Cook County Tax Relief????

From the Daily Herald

Cook County tax relief may end after this year

Homeowners could face bigger bills if lawmakers fail to pass new measure

By Joseph Ryan Daily Herald Staff
Published: 9/28/2007 12:22 AM
The average homeowner in Northwest Cook County could be on the hook for $1,500 more in property taxes next year if lawmakers allow a relief measure to fail in the coming weeks, says county Assessor James Houlihan.
"It is unfortunate that this is part of the Springfield chaos," Houlihan told the Daily Herald editorial board Thursday.
Cook County tax bills for next year -- not the ones hitting mailboxes this fall -- hang in the balance of a showdown with Gov. Rod Blagojevich and Houlihan on one side and Democratic House Speaker Michael Madigan on the other.
Both sides favor some form of property tax relief that will stave off the jolting hikes in house values from the rising markets.
A relief measure meant to accomplish the same thing was approved three years ago and it protects homeowners in Northwest Cook County communities who are currently receiving reassessment increases of 26 percent or more. However, it expires when next year's bills come out.
But the battle for next year is over the details -- a disagreement that threatens to, as they say, throw the baby out with the bath water.
Blagojevich and Houlihan want a measure that will grant a $40,000 homestead exemption permanently as a way to equalize property taxes countywide and limit the amount of increases for homes with values that jump considerably over a short time period.
But Madigan and many other lawmakers favor a plan to phase out the exemption over the next three years because they argue the plan shifts the tax burden onto businesses and owners of lower-cost homes. Plus, they point to a cooling housing market as a sign relief won't be needed in the next few years.
Madigan's version of the plan was approved by lawmakers earlier this year, but Blagojevich nixed it and sent back another version that makes the higher exemptions permanent.
Madigan isn't going along with the new version and has vowed to fight it. And if the plan fails, no tax relief will be coming along with the tax bills next year.