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Tax reform commission proposes sweeping property tax cuts
The bipartisan Tax Reform commission, appointed by Gov. James Thompson, recommends a 50 percent cut in local property taxes for elementary and secondary education, to be funded by a higher state income tax. The report also suggests quarterly tax bills, full market value on bills, and sunset provisions on exemptions, plus a plan for an ad valorem gas tax. The commission, aided by university researchers and state budget staff, met through summer, held hearings in Chicago and Springfield, and presents findings on property income corporate and other levies.
MENTIONED IN THIS ARTICLE
James Thompson
Tax Reform Commission
Thompson
Commission