Despite legislators widely supporting a property tax freeze as part of a possible budget compromise, the economy is doing just fine virtually freezing taxes on its own without any legislative assistance. The Illinois Department of Revenue recently released the extension limitation that will apply to 2016 tax levies: 0.7%.
Based on this number, if an Illinois local government's tax extension for 2015 was $100, the government's taxes for 2016 (excluding taxes from new construction, annexations and expiring TIF increment) would be allowed to increase by $0.70. Combined with the 2015 extension limitation (0.8%), taxes for non-home rule governments are eligible to increase by just 1.5% over two years.
Post Authored by Adam Simon, Ancel Glink