Renew the 7% solution
Those of you who are in favor of the soon-to-expire cap on Chicago's real estate taxes got some good news on Friday from the Sun-Times editorial pages. We came out in support of renewing the 7% solution.
The Legislature this spring has one last chance to renew a worthwhile program that has brought a small measure of sanity to an otherwise crazy property tax system in Cook County. A law pushed by Cook County Assessor Jim Houlihan has for the last three years capped the growth in homeowner property tax assessments at 7 percent a year, or 21 percent for three years, which in turn protected residences from massive tax hikes. That law, however, will expire unless lawmakers take action.We think it merits renewal, even as we acknowledge the law isn't perfect.
Read the editorial here.
Let us know what you think and how you plan to encourage the legislature.
