Governor Pat Quinn traveled to Gifford to sign into law new property tax protections for businesses needing to repair or rebuild after storms, said State Representative Chad Hays, the measure’s chief House sponsor.
Senate Bill 3259, guided through the House by Rep. Hays and the Senate by Sen. Mike Frerichs, will cap assessed valuation increases on storm damaged businesses to no more than 4% per year for 15 years.
Representative Hays said Eric and Justin Rademacher, the owners of Rademacher Building Center in Gifford, brought to his attention the need to add damaged businesses to the property tax protections already on the books for owners of homes damaged by storms.
“For many owners of storm-damaged businesses, providing protection from massive, new construction-related tax increases can mean the difference between rebuilding or going out of business. These protections are vital for local businesses, and it’s very appropriate that the Governor signed them into law at the Rademacher Building Center in Gifford which is currently being rebuilt after a devastating tornado last fall,” said Representative Hays.