
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.
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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