DuPage County Board OKs one-time $5 million property tax abatement
WHEATON, Ill. (CBS) -- The DuPage County Board approved a one-time $5 million property tax abatement, which the county touted as providing financial relief for residents struggling amid rising inflation.
Board member Jim Zay proposed the abatement during a board meeting in September after a presentation about the county's surplus of $40 million due to better-than-expected sales tax revenues and cost-control measures, according to a county news release.
"The County has received hundreds of millions of dollars in federal COVID-19 relief funds and increases in sales tax revenue, while our residents are dealing with rising costs due to inflation and declines in the stock market," Zay said in a statement. "We need to provide any help we can to our residents."
The abatement will be a one-time reduction in the county's corporate fund property tax levy, which will be about $65 million, the lowest level since 2006.