The governor’s property tax refund would replace an existing tax credit—which means some homeowners would be paying a bit more.
The $500 refund Quinn called for in his budget address would get rid of the 5 percent property tax credit. Most homeowners receive less than $500 from that credit, but for those who pay more than $10,000 per year in property taxes, they would get a smaller refund under Quinn’s plan, but he says it still reduces the overall burden.
“We’re 20 percent above the national average when it comes to property taxes,” Quinn said. “One of the very best ways to reduce that burden on homeowners is to follow our budget.”
Quinn says only 8 percent of homeowners would be paying more under the refund plan, and since the current rebate is capped at $750, the biggest increase anyone could pay is $250.