In New Homes Magazine‘s March issue, columnist Don DeBat takes a look at the “antiquated” property tax system in Cook County. A solution might be found in a process called “acquisition-based assessing,” which is championed by groups like the Tax Reform Action Coalition.
Acquisition-based assessing puts a limit on assessments increases until a property is sold. While you own your property, your assessment cannot go up more than 2 percent a year. So homeowners will never be slapped with assessment increases of 30 percent to 120 percent while they own the property.
TRAC predicts that if an acquisition-based assessing system is adopted, an established homeowner’s assessment will stabilize because it is not tied to the price a neighbor receives when he or she sells their property.