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Panel advances tax break for landlords

Saturday, February 04, 2006
Chicago Tribune

COOK COUNTY -- A property-tax break for landlords that will mean a small change for homeowners and other taxpayers won approval Friday from a Cook County committee.

The measure would reduce assessments on apartment buildings of seven units or more to 20 percent of market value from 26 percent over a three-year period.

The county's Finance Committee includes all 17 commissioners, making final passage likely when they next meet Feb. 15 for a regular County Board meeting.

If approved, it will be the second such reduction passed in four years. In 2002, the board cut apartment assessments from 33 percent to 26 percent.

County Assessor James Houlihan pushed for passage of the measure Friday so that the lower rate could be reflected when reassessment notices start going out to Chicago property owners in the coming weeks.



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