Imagine That - A Tax Hike
- Chicago homeowners could see their property tax bills rise by 40 percent over the next three years if the Illinois General Assembly follows House Speaker Michael Madigan’s lead and phases out a 7 percent cap on annual assessment increases, a dozen aldermen warned today.
- The 7 percent cap was imposed in 2004 to quell a property tax revolt triggered by skyrocketing assessments in 2003, the most recent Chicago reassessment. For more than a year, Mayor Daley and Cook County Assessor Jim Houlihan have sounded the alarm — and urged lawmakers to renew the cap.
Madigan’s version, approved by the House and awaiting Senate action, would phase out the 7 percent cap on property assessment increases over a three-year period and grant new deductions to people with less than $75,000 household income who have lived in their homes for at least 10 years.
Daley has reportedly signed off on that version as part of the legislative horse-trading that, he hopes, will produce sorely needed funding increases for education and mass transit.
Labels: state politics