On the November 5, 2024 election, Illinois had three advisory questions. One of the questions asked voters whether to amend the state constitution to generate an additional 3% tax on income greater than $1 million with the intent of the funds to be used for property tax relief.
Note that this is a non-binding advisory question with no legal effect other than gauging public opinion.
Below, we’ll explain this tax advisory question in more detail, including how Illinoisans voted and its potential impact on residents, homeowners, and the state’s economy.
Bill Overview
The tax advisory question, as written on the ballot, asked:
“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 to property tax relief?”
Remember, this was a non-binding question aimed to gauge public opinion. It does not directly result in a new, changed, or rejected law or, in this case, constitutional amendment.
That said, 2014 was the last time a statewide advisory question appeared on the ballot. It proposed a potential minimum wage increase and received a majority “yes” vote. Many believe this result helped pass a 2019 bill to increase the state minimum wage to $15 by 2025.
Passed or Failed
Illinois voted 60.5% “yes” on the ballot measure, with 39.5% “no.” This nearly six-to-four vote shows that most Illinoisans favor reducing their current or future property taxes.
Impact
The tax advisory question’s passing will likely fuel efforts to place a similarly worded constitutional amendment on the state’s gubernatorial 2026 election.
Proponents of the tax advisory question and its subsequent 2026 amendment argue that if passed in 2026, it could pump at least $4.5 billion more into the state’s treasury, which would be diverted to property tax reductions.
Opponents argued that if an amendment similar to the advisory question passed, it’d cause wealthy Illinoisans to move, creating more of a tax deficit than gain. With migrating, they’d also be less likely to invest in local nonprofits or form personal foundations.
Impact on Cook County
How does it affect Illinois’ most populous county, Cook County (5.276 million)?
Cook County's 2023 Tax Year Bill Analysis found that property owners in Cook County paid $706 million more in property taxes, an increase from $17.6 billion to $18.3 billion.
According to the 2023 findings, "The added financial burden will mostly fall on homeowners, who must pay nearly $611 million in new taxes, shouldering 86.5% of the overall tax increase. Commercial properties—businesses, hotels, office complexes, industries and large apartment buildings—will pick up nearly $103 million."
Our data found that the average property tax bill in Cook County is $4,680, $1,990 higher than the U.S. average.
From 2022 to 2023, the City of Chicago experienced a $226.8 million rise in overall taxes, $104.2 million, a 2.6% increase on residential properties, and $121.5 million, a 2.9% increase on commercial properties.
The median property tax bill in Chicago's south and southwest suburbs increased by 19.9% in 2023—the most significant percentage increase in 29 years. Those hit hardest were majority-Black municipalities whose median household income ranged from $24,500 to $69,700.
Clearly, Illinoisans are open to taxing more wealthy citizens to receive some property tax relief. It’s unclear what a drafted constitutional amendment in 2026 might look like or if voters will change their minds in two years, but we’ll keep you informed.
How Ownwell Helps You Save
We know navigating and understanding this tax advisory question and future property tax laws can feel overwhelming.
At Ownwell, our mission is to make the cost of real estate more clear and equitable across all classes. Hopefully, this article has helped us achieve that for you.
We’re also very aware of the burden property taxes impose on homeowners and businesses. So, if you own property in Cook County, you don’t have to accept your property value and tax rate as final!
Ownwell can protest your property taxes, potentially reducing your annual burden.
On average, 86% of our clients receive a reduction, and those 86% average $1,148 in savings.
If you’re a commercial real estate owner, we save our clients 31% more than our competitors.
See how much Ownwell can reduce your property taxes!
