The Pilot Program is set to be operational for state fiscal years commencing on or after July 1, 2023, and up until June 30, 2028. Under this program, the Department of Revenue will determine reimbursements based on a specific formula. It is noteworthy that the total reimbursements available to all qualifying taxing districts will be capped at $15 million annually. This could lead to a situation where if the total applications exceed this cap, individual reimbursements will be proportionately reduced.
Summary
SB2092 introduces a State Property Tax Relief Reimbursement Pilot Program aimed at reimbursing taxing districts for losses in property tax revenue linked to state facilities. This legislation amends the Department of Revenue Law within the Civil Administrative Code of Illinois. It emphasizes the state's commitment to support local governments by compensating them for financial losses that occur due to property tax exemptions provided to state facilities, thereby hoping to stabilize the revenue flow to local jurisdictions over the next few years.
Contention
While the bill is primarily constructive, there remain discussions regarding its implementation and operational efficiency. Critics might argue about the adequacy of the allocated funds and whether $15 million is sufficient to cover the potential losses faced by taxing districts. Furthermore, debates may arise over the fairness in the distribution of available funds among districts and how well the compensation aligns with actual revenue losses experienced.
Proposes constitutional amendment to require State reimbursement to municipalities for total property tax exemption provided to veterans having permanent and total service-connected disabilities.
Proposes constitutional amendment to require State reimbursement to municipalities for total property tax exemption provided to veterans having permanent and total service-connected disabilities.
Proposes constitutional amendment to provide property tax exemption of 50 percent of assessed value for primary residence of police officer or firefighter who suffers a line of duty injury that qualifies for accidental disability pension.