that would have effectively changed the state income tax system from a flat tax to a graduated income tax. The proposal, formally titled the "Allow for Graduated Income Tax Amendment", appeared on the ballot in the November 3, 2020 election in Illinois as a ...
A recent report from Moody’s Analytics on the economic state of Chicago and Illinois is sobering and should give pause to progressive politicians determined to find new ways to raise taxes ...
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