llinois is considering a 3% tax on millionaires to solve the state's property tax problem

In November, Illinois voters will decide whether to implement a special tax on individuals earning $1 million or more, a measure that state leaders claim could help ease the high property tax burden on the average resident.

The proposed tax would create an additional 3% tax on income over $1 million, with the funds directed toward property tax relief. Voters will face a straightforward "yes or no" question on their ballots: "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?"

Although the vote is non-binding, approval would signal to legislators that voters support the push for a constitutional amendment to introduce the tax.

An estimate from Illinois Gov. JB Pritzker’s administration projects that the tax could generate $4.5 billion annually if enacted, according to WBEZ, Chicago's public radio station, which obtained the report through a public records request.

This legislation mirrors similar taxes on the wealthy in other states, such as Massachusetts, which approved a 4% tax on incomes over $1 million in 2022. That tax generated $1.8 billion in its first three quarters and has been used to provide free lunches to public school students across the state.

Illinois currently has the second-highest property taxes in the U.S., according to the Tax Foundation, a nonprofit focused on tax policy