PLAINFIELD – On Wednesday, State Representative Mark Batinick (R-Plainfield) released a property tax relief plan rooted in pension reform. This 23-year plan aims to reduce property taxes by 50% to spur economic growth, as well as reinvigorate and increase jobs in communities burdened by high property taxes.
“Two of the largest issues Illinois faces are our unfunded pension liability and notoriously sky-high property taxes,” said Rep. Batinick. “This plan will tackle both issues by designating a flat amount of the budget toward our pension payments, which also includes a new property tax relief component. The savings would be distributed to local school districts and will help areas with high tax rates and lower abilities to self-fund schools through property taxes the most. I urge my colleagues in the House to consider and debate this proposed solution as we approach veto session this fall.”
Rep. Batinick’s plan would designate a flat percentage of 25% of the state budget to the state’s traditional pension payment and a new property tax relief component. This would ensure as the pension payment drops, so would the overall property tax burden. The formula would subtract the projected pension payment for a fiscal year from the payment held at the flat level of 25% over time. The difference would then be directed towards property tax relief.
Rep. Batinick’s projected relief begins at over $1 billion in the next fiscal year and is projected to increase to over $5 billion in 2045. To read this full plan, individuals can visit RepBatinick.com or click here.