property taxes

Lawmakers got a look at Gov. Bruce Rauner's school funding proposal today. 


As promised, the governor's plan gives every district the full amount of state aid due under the current school funding formula. But that formula, which relies heavily on property taxes, has been called the most inequitable plan in the nation. 

Governor Bruce Rauner has proposed increased funding for elementary and secondary schools.  But Democrats don't want to add money to a formula they say is fundamentally inequitable. Instead, they're proposing a new way to calculate how much state aid flows to each school district.

Twenty years ago, Illinois adopted a school funding plan that relies heavily on local property taxes, leaving areas with low property values at the mercy of state aid. And for the past seven years, the state has failed to send those schools the full amount of aid promised under that plan.

Illinois' school funding formula relies heavily on property taxes, resulting in deep disparities in districts’ levels of spending. When the state school board met this morning, members talked about a potential change to make the funding formula more equitable. 

Illinois has more units of government than any other state and the second highest property taxes. That's just part of the problem, according to Governor Bruce Rauner, who told members of the Quad Cities Chamber of Commerce that Illinois should "aim for average." 

Cass Herrington / Peoria Public Radio

Property owners living within the Peoria School District 150 will see a higher 2015 property tax bill.

The School board approved a $71 million tax levy request during its meeting Monday night. It’s about three percent more than last year’s request of $69 million.

The move comes in anticipation of Senate Bill 318 that would freeze property taxes. Interim Financial Officer Erik Bush says the levy hinges on projections that property values will rise about 2 percent.

A key piece of Chicago Mayor Rahm Emanuel’s plan to pay for pensions by raising property taxes in the city is advancing in the Illinois Statehouse.   But there are some homes, those worth less than $250,000, he wants to exempt.

After watching for years as their city's financial troubles piled up, Chicago homeowners will be told that it's time for them to start paying the tab. Mayor Rahm Emanuel's office says he'll propose a phased-in $543 million property tax Tuesday to help eliminate police and fire pension debt.

Peoria County property tax bills coming

Apr 17, 2015

Roughly 82,300 Peoria County Real Estate Tax bills are being mailed by April 23. The first installment due date is June 9 and the second installment due date is September 9. Payments need to be postmarked by their respective due dates to avoid penalties. If a tax bill is not received by May 15, the Treasurer’s Office recommends requesting a duplicate bill. Failure to receive a real estate tax bill, or receiving it late for any reason, does not relieve the taxpayer of accruing penalties if taxes are not paid before delinquent dates.

As students across Illinois begin the new school year, their schools are using funds that rely heavily on property tax wealth.  IPR's Hannah Meisel reports on a plan to change that.

Illinois' school funding formula works like this: school districts collect property taxes from their residents, then depending on how property-wealthy or property-poor an area is, the state pitches in its share. That frequently means poorer districts stay poor because the state can't give enough, and wealthier districts remain wealthy.

Illinois Governor Pat Quinn is expected to take action Monday on a bill that cuts the retirement benefits of thousands of City of Chicago employees, and could lead to higher property taxes.

Ardis on pension reform

May 5, 2014

Statewide community leaders say ballooning police and fire pensions are crippling their budgets. Mayors again lobbied for pension reform in Springfield last week.