Mayor Richard M. Daley today thanked the Illinois Legislature for passing and Governor Quinn for signing SB3638, a property tax relief bill that re-enacts the tax cap on property values for another three years, limiting the increase in the taxable value of homes to 7 percent a year.
“Especially in these difficult times, it’s critical that we do everything we can to fight for Chicago's working and middle class families. They are the heart and soul of our city. If they prosper, Chicago prospers,” Daley said.
Even with the legislation, Daley said, some tax bills will still go up, but not because the City has raised property taxes.
The Mayor pointed out that the legislation passed by the General Assembly extends the exemption at the current level for an additional year and allows for a gradual step-down over the following two years. So, even though it’s an important step, the measure provides only short-term relief for homeowners.