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Property tax bills go down for many

Thursday, September 01, 2005
Chicago Tribune

COOK COUNTY -- Two-thirds of homeowners in north and northwest suburban Cook County will see lower tax bills this year as a result of a state law passed a year ago, according to data released Wednesday by Assessor James Houlihan.

Tax bills are expected to be released in the next few weeks and will likely be due around Nov. 1.

Cook County homeowners who live north of North Avenue had their properties reassessed last year, and those figures will be reflected on the bills. Those homeowners will reap the benefits of the so-called 7 percent cap law that increases the homestead exemption to minimize the tax increase. Chicago homeowners were helped by the law a year ago, although most of their bills will rise this year as the taxable value of their properties is effectively adjusted upward by another 7 percent.

The tax burden has been shifted from homeowners to commercial and industrial properties, as well as large apartment buildings and other non-homestead taxpayers.

 



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