Proposal would shield disaster victims from tax hikes

SPRINGFIELD, IL — Homeowners who must rebuild their homes after a natural disaster won’t be hit with higher property taxes under a proposal heading to Gov. Pat Quinn’s desk.

In action Monday, the Illinois House gave unanimous approval to legislation crafted in the aftermath of the Feb. 29 tornado that struck Harrisburg, Ridgway and Carrier Mills.

The plan would provide homeowners with a property tax exemption equal to the amount of any added value of the rebuilt home. To qualify, a home must be rebuilt within two years after the natural disaster and the square footage of the rebuilt residential structure may not be more than 10 percent larger than the original home.

The measure will apply to homes struck by natural disasters throughout Illinois, not just those damaged in the southern Illinois storm.