(The Center Square) – A move is underway at the Illinois Statehouse to address the rising costs of local pensions while some look to alleviate the state’s property tax burden.
Illinois property taxes are already among the highest in the country. Many taxing bodies have more of their share of property taxes going to local pensions.
Part of the Illinois Municipal League’s 2024 legislative agenda includes re-amortizing local pension debt beyond the aim of 90% funded by 2040. IML CEO Brad Cole equated that to refinancing a home loan.
“We saved thousands of dollars and our payment has gone down every month and we’re able to stay in the house, and we’re able to actually invest in the home and put a new kitchen in,” Cole said. “That’s what this is. We’re asking to refinance the house. We’re not defaulting on the payment. We’re just asking to be able to make
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