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flag Illinois considers housing bills: tax-advantaged savings for buyers and property tax reforms for residents.

flag Illinois is considering two pieces of housing-related legislation. flag The first, Senate Bill 148, proposes tax-advantaged savings accounts for homebuyers, allowing annual deductions of $5,000 for individuals and $10,000 for couples, with maximum savings of $25,000 and $50,000 respectively over 10 years. flag Republicans propose property tax reforms, including capping property value increases to the rate of inflation and raising the income limit for senior tax exemptions, to combat high property taxes driving residents out of the state.

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