August 1, 2010

Mayor Daley Thanks Governor, General Assembly As A 3-Year Extension Of Property Tax Cap Is Signed Into Law

Property Tax Assessment System Still Needs Fundamental Reform, He Says
Mayor's Press Office    312.744.3334

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.

“Without this legislation, about half of the Chicago’s 380,000 homeowners would have seen an increase of more than $600 in this year's bill because of the loss of the homeowners’ exemption,” he said.

Even with the legislation, Daley said, some tax bills will still go up, but not because the City has raised property taxes.

“We didn't last year and we won't this year, either,” he said.

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.

“As I have said many times, Cook County needs fundamental property tax assessment reform. If the system isn’t reformed, then homeowners could potentially be in a similar situation three years from now,” Daley said.
The bill requires a critical evaluation of how residential property is assessed in Cook and some other counties, and Daley.
“I want everyone to know that I intend to work as hard as ever with the General Assembly to arrive at a more permanent solution to our property tax and assessment challenges,” he said. “And I won’t stop fighting for permanent reform because the economic health and strength of Chicago's neighborhoods is at stake.”
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