Statement from Assessor Fritz Kaegi on the Illinois Property Tax Credit increase
This will provide much needed support for struggling homeowners
The following is a statement from Cook County Assessor Fritz Kaegi on Governor J.B. Pritzker’s plan to increase the Illinois Property Tax Credit rebate for homeowners making less than $250,000 a year (or households making less than $500,000). Under the current law, “the Illinois Property Tax Credit is a credit on your individual income tax return equal to 5 percent of Illinois Property Tax (real estate tax) you paid on your principal residence.” The Governor’s budget plan would double this amount.
“I support the Governor’s effort to increase the Illinois Property Tax Credit. This will provide much-needed support for struggling homeowners. It’s an important step on the path to a fairer, more equitable property tax system, and is particularly crucial as we recover from the economic impacts of COVID on working families.”