Illinois residents will vote on a 3% tax on millionaires in November. The governor says the tax could raise $4.5 billion annually and reduce high property taxes. Illinois property taxes are the second highest in the nation.
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Illinois voters will decide in November whether to impose a special tax on people making more than $1 million. State leaders say this could ease the burden of high property taxes on average residents.
State estimates conducted by Illinois Gov. J.B. Pritzker’s administration found that the new tax, if passed into law, would raise $4.5 billion a year, according to Chicago public radio station WBEZ. Chicago public radio station WBEZ obtained the estimate through a records request.
Illinois’ bill is similar to taxes on the wealthy passed in other states, such as Massachusetts. Massachusetts has approved a 4% tax on earners over $1 million in 2022, which will generate $1.8 billion in revenue in the first three quarters of this fiscal year and It helped cover the cost of free lunch for public school students.
Illinois voters will face a “yes or no” question on their ballots. “Should the Illinois Constitution be amended to create a 3% surcharge on incomes over $1 million to use the funds raised for property tax relief?”
The vote is not binding, but if passed, the bill would send a message to lawmakers urging them to amend the constitution.
Illinois’ property taxes are the second highest in the nation, according to the Tax Foundation, a nonprofit tax policy organization.
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Home prices in Illinois also rose last year, particularly in Cook County, where Chicago is located.
Cook County Treasurer Maria Pappas said in the report that the county’s median tax bill increased by more than 19% over the past year, with the largest increases in 15 south suburban areas where taxes jumped more than 30%.
“Many homeowners will be shocked and angry when they receive their bill,” Pappas said. “Homeowners in the south suburbs already pay some of the highest property taxes in the county, and this tax increase will make it even harder to pay them.”
Former Illinois Gov. Pat Quinn has publicly supported the November ballot measure, arguing it will help the state’s poorest residents.
“It’s hurting a lot of people who are living paycheck to paycheck, and putting a property tax relief referendum on the ballot is the voice of the people and the voice of taxpayers,” Quinn said. told WBEZ. “In doing so, we can win long-overdue reforms and relief.”
