Wednesday, March 13, 2013

Emilio “Emo” Cundari supports Property Tax Relief Measure Legislation which would increase exemption amounts for homeowners, seniors in Cicero

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Emilio “Emo” Cundari supports Property Tax Relief Measure Legislation which would increase exemption amounts for homeowners, seniors in Cicero

Emilio “Emo” Cundari is supporting legislation in the Illinois General Assembly to increase the amount of savings for the Homeowner and Senior Exemptions. The bill is designed to soften the blow caused by the sunset of the 7 Percent Expanded Homeowner Exemption, which was originally designed to provide relief from rising home values before the economic downturn.  

“Although homeowners will continue to automatically receive the benefits of the standard Homeowner Exemption, they will see increases in their bills when the 7 percent savings is gone,” Cundari explained.  “I would like to see an offset to this loss by increasing the savings taxpayers currently receive from the Homeowner and Senior Exemptions.”  

Senate Bill 1894 is being sponsored by Senator Toi Hutchinson (D-40). The bill would then move to the House, where a similar bill (HB2928) is being sponsored by Representative Michael Zalewski (D-23rd), whose district covers the northern half of the Town of Cicero.

Cundari further stated,“I urge the state legislature to pass this bill quickly so that the new exemption amounts can be calculated prior to the mailing of second-installment tax bills.” 

Under the bill, the standard Homeowner Exemption would be increased from $6,000 to $7,000. The Senior Exemption amount would rise from $4,000 to $5,000.  Projections show that these increases in exemption savings may potentially save taxpayers several additional hundreds of dollars on their second-installment tax bills. 

“I believe it is important for the state to keep up with the rising cost of living by increasing tax relief measures for Illinoisans, especially seniors living on fixed incomes,” Representative Zalewski said.  “All seniors who qualify for these exemptions, along with homeowners who continue to feel the effects of a sluggish economy, should take full advantage of these exemptions. 

The sunset of the 7% provision could not come at a worse time for seniors and other vulnerable homeowners.  “This bill will provide much needed relief during these difficult economic times," Senator Hutchison said. 

Homeowners in the north and south suburbs will see the increases in 2014 and 2015 respectively, the year in which the 7 percent provision expires for each particular triennial district. 

“The bill has to be passed by the House and Senate and signed into law by Gov. Pat Quinn by mid-April in order for the savings to be reflected on second-installment bills being mailed this summer.” 

Cundari is urging homeowners to contact their elected state officials to encourage them to vote yes for this important legislation. 

The 7 Percent Expanded Homeowner's Exemption was introduced in 2003 and adopted by the legislature in July 2004.

Contact information for local elected officials may be found at www.ilga.gov. You can also contact Cicero Town Assessor Emilio “Emo” Cundari at 708-656-3600, ext. 224 or 225. 

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