There is talk of a new property tax relief bill in Cook County that would provide a break for area homeowners paying more than 5% of their income in property taxes. After hundreds of thousands of Chicagoland residents saw their property taxes soar this payment period as a result of phased out tax cuts, some city and state officials are concerned that taxpayers need immediate assistance to help cover the bills this year.
A new tax plan was introduced by Cook County Assessor James Houlihan this week in efforts to give homeowners with overstretched budgets a discount on property tax expenses. According to Houlihan’s camp, homeowners affected by the gradual elimination of other tax benefits have experienced a median tax spike of nearly $800 in 2008. Qualifying residents could receive a substantial reduction on the amount they have to pay on taxes this session (up to $700 less), if the bill is approved. Possible funding for the bill could come from a few different sources, including a government emergency account and sales tax revenue.
The proposal is only in the first stages of the “yea or nay” process right now. It has to make it through several levels of legislative endorsement to be put into action, so we’ll keep you posted on new developments.