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Cook County Assessor Call For Tax Reform

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“Cook County Assessor James Houlihan wants Illinois lawmakers to give more help to homeowners.

He’s pushing a bill that would hold the lid on steep increases in residential property taxes.

Right now those taxes can’t go up more than seven percent at a time.

The bill would extend that cap for another three years.

Houlihan says such a limit could keep long time residents from being priced out of their communities.

He says, ""Often times they’re in the neighborhood and the neighborhood improves and they look around and they say my income doesn’t keep up with the increase and the value of my home and therefore the property taxes. And this seven percent cap will protect them.""

Houlihan says without the tax cap, homeowners’ property taxes could go up as much as 40 percent.

The Chicagoland Chamber of Commerce says the cap unfairly shifts the tax burden onto businesses.

And it says that could force companies to relocate outside Illinois.”

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