Monday, October 22, 2007
ABC7 News
by Andy Shaw

For the first time in several weeks, there is some encouraging news for Cook County property tax payers. The latest tax bills are being sent out next week. And thanks to the seven percent assessment cap passed by the legislature, increases won't be as big as they might have been.

Governor Rod Blagojevich and County Assessor Jim Houlihan vehemently opposed this version of the cap because it provides less tax relief in '08 and '09 before disappearing altogether in 2010.
The printing of 1.7 million Cook County tax bills was finally underway at the treasurer's downtown office late Monday afternoon. Earlier Monday, the county board ratified an extension of the seven percent cap on assessment increases. Illinois lawmakers approved it couple weeks ago.

Now, the owner of an average Chicago home worth $320,000 will be paying about $2,800 in property taxes in the next year. It could have been $4,300 without the assessment cap.

Commissioner Larry Suffredin (D) Evanston calls it a Band-Aid solution and says they need a longer term fix.

"This is a short-term fix, and the alternatives were better," echoed Commissioner Mike Quigley.

The bill passed in Springfield provides less tax relief in each of the next two years and disappears altogether after three years.. According to critics, it protects taxpayers in gentrifying neighborhoods at the expense of businesses and homeowners in older areas. The governor and the county assessor disagree. And they fought unsuccessfully for a permanent tax cap.

"All homeowners should be given a sense of confidence they can rely on. This seven percent protection, not here one day, gone the next day, here today and less tomorrow," said Houlihan (D) Cook County Assessor.

"The power struggles between the Democratic-controlled legislatures downstate are causing great pains to our overall constituencies," said Commissioner Liz Gorman, (R) Orland Hills.

The governor, the assessor and the other supporters of a stronger permanent tax cap will be trying again in Springfield next year. But for now, the compromise cap provides significant benefits to more than half of the county's residents.