7% Extended Homeowners Exemption Update

TRAC's POSITION ON THE 7%
The Tax Reform Action Coalition supports the passage of SB2691 because it offers the maximum relief for homeowners. This bill passed the Senate in the spring session.

The House of Representatives voted on a bill in November which was placed on Consideration Postponed for another vote in January. This was not SB2691 (which sits in a Committee in the House). The alternate bill, SB2300 does not have the support of TRAC, and here is why:

SB2691
Increases the maximum 7% Extended Homeowners Exemption from $20,000 to $60,000
Includes a Returning Veterans Exemption for our soldiers in Iraq and Afghanistan

SB2300
Limits the maximum 7% Extended Homeowners Exemption at $20,000
Does not include an exemption for returning veterans

TRAC supports increasing the maximum 7% Extended Homeowners Exemption - also known as the cap on the cap - to $60,000. This is because the current property assessment triennial is much higher (10% increase city wide) than in 2003 when the $20,000 cap provided only a bare minimum of relief.

TRAC encourages you to talk with your State Representative over the coming holidays and let them know how much you need SB2691 to pass. Let them know that increasing the cap on the cap will give you the needed relief to remain in your homes and communities. Let them know how you feel. Wish them a joyful holiday and tell them you are hoping for many more years in your home!

Here is where to find your legislators:
http://www.elections.state.il.us/DistrictLocator/AddressSearch.aspx


HERE IS SOME BACKGROUND:
One TRAC supporter reported that he received an email from his Senator, "Last week, Representatives worked very hard to pass legislation including a 7% cap but it fell short of the three-fifths majority constitutionally required during the fall veto session. However, it did receive a majority of votes, which is all that is required for passage in January…"

What this Senator is not telling you is that they are trying to pass a bill which does not give the full, needed, increased relief from skyrocketing assessments.

Your State Representative must be held accountable for passing the bill with the maximum relief. Too many homeowners will suffer from a watered-down bill.

Watch for the TRAC newsletter with more details on the actions in Springfield, and a calendar of our action plans.

For now, from all of us on the TRAC board, thank you for your hard work this past year. We still have a ways to go, but take some time over the coming weeks to enjoy this wonderful season of giving and hope!

Merry Christmas, Happy Hanukah, and Happy Kwanza!

PS - Feel free to send us your comments at TRAC.president@gmail.com