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With an election looming in November, Illinois politicians are eager to procrastinate, avoiding decisions on thorny issues until after the campaign.
Among the measures that appear headed for a holding pattern: extending a 7% cap on Cook County property tax assessments enacted in 2004.
We hope the General Assembly won't wait to vote on this issue and will vote to extend the so-called homestead exemption for another three years.
We realize that this puts us at odds with many in the business community who claim that limiting the increase in residential tax assessments unfairly shifts the tax burden onto commercial property owners.
There's some truth to that, of course. But remember, when the cap went into effect in 2004, homeowners were kicking in more than 45% of the county's property tax revenue, compared with 40% from business, according to data from Cook County Assessor Jim Houlihan, who supports extending the cap.
Last year, with the cap in effect, the gap surely closed. (Mr. Houlihan's office doesn't have 2005 figures yet.) Another three years would probably see business taking the larger share of the tax burden.
But this is a shift that all of us should accept, for several reasons.
First, raising residential property taxes will take money out of homeowners' pockets — sucking disposable income out of the local economy. A study by the Civic Federation concludes that lifting the cap would deal many homeowners a double-digit increase in their assessed value next year — a shock that the Chicago housing market would be hard-pressed to absorb.
Second, limiting tax increases will encourage further gentrification, which will continue to bring educated, ambitious young people to the city. Those people are good for business, too, because they make great employees, managers and — best of all — entrepreneurs.
Third, a second three-year extension may be the last. If the housing and condo markets cool and home prices level off, there'll be no need to manipulate assessments. And in the meantime, we'll have created a stronger Chicago economy.