Tax Cap for Three More Years

Posted at 5:24 AM, Oct. 1, 2008

One of the biggest challenges for homeowners is to keep ahead of the rising costs of living.  Fuel and energy bills are on the rise, so it is only natural that any increases of property taxes are enough to put many Chicagoans over the edge!  Luckily, the House Bill 664 will remain in effect for many.  What this entails is a 7% cap per year on property tax increases which will protect homeowners from runaway assessments.  It will also raise the income eligibility for seniors from $50K to $55K so that more seniors qualify for the "freeze".  Let's continue to show our support for this program which will end in 2011.