Granite City Business Summit Talks Tax Reform and Economic Development
GRANITE CITY - Granite City hosted a business summit for business owners to learn about property tax reform and economic development in Madison County. On Wednesday, Oct. 25, 2023, owners and community leaders listened to speeches by Granite City Mayor Michael Parkinson, Madison County Treasurer Chris Slusser and Granite City Economic Development Director Cathy Hamilton. “Part of economic development is retaining what you have,” Parkinson said. “It’s leadership working together and working for you.” Slusser spoke about tax reform and noted that Illinois has the second highest real estate tax in the country. The Property Tax Extension Limitation Law (PTELL) has been one proposed solution. PTELL is an optional law in IL counties that would limit tax increases. If the county hits the debt ceiling, PTELL also requires them to put out a referendum to voters about additional borrowing before any decisions are made. Slusser has researched PTELL for
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