Property Tax Relief Extended in Chicago

Posted at 2:33 AM, Aug. 23, 2007

There is much to celebrate with extension of House Bill 664.  This bill was put into place a few years ago to come to aid the soaring property values with the surge of New Construction and city improvements to many neighborhoods in Chicago.  Many people who have lived years in their homes where finding out that even thought their homes tripled or more in unrealized value, so did their property taxes.  As you can imagine, this was forcing a lot of long time residents to either sell their homes (many living on modest incomes) or fight back.

Hence, the 664 bill was enacted.  This bill put into place a 7% cap that prevented home values to dicated new tax amounts past that.  This of course isn't a end to tax increases, but it did allow residents time to adjust.  Unfortuately, this was temporary. 

Now according to our state representative John Fritchey, the House and State legislation has extended the bill for another three years.  In addition, the exemption cap has increased from the previous level of $20,000 to $33,000 in the first year, $26,000 for the second year, and $20,000 in the third year. 

This is really good news to many deeply affected by gentrified areas.  To read more about the bill, you can visit his website at www.fritchey.com