Friday, December 01, 2006

Chicago's Skyrocketing Property Tax

In 2003, Cook County Assessor Jim Houlihan developed the 7% Expanded Homeowner Exemption in an effort to provide immediate relief to homeowners facing skyrocketing assessment increases and the resulting increases in their property tax bills.

This property tax relief legislation was signed into law in July of 2004. The law is set to expire in the reassessments of the north and south suburbs in 2007 and 2008. Currently, a proposal to renew this provision is pending in the state legislature, but the attempt is stalled.

Barb Head, a Lakeview resident and president of the Tax Reform Action Coalition, an organization that has been lobbying hard for the 7 percent cap voices - “We’ve received assessment notices from people who have gotten 70, 80, 104 percent increases this year.”
Senate Bill 2112 "long-term goal is reducing the over-reliance on property taxes by restructuring Illinois' tax system, we must first stop the increasing tax burden that is threatening to destroy our neighborhoods," Houlihan said. "We need to take this first step and provide relief to homeowners now, and then keep the momentum going to bring substantial structural change to our property tax system in Springfield."

The Cook County Assessor's office has put together data about The Impact of the 7% Expanded Homeowner Exemption. Select either the North Suburbs or South Suburbs to view the effect that 7 percent has on your community.

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