Breaks Continue for Property Owners

From the Daily Herald

Breaks continue for property owners

By Eric Krol
Daily Herald Political Writer
ekrol@dailyherald.com
Posted Friday, August 10, 2007

Suburban homeowners -- especially those in Cook County -- would get property tax breaks extended for three years under legislation the Senate approved Thursday.
The deal keeps a so-called 7 percent cap on Cook property tax assessments in place through 2010. Homeowners living outside Cook would see their general homestead exemption rise from $5,000 to $6,000 the next two years.
Senior citizens would see their special exemptions rise to $4,000, disabled homeowners would get a $2,000 break for the first time and returning war veterans would get a one-time $5,000 break. More seniors also would be eligible for the state's property assessment freeze program.
"You could see people paying huge increases in taxes if this did not go through. This is extremely important to those property tax owners in Cook County right now especially," said Democratic state Sen. Terry Link of Waukegan, who will head a task force looking at Illinois' property tax system.
The extension deal, which still has to get through the House, came after bickering on the issue between Democratic House Speaker Michael J. Madigan and Cook County Assessor James Houlihan.
In the end, Madigan will come closer to getting what he wanted. Cook homeowners will be able to exempt up to $33,000 of increased value the year their home is reassessed. That figure drops to $26,000 and then $20,000 the following two years. The amount has been $20,000 a year. A new provision would provide even greater relief to homeowners making less than $75,000 a year.
Houlihan argued the income provisions are too complex and the gradual phase-down will result in increased property tax bills, but he was glad to get an extension.
"Together with community groups, ministers and other legislators we were able to get a bill approved that will protect a majority of Cook County homeowners from rising property taxes this fall," Houlihan said.Â