COOK COUNTY IL ASSESSOR Proposes Relief for High Real Estate Taxes Here!
COUNTY ASSESSOR JAMES HOULIHAN FLOATS "CIRCUIT BREAKER" OPTION!
For many homeowners here in Cook County IL, the county that includes the City of Chicago, current property taxes have shot up substantially this year. Bills for the Second Installment of Real Estate Taxes for Tax Year 2007, due and payable by November 3rd, show a median $799 tax increase for homeowners across the county. Nearly 138,000 homeowners received higher tax bills now coming due.
Many area residents are faced with the far-higher bills despite tumbling market values for many Chicago and Nearby Suburban Homeowners. The Chicago Real Estate Market faces record-high levels of residential inventory, and more stringent lending requirements have shut out many prospective buyers from acquiring a new home, or selling their current home easily.
County Assessed Valuations, however, were calculated last year for some, earlier for many - before the price slide began in earnest.
Cook County Assessor James Houlihan's "Circuit Breaker" Plan would offer homeowners whose tax bills on their principal residence exceed 5% of their family income to receive up to $700 off their property taxes. The money would come from Illinois emergency funds.
To pay for the plan, the assessor proposes eliminating the 5% IL Income Tax Credit for homeowners statewide.
Of course, the plan requires approval from Chicago, Cook County, and IL Legislators, which is far from assured.
Chicago Mayor Richard Daley and Cook County Board President Todd Stroger say they would like to study Houlihan's plan further. One earlier Houlihan proposal, to use Chicago Tax Increment Finance (TIF) money for Property Tax Relief is not legal, according to Daley.
Said Houlihan, "Amid all of the financial concerns—possible job loss, foreclosure, erosion of retirement savings—[homeowners] are worried about escalating property taxes, and they see the values of their property declining. These individuals need immediate help."
See Hal Dardick's article in last Tuesday's Chicago Tribune for more info, and video.
DEAN MOSS & DEAN'S TEAM CHICAGO
