What Illinois Voters Need to Know About How 'Millionaire Tax' Will Lead to Property Tax Relief

Proposed amendment could provide $4.5B in relief to middle-class homeowners

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ILLINOIS - Illinois residents will soon cast their votes on a proposed "millionaire tax" that aims to ease the burden of property taxes for middle-class homeowners. Former Governor Pat Quinn is leading the charge for an amendment that would establish a property tax relief fund, with funding sourced from a 3% surcharge on the annual income of millionaires.

If passed, the measure is projected to generate approximately $4.5 billion in property tax relief, which could be a significant boost for Illinois families struggling to keep up with rising property costs. "People living paycheck to paycheck, people living in a house and not wanting that property tax bill to drive them out," Quinn said. "Home ownership is important in Illinois, and we’ve got to do something at the ballot box to straighten things out."

Despite the potential benefits for homeowners, the proposal has sparked strong opposition from some quarters. Critics argue that imposing a higher tax on millionaires could drive away entrepreneurs and businesses. Rep. Martin McLaughlin (R-Barrington Hills) voiced his concern: "All it’s really going to do in the long term is push future employers out of the state... It’s a success tax."

The amendment will be on the November 5th general election ballot, giving voters the opportunity to decide whether this tax strategy is the solution to Illinois' property tax woes.