Stratton for Property Tax Relief

For Immediate Release Contact: Kevin Artl
July 23, 2008 (815) 577-1400


State Rep. Candidate Tim Stratton Announces Plan to Produce Relief for Skyrocketing Property Taxes

Glencoe…Skyrocketing property taxes are putting an added financial burden on Lake County families and seniors. Republican candidate for State Representative of the 58th District Tim Stratton demonstrated his commitment to secure property tax relief by rolling out an Agenda for Action that will keep money in the bank accounts of Illinois residents.

Included as part of their Agenda for Action, Stratton and House Republicans propose:

• Increasing the Homestead Exemption from $6,000 to $7,500 and increasing the Senior Homestead Exemption from $4,000 to $5,500

• Doubling the Income Tax Credit from 5% to 10% to Increase the Property Tax Rebate

“Families and seniors in Lake County are enduring enough financial hardships with prices at the pump consistently climbing above $4 per gallon, escalating college tuitions rates, and the increasing costs of everyday necessities like food and medicine. During today’s troubling economy, we have a real opportunity to offer residents relief by helping them save on their property tax bills,” Stratton said.

The Homestead Exemption is applied against the assessed value of a home to reduce the assessment. Seniors can utilize both the General and Senior Homestead Exemptions; and families can utilize only the General Homestead Exemption. Under Stratton’s plan, a senior’s $200,000 home assessment would be lowered to $187,000 and their property taxes would be reduced.

“Many seniors are on fixed incomes and this type of savings would allow them to keep their homes. We also don’t want young families to be turned away from our community because they can’t afford the taxes,” Stratton said.

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Additionally, all Illinois homeowners receive a 5% credit on their income taxes for property taxes paid. A homeowner who pays $5,500 in property taxes currently receives a $275 tax credit; but under Wait’s plan, the credit would double to $550.

Stratton, a Glencoe resident, is running to replace State Representative Karen May and draws a clear distinction between his commitments to fight taxes and her willingness to raise taxes.

“If elected, securing immediate property tax relief will be among my highest priorities. This is an issue that people care about because it’s affecting their quality of life and financial well-being,” Stratton said.


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