Should Illinois millionaires pay extra tax to fund a property tax relief fund?

SPRINGFIELD, Ill. (WTVO) — Voters in Illinois will get a chance to decide whether Illinois millionaires should pay an additional tax to fund a statewide property tax relief fund.

Former Illinois Gov. Pat Quinn kicked off a campaign Thursday to pass the Illinois Property Tax Relief Amendment referendum, a measure that would establish a dedicated property tax relief fund by requiring the state’s millionaires to pay a 3% surcharge on their annual income tax returns.

Quinn said the current property tax system is unfair to people who live paycheck to paycheck.

“The Illinois Property Tax Relief Amendment Referendum offers a once-in-a-generation opportunity for Illinois voters to reform an unfair upside-down tax code and give significant annual property tax relief to millions of Illinoisans who urgently need help,” he said.

Quinn said the 3% surcharge on millionaire income would fund at least $1.5 billion in annual property tax relief funds.

Critics of the plan say the policy will deter capital and entrepreneurs from coming to the state.

As Governor, Quinn previously advocated for a 3% millionaire tax to fund education.

Illinois residents currently pay the highest percentage of property taxes in the United States , behind New Jersey.

For the latest news, weather, sports, and streaming video, head to MyStateline | WTVO News, Weather and Sports.