One of the most frustrating and legitimate complaints that constituents share with me is â€œHow can my property taxes increase, or even stay the same, when the value of my property has dramatically decreased?â€
One of the reasons for this abnormality is that foreclosures and short sales are not included by law by assessors in a regionâ€™s allocation of the local tax burden. This is obviously an inaccurate reflection of property value, especially in the most devastated areas.
I sponsored SB3334, which passed the Senate and House without a single â€œNoâ€ vote against it, and the governor signed it into law. This law requires local assessors to include short sales and foreclosures in their comparables to come to a more fair, complete, and lower property valuation.
I appreciate the Illinois Realtor Associationâ€™s legislative help in getting this correction made.
Before we go out to celebrate, we should keep in mind that it is the spending levy issued by local taxing agencies that, in total, determine the amount of our property tax bills. Until state, federal and local governments spend less, we the taxpayers will pay more.
Senator Chris Lauzen