May
07

Governor’s Property Tax Relief Program Approved

May 07, 2010

As we reported this week, Illinois Governor Pat Quinn proposed a plan to extend a property tax relief program for Cook County homeowners that was set to expire this year. On Thursday, our lawmakers approved the measure.

Quinn had presented the Homeowner’s Property Tax Relief Initiative of 2010 to the Illinois General Assembly this week, calling it an “emergency measure” to help already struggling homeowners.

Under the approved plan, the cap on Cook County property tax assessment increases will remain at 7 percent, which reduces the assessed value of your home by $20,000. The maximum exemption will be $16,000 the following year and $12,000 in the third year.

The program will also create seven Taxpayer Action Boards, which will monitor property tax evaluations and help homeowners with the appealing process in Cook County and the six suburban counties around it.

The average Cook County homeowner pays about $2,000 in property taxes each year to local and state governments, which ranks us as the ninth highest in the country. This measure will save homeowners from higher tax bills in the fall.

All that’s left to put the plan in effect is an approval by Gov. Quinn, who came up with the program in the first place. A push by Quinn for an Illinois income tax increase was not approved.

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Tracey

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