In his FY2023 budget, Governor Pritzker proposed a rebate of up to $500 on property taxes paid. This is only a proposal. It still has to pass the General Assembly and become law.

• This is in addition to the current law that allows a property owner to take a credit equal to 5% of the property tax paid on a taxpayer’s principal residence
  1. The credit is claimed on the income tax return
  2. There is an income limit of $500,000 for married filing jointly, or $250,000 for all other returns
  3. Only applies to property taxes paid on a principal residence in Illinois
• The new proposal is for a one-time property tax rebate payment to Illinois homeowners of 5% of property taxes paid up to a maximum of $300
  1. You have to be eligible and claimed the property tax credit on your income tax return
  2. Same restrictions as tax credit: only on principal residence in Illinois, subject to income limits
  3. The plan is for the Department of Revenue to start mailing the rebate payments based on income tax returns starting in July 2022