A tax break by any other name . . .
By now most Cook County residents have received the notice from the County Assessor’s titled “Long-time Occupant Exemption Application.”
The notice explains that the Illinois General Assembly is willing to give home-owning taxpayers a “break” on property taxes if they have resided in their homes for 10 years or more. The only problem is that the “break” means a major property tax increase for all Cook County homeowners.
The tax bill for homeowners with household incomes less than $75,000 may increase as much as 7 percent. For those with household incomes between $75,000-$100,000, the property tax can increase as much as 10 percent a year. Woe to any family that made more than $100,00 last year, because there is no cap on the property tax increase for that income level.
In recessionary times, this increase is difficult to bear, particularly since the minimum 7 percent increase is more than the total amount of salary increases most people have seen in the past three years. Also, many of those who previously earned six-figure salaries are now unemployed and hurting.
By definition, property taxes are based on property values, which have plunged in the past couple of years. What relevancy does household income have to property value? For anyone who owns a condo, this change is disastrous. If you’ve been making more than $75,000, and you try to sell your house, prospective buyers will be turned off by the higher tax rate you’re paying compared to your neighbors.
Doesn’t our Democrat-controlled General Assembly want average people to be able to afford to stay in their own homes?
