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Article updated: 1/29/2014 8:08 AM

Measure would ease some Illinois property taxes

Illinois lawmakers could consider legislation that would help limit property tax increases for business owners who rebuild from last year's tornadoes.

Illinois lawmakers could consider legislation that would help limit property tax increases for business owners who rebuild from last year's tornadoes.

 

Associated Press

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By Associated Press

Illinois lawmakers could consider legislation that would help limit property tax increases for business owners who rebuild from last year's tornadoes.

The Springfield bureau of Lee Enterprises newspapers reports the bill is sponsored by Rep. Chad Hayes, a Catlin Republican.

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He also represents Gifford, which was one of the communities hit by two dozen tornadoes that struck Illinois in November.

Hays says he worries business owners who are "already struggling to stay afloat" won't be able to afford higher taxes if they rebuild and improve their properties after the storm.

Hays' proposal would create a five-year property tax abatement on the higher tax rate for businesses that are rebuilt. It'd also cap annual property tax increases after the five-year window.

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