La Shawn Ford and Pat Quinn push property tax relief

Illinois property owners could score tax relief checks of $1,500 on average if a new "millionaire's tax" succeeds this year, according to former Gov. Pat Quinn.

Why it matters: In 2025, Illinois had the highest residential property tax in the nation, per a recent Cook County Treasurer report.

• While many remedies have been proposed, this one offers some of the quickest relief, with payouts potentially arriving as soon as 2027.

Driving the news: Quinn and state Rep. La Shawn Ford (D-Chicago) launched a campaign for the "Millionaire Amendment" on Tuesday, a day before first property tax installments are due and about 30 days before the measure needs to pass the state General Assembly.

How it works: Ford wants to put a binding referendum on the November ballot asking voters if Illinois should change its constitution to "create an additional 3% tax on income greater than $1 million for the purpose of dedicating funds raised to property tax relief."

• The measure needs a nod from at least three-fifths of both the Illinois House and Senate by May 3 to reach this year's ballot.
• The policy could generate $4.5 billion a year, based on Illinois Department of Revenue data.
• That revenue would be funneled to property owners who've already qualified for the homestead exemption because they live in their property.

Flashback: Illinois voters have twice overwhelmingly passed nonbinding versions of the referendum, in 2014 and 2024, but this time the measure would have teeth.

What they're saying: "This is a way for everyday people to have an affordability amendment on the ballot that they can vote for and send instructions to all the politicians in Illinois that we need property tax relief right now," Quinn said Tuesday at the County Building.

The other side: Axios reached out to House Minority Leader Tony McCombie (R-Savanna) for comment on the proposal but did not hear back.

Gov. JB Pritzker's office told Axios on Tuesday that it "will monitor and review legislation as it moves through the General Assembly. Any legislation that requires additional state resources will be carefully reviewed with budgeteers to understand the fiscal impact."

Zoom out: "Millionaire taxes" have passed elsewhere. Massachusetts approved one in 2022, and it has already raised at least $1 billion. Plus, the number of millionaires in Massachusetts rose by 39% in the two years after passage.

• The Washington state Legislature recently passed a similar tax, but it's expected to face legal challenges.

State of play: Ford tells Axios he doesn't have the three-fifths majority needed to get the proposal across the finish line.

• But the state representative — widely expected to win a U.S. House seat in November — says that's why he launched this public campaign this week.
• "We need people to call their members [of the legislature] and get them to co-sign this House joint resolution," Ford says. "We are really just starting to kick it off, but we can get there if people help."