ISBE Announces $54.2 Million in Property Tax Relief Grants
On Monday, the Illinois State Board of Education (ISBE) announced it has awarded Property Tax Relief Grants to 32 school districts to alleviate the burden of property taxes on Illinois residents. This initiative, part of the Evidence-Based Funding (EBF) for Student Success Act, is set to provide a substantial $54.2 million in property tax relief for the state's residents.
The $49.3 million in FY24 grants are designed to allow school districts to lessen local property taxes and replace that revenue with state funds. Participating districts are required to abate taxes for two consecutive years, with the grant amount becoming a permanent part of the district's EBF Base Funding Minimum moving forward.
"I extend my gratitude to Governor Pritzker and the General Assembly for their continued commitment to Evidence-Based Funding, a crucial effort that not only increases funding equity and adequacy for school districts but also lowers property taxes for Illinois residents through the Property Tax Relief Grant," State Superintendent of Education Dr. Tony Sanders said in a statement. "I encourage every district across the state to apply next year."
Eligible districts with the highest tax rates within their organization type must submit an abatement resolution to their county clerks by March 30. Once ISBE receives the Certification of Abatement Form from the county clerk, the grant will be distributed to each eligible district.
A total of 155 districts applied for the grant in FY 2024, with all districts encouraged to apply annually, contingent upon appropriation.
Among the districts set to receive the grant are Bremen High School District 228, DeKalb Community School District 428, and Homewood-Flossmoor Community High School District 233.
A complete list of the 32 districts can be found HERE