SPRINGFIELD – A measure that would create a Property Tax Payment Plan Task Force to study establishing a payment plan program for owner-occupants to repay delinquent property taxes sponsored by State Senator Robert Peters passed committee on Wednesday.

“Generational wealth in minority communities is often held in homeownership,” said Peters (D-Chicago). “Housing stability and financial prosperity for our most vulnerable families should not be at the mercy of high interest rates when paying off unpaid taxes.”

Senate Bill 74 stipulates the task force be comprised of 18 members, 16 of which will be appointed by the governor. Senate Bill 74 also stipulates co-chairpersons of the task force be appointed by the President of the Senate and by the Speaker of the House of Representatives.

According to Housing Action Illinois, 25% of people owe less than $1,000. Additionally, 95% of homeowners end up redeeming their delinquent taxes under the current system and paying extremely high interest rates.

“Seniors and those with disabilities are unfortunately more likely to be behind on property tax payments,” said Peters. “Working with our most vulnerable citizens facing financial hardship is a more effective way to reach the end goal than yielding to cutthroat investors looking to exploit our most vulnerable residents.”

Senate Bill 74 passed the Senate Revenue Committee and will now head to the Senate floor for further consideration.