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Seniors face big tax shift as freeze cuts costs and revenue
Illinois official projects 1995 will see about 3.7 million in tax revenue losses for suburban Cook County schools and local governments, rising to 35 million by 2002, while seniors gain 7.4 million now and 70 million later. county estimates vary, Will County facing 712 thousand to 6.7 million loss, with seniors’ relief rising to 9.6 million. The law freezes assessments for seniors 65 plus earning 35,000 or less, basing freezes on 1994 levels for those turning 35. taxes may still rise due to rate increases.
MENTIONED IN THIS ARTICLE
Diane Ross
Springfield
Cook County
Illinois Department of Revenue
Mike Klemens
Klemens
Will County
Klemen
Illinois
General Assembly
Jim Edgar