To: The Illinois State House, The Illinois State Senate, and Governor J.B. Pritzker
Owner occupied exemptions on rental dwellings.
Owner occupied tax ememptions should remain in place, while a current mortgage exists on the property, even though the owner has a tenant living in the property. Once the mortgage is paid off, the owner occupied status should be changed.
Why is this important?
Recently, my property taxes, on the last house I lived in, were increased as my owner occupied exemption was stripped when I purchased a new house. With mortgage sales down, I would not be able to sell the property and break even on the mortgage and repairs, so I rented it out to cover the mortgage, insurance, and taxes. With the exemption being taken away, taxes were increased 600.00 a year. Now, I have to increase the rent 50 a month. If there was no mortgage owed, I could understand an increase in taxes. Taxing authorities are taking advantage of tax payers by continuous raising assessed values of properties, in a down market, and stripping exeptions that should be amended for property that has a mortgage. Tenants see "land lords" as "raping" people with rent payments. Although this may be true with some, but not with me, or most people. I just want to keep the property until it can be sold. People who do not have the credit to buy a house, or those that dont want to buy, shouldnt have to pay outragious rent due to taxing authorities taking advantage of tax payers. Property owners and tenants alike will benefit with changing the current way the exemption is.