The state senate has approved a measure that would provide homeowners with temporary property tax relief, following the lead of the Illinois House, which passed a similar proposal recently.
The three-year program would cap the increase in assessed valuation for homeowners at 7 percent a year in counties that adopt it. In areas with rapidly rising property values, homeowners have seen property tax bills soar as their houses and condos are reassessed.
The savings for any homeowner would be capped at $20,000 under the plan. Governor Rod Blagojevich has said he supports the plan’s goals but would need to see the details before he supported it.
Critics fear the measure would simply shift the tax burden to businesses and renters while siphoning money from school districts.