From WIFR:
SPRINGFIELD, Ill. (WIFR) – A bill proposed by Rockford-area State Rep. Joe Sosnowski would change how property taxes are determined as a way to stop large tax increases for homeowners.
House Bill 4626 would base property taxes on the equalized assessed value or EAV of a home the year it is purchased. The cost would not go up for property tax assessments for as long as someone owns their home.
Sosnowski says the bill would offer more cost-certainty for homeowners and make housing more affordable for first-time homebuyers, working families and seniors on fixed incomes…
Read the full article online from WIFR.