Metro East Sun

State Representative Kevin Schmidt has announced his co-sponsorship of House Bill 3467 (HB3467), which aims to bring significant property tax relief to school districts across the state of Illinois. The legislation seeks to amend the School Code and establish an annual program administered by the State Board of Education to provide property tax relief grants to eligible school districts.

Under HB3467, the State Board of Education would have the authority to create and oversee an annual program offering property tax relief grants to school districts within the state. These grants would be provided to school districts that adhere to a maximum aggregate property tax extension for the taxable year when the grant is awarded.

To facilitate this initiative, the bill also includes the creation of the Education Property Tax Relief Fund, which will allocate appropriations for the grant program, ensuring relief for qualifying school districts. Amendments to the State Finance Act will be made to support and adjust necessary funding for the program.

If enacted, this legislation will provide tangible relief to communities burdened by property taxes, with a specific focus on the education sector. By placing a cap on property tax extensions in exchange for these grants, the bill aims to alleviate financial pressures faced by school districts while ensuring quality education for students.

Representative Schmidt expressed his enthusiasm for co-sponsoring this bill, emphasizing the importance of reducing property tax burdens on communities. He stated, "The importance of reducing property tax burdens on our communities cannot be overstated. HB3467 presents a promising opportunity to alleviate the strain on both school districts and taxpayers while fostering an environment for quality education. I am committed to championing this crucial initiative for the benefit of our state's educational institutions and our citizens."

HB3467 is seen as a significant step toward creating a fairer and more sustainable educational financing system. Representative Schmidt urges fellow legislators to support this essential bill, highlighting the long-term positive impact it will have on education and communities throughout the state.

With the co-sponsorship of Representative Schmidt, HB3467 has gained momentum and support. It is hoped that this legislation will provide much-needed property tax relief for school districts, ensuring the availability of quality education for all students in Illinois.

Click this link to access more information: https://repschmidt.com/2023/11/07/rep-schmidt-co-sponsors-hb3467/