PRESS RELEASE from the
ILLINOIS POLICY INSTITUTE

CONTACT: Micky Horstman (312) 607-4977

Polls open: What to know about the property tax advisory question on the Illinois ballot
Illinois residents will weigh-in on a non-binding property tax advisory question which will be used by lawmakers for enacting future tax hikes

CHICAGO (Sept. 26, 2024) – Early voting begins in Illinois today for the Nov. 5 general election, including on a non-binding advisory question on whether the state should adopt a “millionaire” tax for property tax relief.

The question asks: “Should the Illinois Constitution be amended to create an additional 3% tax on income greater than $1,000,000 for the purpose of dedicating funds raised for property tax relief?”

Analysis from the Illinois Policy Institute shows a 3% “millionaire” tax would fail to raise the minimum necessary revenue of at least $4.5 billion to begin to address Illinois’ pension crisis – the source of the state property tax woes.

Much like the progressive income tax constitutional amendment Illinois voters rejected in 2020, a tax increase on a state’s wealthiest residents would ultimately raise the tax burden on people who earn far less than $1 million annually.

“Illinois residents handedly voted against changing the Illinois constitution to enact a progressive income tax in 2020, 55% to 45% because they knew it would be bad for taxpayers long-term,” said Bryce Hill, director of fiscal and economic research at the Illinois Policy Institute. 

Institute experts point out the only way to provide property tax relief to residents is for Illinois governments to rein in spending or constitutional pension reform.

These advisory questions may be used by lawmakers as justification for enacting future laws and taxes. The property tax relief question is just one of three non-binding advisory questions on the ballot, which state lawmakers occupied to stop any citizen-led initiatives.

“Similar tax systems have been a disaster across the nation. Residents should take these questions seriously, as Illinois lawmakers repeatedly break promises and may use the results of the advisory question as an endorsement to again attempt changing Illinois’ income tax structure, something we know is detrimental to taxpayers in Illinois,” Hill said.

To learn more about Illinois’ ballot advisory questions, visit illin.is/ballotquestions.

For interviews or interviews, contact media@illinoispolicy.org or (312) 607-4977.