Supporters of a bill that would provide tax breaks to property owners in gentrifying neighborhoods plan to push for a vote in the Illinois General Assembly during its Jan. 14-15 session.
Cook County Assessor James Houlihan proposed the bill, which would limit assessment hikes to a maximum of 7 percent a year for owner-occupied residential property, regardless of how much the value has increased. Homeowners in some North Side neighborhoods otherwise may see increases of 40 percent or more after the latest triennial reassessment.
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