As reported by the Chicago Tribune today, a bill designed to hold down skyrocketing property tax assessments squeaked through a bitterly divided Illinois Senate Tuesday night, clearing a major hurdle and giving hope to advocates who have fervently pressed for relief.

The legislation would cap assessment increases at 7 percent a year for many, but not all, homeowners in Cook County and possibly other counties in the state as well. If it is rapidly approved in the House and by the governor, the new limit could be applied later this year to tax bills that reflect huge assessment increases in Chicago.

The cap would expire in three years, after which it would need to be renewed by more legislation.

In general, the measure would limit residential assessment increases in affected counties to 7 percent a year. Properties in the city and Cook County suburbs are reassessed on a rotating basis every three years, so in practical terms, the cap would be set at 21 percent per assessment cycle.

Under the plan, the owners of a $150,000 house in Chicago with a 30 percent increase in taxable value would save about $655 this year. The annual tax bill would drop to $3,798 from $4,453, officials said.

But the Senate tried to soften any extra tax burden on business and limit the potential windfall for owners of more expensive homes by a limitation of the the homeownner's exemption which reduces assessed value--now $4,500-- to no more than $20,000 annually. That would blunt the impact of the caps on homes with exceptionally large increases in assessed value.

Stay tuned! and cross your fingers!

Our team is expanding! Neringa brings a diverse set of business and language skills to the CONDOChicago.com team. After graduating from the Kaunas University of Technology in Lithuania with a Bachelors of Business, Neringa moved to Chicago to study E-commerce and English.

After her studies at Depaul University and The Computer Systems Institute she co-founded WebDolphins, a web design and development company. Neringa prides herself on her proven ability to listen and understand her client’s needs. She is fluent in Lithuanian and Russian, and now calls the River North neighborhood home.

Stacy, Marty, David, Neringa & Tim

125 S. Jefferson, #2905

Click on picture to learn more

This east facing studio with separate sleeping area is great for someone who may need an in-town apartment. It is located in the brand new Park Alexandria building. The unit has never been lived in and rent is only $1,100/ mo. Parking is available for $250/ mo. This is a full amenity building with 24 hour doorman, workout room, and sundeck. Walk to work!


Remember... the most powerful feature of CONDOChicago.com is the ability to search over 60,000 properties in the Chicagoland area. Get started now for your move this spring or summer!