It’s Time to Encourage Elected Officials to Reduce Property Taxes

Originally published in the Rockford Register Star, August 27, 2022. Republished here as part of Neeley Erickson’s Policy Commentary series.

Read original publication →https://www.rrstar.com/story/opinion/columns/2022/08/27/its-time-to-encourage-elected-officials-to-reduce-property-taxes/65458476007/

There needs to be a concerted effort to lessen, not increase, the tax burden facing the families in our communities —now more than ever before.

That is why we REALTORS®, who advocate on the behalf of home and business owners, encourage elected officials to consider reducing or keeping their levy flat.

All of us in this community are experiencing significant increases in everything we purchase. It is not just consumer goods where everyone in our community is feeling the impact.

According to the National Association of REALTORS® housing inflation is the highest in over 40-years. Monthly mortgage payment for buyers has increased 50% in the last year. Renters, taxpayers too, who move up the housing ladder to homeownership have seen a 6% increase from last year.

As all costs increase, it becomes much harder to maintain or save to achieve the American dream of homeownership. Owning a home is undeniable and one of the easiest and sometimes the only way for individuals to build equity and wealth.

But the impact of property tax increases can become an overwhelming burden.

Property taxes are one of the largest barriers to housing affordability and can put many first-time homebuyers out of reach from obtaining a mortgage.

The quadrennial reassessment is approaching, which is a period where the assessor will closely review each property’s value. That could lead to a natural increase in the value of our homes and any further increases in our tax burden at a time such as this, when inflation is spiraling out of control, would hurt our community.

As REALTORS®, we recognize the significance of the services local governments deliver through the taxes we pay. But we must commit to ensuring the affordability of our communities in order to prosper.

Therefore, the Northwest Illinois Alliance of REALTORS® strongly encourages local elected officials to reduce or keep their property tax levy flat to maintain the quality of life we all enjoy.

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Strong housing policy begins with clear data, thoughtful collaboration, and a shared commitment to expanding opportunity for every community.

—Neeley Erickson

Neeley Erickson is a Government Affairs Director specializing in housing policy, local governance, and community development across Illinois. Her work focuses on advancing practical solutions that expand housing opportunity and strengthen communities.