From State Senators Don DeWitte, Darby Hills and Craig Wilcox:
The two say they are happy to report that they are co-sponsoring a package of legislative solutions to help make buying and staying in a home more affordable in Illinois.
Legislative Package Introduced to Provide Relief to Struggling Homeowners
Last year, first-time home buyers dropped to a record low of 21 percent of total purchases, while the average age of first-time buyers climbed to an all-time high of 40 years old. This is likely due to the fact that the average home price in Illinois has increased by 37% over the last five years, and homeowner insurance costs have spiked by about 25% in the last year alone. At the same time, recent Census Bureau migration estimates show that nearly 7,500 Illinoisans moved from Illinois to Missouri, where the average property tax bill is less than half of the average bill in Illinois.
To address these affordability issues, our bill package includes the following measures:
- Senate Bill 3959: provides a $500 non-refundable tax credit for first-time homebuyers.
- Senate Bill 3781: makes the Illinois Property Tax Credit refundable when you file your Illinois income taxes.
- Senate Bill 3782: creates a task force to work on solutions to end Illinois’ antiquated property tax foreclosure system that the United States Supreme Court ruled unconstitutional. Under current law, delinquent property taxes are sold to investors, and families can lose not only their home but the equity they spent years building.
- Senate Bill 3849: adds the annual Consumer Price Index cost increases to Illinois’ General Homestead Exemption. By tying the exemption to inflation, homeowners could see immediate relief that better reflects the increased costs they are paying.
- Senate Bill 3848: creates an income tax deduction on the year-over-year increase in a taxpayer’s home insurance.
