Gov. Blagojevich Provides Expanded, Permanent Property Tax Relief to Benefit 76% of Cook County Homeowners
Governor uses amendatory veto to permanently extend and expand the 7% solution
CHICAGO – Standing with Cook County Assessor James Houlihan in front of the home of Mike and Linda Vacala, a Cook County family hit hard by skyrocketing property assessments, Governor Rod R. Blagojevich today announced the permanent extension and enhancement of the 7% property tax solution. These changes will result in significant property tax relief for the vast majority of Cook County homeowners.
The Governor announced that he will provide the relief through an amendatory veto of House Bill 664, a property tax relief bill that provided some, but not enough relief for Cook County homeowners. If the vetoes are accepted by the General Assembly, at least 76% of Cook County homeowners will see lower property tax bills. Before the vetoes, fewer than half of Cook County homeowners would have seen property tax relief from House Bill 664, while many large office buildings, including the John Hancock Center and the Prudential Plaza would have seen hundreds of thousands of dollars in reduced property taxes.
“Forty-nine out of fifty aldermen said this bill wasn't good enough. The Cook County Board said it wasn't good enough. And Assessor Houlihan said it's not good enough. I agree, we can do better and with the changes I’m making today, over 75% of Cook County homeowners will see significant property tax relief,” said Governor Blagojevich.
Elected officials throughout Cook County, including Assessor Houlihan and the Cook County Board have criticized House Bill 664, calling for more property tax relief for homeowners. In July, 49 out of 50 Chicago Alderman signed a letter calling the House of Representative’s efforts to provide property tax relief, “nothing more than a disingenuous attempt at property tax relief [that] will result in most homeowners seeing increases as great as 40%.”
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