Chicago property taxes could rise 36%

A new study by The Civic Federation estimates that Chicago homeowners could see their property tax bills rise by 36 percent in 2007 if the 7 percent tax cap passed in 2004 is allowed to expire, according to a story in today’s Chicago Tribune. The non-partisan budget group says that property taxes in the city will go up by more than 10 percent even without renewal of the measure. The cap has been criticized for shifting the property tax burden to businesses and landlords, but the study (PDF) recommends renewing it as a stopgap measure until real reform can be enacted.

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