Cook County proposal would ease burden on struggling homeowners: assessor
COOK COUNTY, Ill. - Cook County Assessor Fritz Kaegi is pushing for a $200 million relief fund in Springfield, but he knows it won’t be an easy sell.
While Illinois ended 2024 with nearly $5 billion in cash on hand, that doesn’t necessarily mean there’s a surplus—some of that money is already allocated but not yet spent.
The backstory:
Kaegi’s proposal would create a circuit breaker program to help homeowners struggling with rising property taxes. Similar programs already exist in 29 other states.
The initiative isn’t a bailout but a way to support homeowners facing financial strain due to rising property values, shifting tax bases, gentrification or the loss of senior tax exemptions.
Last year, a subject matter hearing was held on the issue.
The bill is sponsored in the Illinois House by Rep. Justin Slaughter, with Senate support from Senator Patrick Joyce.
What they're saying:
"Property tax bills are the biggest bill that people pay. So it's achievable. And if it's made a priority and that's what we're asking here, to make it a priority for our neighbors," said Kaegi.
The Source: Information from this article was provided by Cook County Assessor Fritz Kaegi.