Coffey Co-Sponsors Legislation to Reduce Property Tax Burdens

In response to what he calls a “rising crisis” of property taxes in Illinois, Representative Mike Coffey has co-sponsored a series of bills designed to cap assessments, expand senior relief, and limit year-to-year increases on property tax bills. Coffey said that the growing financial pressures on homeowners and businesses are driving families out of the state, and that the legislature must act now to provide meaningful relief.

Among the proposed measures, House Bill 1496 would cap annual increases in property valuations for residential properties during general assessment years, ensuring that assessments do not exceed 101 percent of the previous year’s value. This, Coffey says, would help homeowners better anticipate and manage yearly tax obligations.

House Bill 3580 and House Bill 1746 both focus on expanding tax exemptions for Illinois homeowners. HB 3580 would raise the maximum income limit for the senior citizens assessment-freeze homestead exemption to $75,000 starting in tax year 2026, allowing more older residents to qualify. HB 1746 would increase the general homestead exemption’s income limit to $80,000 beginning the same year, further extending relief to middle-income homeowners.

Finally, House Bill 3724 would place a ceiling on annual property tax increases for those receiving the general homestead exemption, ensuring that total tax bills cannot rise by more than 3 percent compared to the prior year.

Coffey emphasized that Illinois must take immediate steps to reverse the trend of escalating property taxes, arguing that current policy is unsustainable and harmful to homeowners statewide. He said that enacting these reforms would make the state more livable for families and more competitive for businesses. As the bills advance through committee review, homeowners across Illinois will be watching closely to see whether these proposals become law.

“Until the majority party gets serious about reducing property taxes, our state will continue to see families flee Illinois in droves,” said Representative Mike Coffey. “It’s our job as legislators to work for the people of our districts, and I strongly encourage my colleagues on the other side of the aisle to work with us to reduce property taxes.”