Tax abatement transparency bill gains unanimous Senate approval
Homeowners who get a break on their property taxes will see it listed on their bills for the first time soon if SB1072 passes the House and gets Gov. Bruce Rauner's OK as quickly as it sailed through the Senate.
Sen. Dan McConchie's (R-Hawthorn Woods) property tax transparency bill got unanimous approval from the Senate and is now under review by the House Rules Committee.
Under current law, property tax bills do not have to show reductions, or abatements, that can be given by local taxing bodies. McConchie's bill would change that, requiring an itemized statement showing the total amount of taxes that could have been charged, minus any abatement(s) and the final amount that is due.
“Not only does this bill provide much-warranted transparency to taxpayers, but it also gives local governments more of an incentive to provide property tax reductions,” McConchie said. “It allows taxpayers to see when a school district or another taxing entity reduces their taxes for that year. For example, if a school district has a surplus of funds and doesn’t need to collect the full amount of taxes for that year, that school district can decide to reduce taxes. Under this proposal, taxpayers would clearly see which units of government are returning their hard earned money.”