Cook County votes for tax break

Cook County has opted into a new property tax law that will limit annual increases in assessed valuation to 7 percent on residential property. County commissioners voted 16 to one in favor of the cap a day after Governor Rod Blagojevich signed a state law that allows Illinois counties to impose the three-year limit.
Under the plan, a $100,000 home whose value increased to $130,000 would only be taxed at a value of $107,000. The home would be taxed based on a value of $114,000 the second year and $121,000 for the third year.

Critics contend that the measure will unfairly shift the tax burden to businesses, and some schools are worried that it will make funding education difficult.

(Visited 29 times, 1 visits today)